Back Principal, Reward

Requisition ID 35303 Office Country United Kingdom Office City London Division Human Resources & Org. Development Contract Type Fixed Term Contract Length 2 years Posting End Date 29/01/2025

Purpose of Job

The expert roles in the Reward team are responsible for providing high value specialist reward expertise to the Bank. This requires the continuous assessment of the market competitiveness of the Bank’s reward package whilst aligning it with the strategy of the Bank in attracting, motivating and retaining talent. An essential part of the role is keeping up to date with best practices and as members of their respective teams the roles are responsible for providing expert advice and guidance to the Board and Senior Management with regard to the Bank’s reward package. The role includes the development and enhancement of the Bank’s current compensation policies and plans, and the introduction of new elements of the reward package where appropriate, implementing and communicating changes across the Bank effectively.

This role is responsible for supporting the Associate Director Compensation and Benefits in the development, implementation and communication of the Bank’s reward strategy and compensation policies, in order to ensure that the overall Total Reward philosophy and approach is understood across the Bank.

The role is also responsible for leading the provision of expert Compensation consulting advice and guidance to HR Business Partners for a specific business area. Developing their knowledge, capability and understanding of reward policies and plans.

Accountabilities & Responsibilities:

Policy development and implementation

• Responsibility for providing input to the development and communication of the Bank’s reward strategy, ensuring that it is clearly understood and that compensation policies and plans support this strategy.
• Contribute to the continual review of the Bank’s levels of pay, reward policies and processes in relation to its comparator groups, by taking a lead in acting on and making recommendations based on specific intelligence via participation in salary surveys, information sharing within networks and working with external consultancy firms.
• Support Associate Director, Director Reward in conducting the Bank’s salary benchmarking approach review including shift to Job family based benchmarking.
• Provide support to the Associate Director and Director Reward in the development of the annual compensation proposals made to the Board, via the Executive Committee, and recommend changes appropriate to establish and maintain a competitive reward package aligned to the reward strategy, including a focus on the link between performance and reward.
• Take a lead in specific parts of the annual reward and benefits proposals in order to improve the compensation policies at the Bank. Managing the consultation of ideas and checking alignment with the reward strategy.
• Management and ownership of specific reward projects to develop specialist solutions in the area of reward and benefits.
• Support Associate Director Compensation and Benefits in development of changes to bank wide policies or introduce new policies where appropriate, actively gaining buy-in from stakeholders during the development.
• Support Associate Director Compensation and Benefits in development of bank wide communications for staff regarding changes to policies and processes as they are implemented.

  Provision of expertise to the Bank

  • Deputise for the Associate Director Compensation and Benefits as required to ensure the consistent provision of Reward expertise and support to the HR Business Partners and the business.
  • Serve as the source of expert Reward advice and act as an internal consultant, for a specific area of the business, to HR Business Partners and their clients to enable them to make decisions, interpret policies, resolve complex issues as they arise, including providing advice and analysis in support of the banks D&I policy, and have a full understanding of the Bank’s policies, plans and processes.
  • Interpret and translate employment demands into timely results-driven reward strategies.
  • Support Associate Director Compensation and Benefits in designing communication to staff on the Bank’s reward philosophy, policies and processes via a number of different channels, including the design and provision of training, information and education sessions to staff and HR colleagues.
  • Build and maintain a network of professional relationships designed to tap into and develop the best policies and plans for the Bank
  • Analysing the Bank’s reward and benefits policies and practices in relation to its comparator groups, via participation in surveys, information sharing within networks and working with external consultancy firms and attending seminars and conferences.

    Reward Specialist specific: ongoing management of reward processes

    📚 𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗲𝘁 𝗮 𝗝𝗼𝗯 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗡 𝗶𝗻 𝟮𝟬𝟮𝟯! 🌍🤝 𝗥𝗲𝗮𝗱 𝗼𝘂𝗿 𝗡𝗘𝗪 𝗥𝗲𝗰𝗿𝘂𝗶𝘁𝗺𝗲𝗻𝘁 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗨𝗡 𝟮𝟬𝟮𝟯 𝘄𝗶𝘁𝗵 𝘁𝗲𝘀𝘁 𝘀𝗮𝗺𝗽𝗹𝗲𝘀 𝗳𝗼𝗿 𝗨𝗡𝗛𝗖𝗥, 𝗪𝗙𝗣, 𝗨𝗡𝗜𝗖𝗘𝗙, 𝗨𝗡𝗗𝗦𝗦, 𝗨𝗡𝗙𝗣𝗔, 𝗜𝗢𝗠 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿𝘀! 🌐

