Job Description
To provide oversight on administration and on-going process improvement efforts associated with incentive compensation. This individual will be responsible for validating, reconciling and reporting on all commission and incentive compensation calculations, and will work closely with various cross-functional teams to ensure the accuracy and timeliness of all incentive compensation payment and associated reporting will provide oversight on administration and on-going process improvement efforts associated with incentive compensation.
ACCOUNTABILITIES:
The main responsibilities of Performance Reporting & Rewards team are as follows:
- Timely delivery of MI, reports, dashboards as per the requirement of specific channel and segments heads and bring forward data-driven insight on areas of business performance improvement across the board
- Communicate with the Product, Sales and Segment heads of the respective channels and segments to understand the requirements of performance management reports, dashboards
- Perform root-cause analysis of respective functions and recommend enhancements to aid Channel / Segment heads in optimizing investment spend and other resource allocations
- Administer the Short-Term (STIP) and Long-Term Incentive Plans (LTIP), including thorough understanding of plan documents, preparing communication for plan participants and auditing systems to ensure accuracy of data
- Provide technical support to business with regards to Data Warehouse questions, functionality and new/existing reporting requests
- Review and arrange incentive pay outs and compensation transactions, credits, and earnings
- Assist in automation, optimization and continuous improvement of the incentive calculation and reports
- Serve as Subject Matter Expert (SME) in troubleshooting and problem solving with internal teams on data and process issues involved in calculations
- Adherence to compliance and regulatory rules related to PCI DSS, UAE’s customer data protection laws and GDPR regulations
Pay Plan Administration/Execution:
- Calculate incentive payments to incentivized personnel based on pay plan provisions
- Perform activities needed for the design, development, implementation, communication, and administration of incentive programs, plans, policies, and quotas
- Ensure accuracy and timeliness and completeness of incentive payments as outlined in the plan
Trouble shooting:
- Ownership of the day-to-day administration and issue resolution for commission and other incentive pay processes
- Resolves reconciliation issues related to commission data and/or compensation payouts
- Provide timely responses and issue resolution, escalating as appropriate, to inquiries from all levels in the organization
Continuous Process Improvement:
- The calculation, reconciliation, and payment of incentive compensation on a quarterly, semi-annual, and annual basis which includes soliciting achievement against targets from managers and collecting appropriate approvals, as well as the reporting of incentive amounts for payroll processing and the calculating and posting of incentive compensation accruals
- Maintenance, review, and distribution of incentive compensation plan documents on an ongoing basis, as well as communication and launch of plan components and documents for annual compensation plan updates
- Execute and create incentive compensation Calculator, content and materials
Qualifications
Minimum Qualification
- Bachelor’s degree in MIS, Computer Science, Computer Information Systems or equivalent
Minimum Experience
- 3 years’ relevant experience in similar roles in the banking sector
Other essential requirements
- Strong SQL knowledge
- Advanced Excel skills/ presentation skills
- BI tools knowledge like OBIEE, Business Objects, or any other tool
- Understanding and knowledge of Retail banking products
- Understanding of accounting principles
- Sales budgeting and forecasting a plus
- Preferred experience designing and implementing an incentive compensation plans and tools
- Experience working with large amounts of data
- Strong communication skills, experience working in a cross-functional environment is required
- Ability to be flexible, adapt and succeed in a fast-paced, dynamic environment
- Must be detail-oriented
- Ability to interact and build relationships with different departments in order to complete core responsibilities
- Must be a self-motivated individual who is willing and able to take on additional responsibility and work independently with minimal supervision
- Must be an innovative thinker with a focus on long-term sustainable results for a growing and dynamic company
- Communication skills and critical thinking