London – hybrid working (2 days per week in office)
Duration: 3 months initial (with flexibility)
Middlemore have been retained to recruit an interim Reward Consultant / Head of Reward for an initial three month day rate contract (outside IR35) to "get the house in order" for a boutique insurance firm in the city.
The business is transitioning from a centrally supported HR Operations and COE model to build on internal foundations and capabilities as it prepares for its next stage of growth. This is an interim fixed piece of work and will play a key part in establishing scalable, fit-for-purpose reward structures, including job grading, pay bands, realigning executive pay and revenue generator incentives.
Purpose
The role will cover all aspects of total reward for ~ 80 FTE and can be defined under four specific pillars;
* Total Reward process review
* Reward Framework and Job Evaluation
* Executive compensation review (6 FTE)
Key Outcomes
Total Reward Process Review
* To review, simplify and document reward policies and processes to ensure they are effective and fit for the future.
* Implement best practice records management enabling effective tracking of decision making and delivery of future deferrals.
* Create an annual plan of key Reward activity.
Reward Framework and Job Evaluation
* To design and implement a pragmatic, scalable and commercial job architecture framework where all roles are graded and aligned to Hay Grading methodology.
* Benchmarked Reward mapping to overlaid work levels.
* Create internal sustainable guidance
Executive Compensation Review
* To support on the review and, if required, redesign an LTIP scheme for ExCo (6 FTE) selecting and implementing a compliant, target driven, simple and effective vehicle which is fit for future.
* Create a RemCo cycle annual plan for all standing items including target setting.
Revenue Generator Incentives
* To support the review and redesign of targeted incentive plans for revenue generators to support a culture of high performance and retention of critical employees.
* Job architecture and grading framework
* Defined pay bands
* Simplified documented processes and policies
* LTIP review and, if required, redesign
* Incentive frameworks
* Handover documentation for HR to continue to manage and evolve.
Candidate Profile
* Senior Reward experience in financial services/insurance (preferably London Market/specialty insurance) – essential
* Experience in delivering hands-on total reward change – essential
* Experience in the end-to-end spectrum of reward from LTIP through to creating job architecture. – essential
* Experience as a standalone SME – desirable
Capabilities
* Strategic and hands-on delivery
* Commercially focused
* Pragmatic and solution-oriented
* Highly numerate with the ability to produce reports and statistics as required
* Professional and positive approach at all times
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