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Head of Total Rewards

4 months ago

London, United Kingdom The Economist Group LTD Full time

This job is brought to you by Jobs/Redefined, the UK's leading over-50s age inclusive jobs board.

Introduction

We are an organisation that exists to drive progress. That's the "red thread" that connects everyone at The Economist Group (TEG). Our businesses share a devotion to innovation, independence and rigour in their fields of expertise. We empower people to understand and tackle the critical challenges and changes facing the world. Our analytical rigour, global expertise and evidence-based insights enable individuals and organisations to make sense of these shifts and chart a course through them.

In this role you will be responsible for overseeing all aspects of compensation, benefits, and reward programs for the TEG Colleagues. You will play a crucial role in designing and implementing competitive total rewards strategies, fostering a positive employee experience, and supporting the company's talent retention and attraction efforts.

Accountabilities

Total Rewards Strategy:

  • Develop and execute a comprehensive total rewards strategy that aligns with the organisation's business goals , values, and competitive positioning in the market.
  • Analyse market trends and benchmarks to ensure that compensation and benefits packages remain competitive.

Compensation Management:

  • Lead the design, implementation, and administration of the company's compensation programs, including base salary, incentives, and equity plans.
  • Ensure that compensation practices comply with applicable laws and regulations.

Benefits and Well-being

  • Oversee the management and administration of employee benefits programs, such as health insurance, retirement plans, and wellness initiatives.
  • Evaluate and recommend improvements to the benefits offering to enhance the employee satisfaction and retention

Performance and Recognition:

  • Develop and manage performance recognition and reward programs to motivate and engage employees.
  • Collaborate with HR business partners to ensure that reward initiatives are integrated with performance management processes.

Data Analysis and Reporting:

  • Utilize data analytics to assess the effectiveness of reward programs and make data-driven recommendations for enhancements.
  • Prepare and present reports to senior leadership on compensation and benefits trends and initiatives.
  • Compliance and Communication:
  • Stay up-to-date with legislation and regulations related to compensation and benefits, ensuring the company's compliance.
  • Communicate changes and updates in compensation and benefits programs to employees effectively.

Statutory Compliance:

  • Monitor changes in legislation related to compensation practices.
  • Conduct audits, including Gender & Ethnicity Pay Gap reporting, Equal pay, Minimum wage, and Living wage accreditation.

Reward and Recognition:

  • Assist in designing Executive Management discretionary bonus arrangements.
  • Provide guidance on bonus design for relevant teams.
  • Explore new ways to reward and recognize employees, supported by ROI analysis.

Budgeting and Forecasting:

  • Collaborate with P&OD and Finance to budget and forecast reward and recognition costs.
  • Ensure accuracy of staffing budget records related to RemCo decisions.

Experience, skills and professional attributes

  • A proven track record in developing and implementing innovative compensation and benefits program, with at least 10 years in a leadership role
  • Proven track record of developing and implementing comprehensive total rewards strategies aligned with business goals.
  • In-depth knowledge of compensation program design, including base salary structures, incentives, and equity plans
  • Proven ability to align total rewards strategies with organisational business goals and values
  • Strong analytical and problem-solving skills, with the ability to use data to drive decision-making.
  • Exceptional leadership skills with experience managing a team.
  • In-depth knowledge of labour laws and regulations.
  • Outstanding communication and collaboration abilities.
  • A strategic mindset and a forward-thinking approach to reward and recognition.

Company Benefits & Culture

Benefits

We offer excellent benefits including an incentive scheme, generous annual and parental leave policies, volunteering days and well-being support throughout the year, as well as free access to all Economist content. In most regions, we also offer health insurance, life assurance and competitive pension schemes.

Our culture

We all play a part in building our culture. We are a global community of independent, inquiring minds-an organisation of equals, who learn from each other's expertise, thrive on debate and are eager to enhance their understanding. The work we do is interesting, challenging and purposeful, and so are the colleagues who surround us. You have responsibility, influence and exposure as you work collaboratively across borders.

We have an open culture, where you have a wide variety of opportunities to learn and develop - whether through our mentoring and business shadowing schemes, our internal and external courses, our new career-development platform or our career pathways, we help you make the most of your potential. As an organisation, we are also working to advance inclusion and deliver more ways to enhance colleague wellbeing, as we believe that a diverse organisation is a stronger one.

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