Let's Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

ROLE OVERVIEW

This role is accountable for developing remuneration strategy, policies and practices aligned to OM Banks strategic objectives and the industry in which it operates.

Develops, implements and monitors remuneration philosophy, policies, systems and procedures for OM Bank.

Makes recommendations to senior and executive management regarding remuneration strategy, policies, practices and procedures.

Annual Pay and Benefits Review: Manage the annual review; specify and communicate the review objectives, process, timing, criteria, and financial parameters; monitor and report on outcomes, initiating remedial actions where appropriate.

Manages all OM Bank base pay and variable pay schemes, ensuring that these are regularly reviewed.

Conducts research and networking to ensure best practice is adopted for pay design and management. 

Leadership and Direction as it relates to Remuneration in the Bank

Through partnerships, ensures a holistic delivery of remuneration practice within OM Bank.

Pro-actively manages stakeholders (Executives, Remuneration com , Group remuneration, external experts) ensuring maximum understanding and buy-in of OM Banks remuneration philosophy and practices.

Consults to the business on matters of remuneration and benefits.

REM Data Management: Specify, develop, and test data collection procedures and tools to meet defined key principles and ensure compliance with external requirements.

KEY RESULT AREAS

Remuneration Strategy & Governance: Co - develops remuneration strategy with CPEO in line with business’ imperative of attracting, retaining and rewarding top talent, ensuring that this is market appropriate and competitive for OM Bank.

Recommends remuneration structures and philosophy to Chief People Experience Officer, CEO and OM Bank Remuneration committee for review and approval.

Prepares and submit required documentation to OM Bank and Old Mutual Remuneration committee, by specified deadlines.

Manages the governances for remuneration within OM Banks

Remuneration Design.

Designs and proposes remuneration schemes to ensure that OM Bank remains competitive with skills required, market challenges, business needs, and best practice.

Ensures that OM Bank remuneration model design drives business success and employee motivation and retention.

Consulting: Recommends remuneration and benefits strategy to OM Bank Exco.

Practice Development: Develops remuneration and benefits policies.

Keeps practice and process documentation up to date.

Communicates policies, practices and processes.

Conducts research and networks to develop best practice in alignment with organisational goals.

Monitors implementation of and compliance to policies.

Remuneration Review: Ensures market review is conducted.

Develops and communicates remuneration review process.

Liaises and consults with unions on annual review and on ad-hoc issues.

Develops and proposes remuneration review guidelines.

Educates line management on process and review.

Short and Long-term Incentives: Investigates, designs and recommends changes to incentive schemes.

Ensures guidelines are drafted and approved.

Ensures guidelines are distributed and stakeholders educated on process and content.

Monitors application of guidelines and feeds back re effectiveness of incentive schemes.

ROLE REQUIREMENTS

Relevant  Degree (Post-Graduate preferred)  5 years relevant experience in remuneration management at a senior level.Minimum of 8-10 years work experience.Workday Systems knowledge is preferable.Experience within Financial Services, Banking

Skills and Competencies:

Embracing ChangeInterpreting DataProviding InsightsTaking ActionGenerating IdeasExamining InformationAdopting Practical ApproachesArticulating Information

LOCATION: Johannesburg/ Cape Town

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit.

This role is accountable for developing remuneration and benefits policies and practices to drive OML objectives and consulting with business units on unique applications of policies to suit their needs. Individually accountable for achieving results through others, over periods of 3 months to a year.

ResponsibilitiesCompensation and Benefits Program Design

Develop and manage the delivery of employee compensation structures and benefit programs, ensuring the needs of internal stakeholders are met and ensuring compliance with legal requirements.

Incentive Program Design

Design and manage the implementation of complex, business-critical employee incentive programs; identify and respond to the needs of internal stakeholders; clarify the financial, business performance, and behavioral parameters that are to be met; ensure compliance with external regulatory and legal requirements.

Executive Reward Program Design

Develop and manage the delivery of annual and long-term executive compensation programs, providing effective support to the remuneration committee and ensuring that all regulatory and legal requirements are met.

Annual Pay and Benefits Review

Design and manage the annual review; specify and communicate the review objectives, process, timing, criteria, and financial parameters; monitor and report on outcomes, initiating remedial actions where appropriate.

HR Data Management

Specify, develop, and test HR data collection procedures and tools within an area of HR practice to meet defined key principles and ensure compliance with external requirements.

Leadership and Direction

Communicate the actions needed to implement the function's strategy and business plan within the team; explain the relationship to the broader organization's mission, vision, and values; motivate people to commit to these and to do extraordinary things to achieve local business goals.

Performance Management

Manage and report on the performance of a substantial, diverse team; set appropriate performance objectives for direct reports or project/account team members and hold individuals accountable for achieving them; take appropriate corrective action where necessary to ensure the achievement of team/personal objectives.

Organizational Capability Building

Use the organization's formal development framework to identify the team's individual development needs. Plan and implement actions, including continuing professional development specified by professional or regulatory institutions, to build their professional capabilities. Provide informal training or coaching to others throughout the organization in own area of expertise to enable others to improve performance and fulfill personal potential.

Budgeting

Manage budget plans for a department. May involve development or delivery or both.

Policy Development and Implementation

Develop functional or operational policies and help develop policy frameworks for area of responsibility or department. Take responsibility for creating underlying procedures and monitoring their implementation.

Functional Strategy Formation

Lead the development and implementation of strategy for an important area of responsibility within a function, anticipating complex issues, challenges, and opportunities and ensuring integration with wider functional strategy.

External Consultant or Contractor Engagement

Participate in the selection of external consultants or advisers to deliver key projects and/or ad hoc services; ensure that business objectives and requirements are clearly understood and monitor outcomes, taking appropriate remedial action where necessary.

Skills

Adaptive Thinking, Change Management, Computer Literacy, Cultural Awareness, Data Compilation, Employee Compensation and Benefits, Executing Plans, Human Capital Management Systems, Knowledge Management, Organizational Design, Performance Management Design, Policies & Procedures, Policy Development, Regulatory Compliance Management, Servant Leadership

Competencies

Balances StakeholdersBuilds Effective TeamsCommunicates EffectivelyDrives ResultsEnsures AccountabilityPlans and AlignsStrategic MindsetTech Savvy

Education

Closing Date

23 March 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

The Old Mutual Story!