Head of Rewards & Performance

Industry: Banking 

Job Summary

Our client, a leading commercial bank, is seeking a highly analytical and strategic professional to lead its Rewards & Performance function. The role will focus on strengthening performance governance, compensation architecture, workforce productivity, and reward differentiation across the Bank.

The Head of Rewards & Performance will build and institutionalize an integrated performance-to-reward framework covering Performance Management, Variable Pay Design, Compensation Structure, and Workforce Cost Analytics.

This role carries enterprise-wide accountability for performance integrity, compensation governance, workforce productivity, and financial alignment, ensuring rewards are linked to business outcomes and organizational performance.

Main Responsibilities

Performance Management & Governance

• Develop and implement enterprise-wide performance management frameworks, including KPIs, scorecards, and rating methodologies.
• Lead performance calibration processes and ensure rating integrity across the organization.
• Establish performance standards and governance mechanisms linked to business outcomes.
• Ensure transparency, consistency, and auditability of performance evaluations.
• Drive a strong pay-for-performance culture across the Bank.

Rewards Strategy & Bonus Frameworks

• Design and manage Business Performance Multiplier (BPM) and Individual Performance Multiplier (IPM) frameworks.
• Develop bonus pool allocation models aligned with business performance and individual contributions.
• Ensure reward differentiation based on performance, risk, and compliance outcomes.
• Conduct financial impact assessments and scenario modelling for compensation decisions.
• Maintain disciplined reward governance and affordability.

Compensation Architecture & Market Benchmarking

• Design and maintain salary structures, grading frameworks, and compensation bands.
• Conduct market benchmarking and compensation competitiveness analysis.
• Balance talent attraction, retention, affordability, and internal equity.
• Develop guidelines for salary reviews, promotions, and compensation adjustments.
• Monitor and address compensation inconsistencies across the organization.

Workforce Cost & Productivity Analytics

• Develop workforce cost models and productivity measurement frameworks.
• Monitor key metrics including revenue per employee, cost per employee, and workforce productivity.
• Support workforce planning and headcount governance through data-driven analysis.
• Provide insights linking workforce investments to business performance and profitability.
• Drive cost discipline while maintaining organizational effectiveness.

Data Analytics & Financial Modelling

• Build advanced models for performance distribution, compensation planning, bonus sensitivity analysis, and productivity benchmarking.
• Develop dashboards and reporting tools for Executive Committee and Board-level decision-making.
• Ensure compensation and performance decisions are supported by robust data and analytics.
• Provide strategic insights on workforce and reward trends.

Main Requirements

• Bachelor's degree in Human Resources, Finance, Business Administration, Economics, Statistics, or a related field.
• Minimum 12–18 years of experience in Rewards, Compensation & Benefits, Performance Management, Workforce Analytics, or related areas.
• Strong expertise in compensation design, bonus frameworks, and performance management systems.
• Advanced financial modelling, workforce analytics, and quantitative analysis skills.
• Strong understanding of cost-to-income management and workforce productivity metrics.
• Proven experience working closely with senior leadership, Finance, and Executive Committees.
• Advanced proficiency in Excel, data analytics, and reporting tools.
• Experience within the banking or financial services sector is highly preferred.

Preferred Profile

• Senior Rewards & Performance leader from a commercial bank or large financial institution.
• Strong track record in designing performance-driven reward frameworks and compensation governance models.
• Highly analytical professional with strong financial and workforce modelling capabilities.
• Experience presenting workforce and compensation insights to Executive and Board-level stakeholders.
• Strategic thinker with strong governance, commercial, and stakeholder management skills.

Success Measures (12–18 Months)

• Improved integrity and consistency of performance ratings across the Bank.
• Full alignment of BPM/IPM frameworks with financial and business outcomes.
• Enhanced workforce productivity and cost efficiency.
• Increased differentiation in reward outcomes between performance levels.
• Elimination of salary and bonus structure distortions.
• Board-approved compensation and reward governance framework.
• Adoption of data-driven workforce and compensation dashboards by senior leadership.