Interim Head of Reward
London – hybrid working (2 days per week in office)
Duration: 3 months initial (with flexibility)
Working Pattern: 3–4 days per week
Day Rate: £800 per day (outside IR35)
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)
- Revenue generator incentives
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.
Key Deliverables
- 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
- HAY grading experience – desirable
- Experience as a standalone SME – desirable
Capabilities
- Strategic and hands-on delivery
- Commercially focused
- Strong stakeholder management
- Pragmatic and solution-oriented
- Highly numerate with the ability to produce reports and statistics as required
- Professional and positive approach at all times
- Strong influencing/negotiating skills
If this is something of interest please do apply or reach out directly to jenna.stocks@middlemore.co.uk for more information