    ⚠️ 𝐂𝐡𝐚𝐧𝐠𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐟𝐞 𝐍𝐨𝐰: 𝐏𝐨𝐰𝐞𝐫𝐟𝐮𝐥 𝐓𝐞𝐜𝐡𝐧𝐢𝐪𝐮𝐞𝐬 𝐡𝐨𝐰 𝐭𝐨 𝐠𝐞𝐭 𝐚 𝐣𝐨𝐛 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐍𝐚𝐭𝐢𝐨𝐧𝐬 𝐍𝐎𝐖!

    • Lead in the production of internal salary ranges to reflect market levels, for use by managers in recruiting staff and during the pay review.
    • Act as the Reward lead in the management of the annual pay review process in addition to providing Reward consultancy advice and working in partnership with the HR Business Partners in conducting the pay review process each year for their specific area (salary increases, performance based compensation awards, and promotions).
    • Ownership and maintenance of the IT system tool for managing the pay review, and the Total Reward Statements
    • Managing contractual and day-to-day relationships with the external providers to ensure service levels are maintained and invoicing is accurate.
    • Conducting the internal controls framework (ICF) testing for the HROD.
    • Working in partnership with OGC to, ensure that the Staff Handbook is maintained in terms of reward policies, and participating in external seminars and conferences.

      Leadership

      • Alongowth Associate Director Compensation and Benefits, accountable for the engagement and effective overall management of staff including recruitment, compensation (as agreed with the Head of Department, if applicable), performance management, coaching and development.
      • Champion and role model the Bank’s Behavioural Competencies and Corporate Behaviours, ensuring adherence within the team(s) so that the highest standards of integrity and ethical conduct are exhibited at all times

        Knowledge, Skills, Experience & Qualifications:

        • Relevant degree, or equivalent experience. CIPD (or equivalent) qualification preferred.
        • Excellent interpersonal and relationship management skills, with a consulting mentality, and the ability to coordinate and integrate ideas and solutions across teams.
        • Numerate and computer literate
        • Good communication skills, fluent in English language, with the ability to convey complex information in a simple and engaging way.
        • Effective problem solving skills and the ability to manage conflicting priorities, within tight deadlines, prioritising work effectively.
        • Ability to work autonomously and exercise sound judgement.

          Reward specific

          • Significant breadth of relevant experience in all aspects of reward management, preferably including geographic mobility.
          • Excellent knowledge of reward and recognition practices including pay models, job evaluation frameworks and benchmarking tools
          • Significant experience of advising on a full range of pay and reward issues
          • Demonstrated experience of working with and influencing senior managers and other stakeholders on reward and recognition
          • Experiencing of managing reward in organisations
          • Very strong analytical skills, with MS Excel and HR systems. SAP HR desirable.

            What is it like to work at the EBRD?

            Our agile and innovative approach is what makes life at the EBRD a unique experience! You will be part of a pioneering and diverse international organisation, and use your talents to make a real difference to people's lives and help shape the future of the regions we invest in.

            The EBRD environment provides you with:

            • Varied, stimulating and engaging work that gives you an opportunity to interact with a wide range of experts in the financial, political, public and private sectors across the regions we invest in;
            • A working culture that embraces inclusion and celebrates diversity;
            • An environment that places sustainability, equality and digital transformation at the heart of what we do.

              Diversity is one of the Bank’s core values which are at the heart of everything it does. A diverse workforce with the right knowledge and skills enables connection with our clients, brings pioneering ideas, energy and innovation. The EBRD staff is characterised by its rich diversity of nationalities, cultures and opinions and we aim to sustain and build on this strength. As such, the EBRD seeks to ensure that everyone is treated with respect and given equal opportunities and works in an inclusive environment. The EBRD encourages all qualified candidates who are nationals of the EBRD member countries to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. As an inclusive employer, we promote flexible working and expecting our employee to attend the office 50% of their working time.

              Please note, that due to the high volume of applications received, we regret to inform you that we are unable to provide detailed feedback to candidates who have not been shortlisted (for further consideration).