Head of Compensation & Benefits – Cyprus
The Head of Compensation & Benefits is responsible for leading the design, implementation, governance, and continuous improvement of the company’s compensation, benefits, and reward programs. This role ensures that reward practices are market-competitive, internally equitable, financially sustainable, and aligned with business strategy.
The role will lead core annual reward processes including salary review, bonus planning and payout, salary range review, payroll budgeting, forecasting, and bonus accrual review, while also driving key strategic projects such as workforce management transformation, reward education for managers, and broader compensation framework enhancement. Salary Review Cycle & Salary Structure Management
Key Deliverables
The role will lead core annual reward processes including salary review, bonus planning and payout, salary range review, payroll budgeting, forecasting, and bonus accrual review, while also driving key strategic projects such as workforce management transformation, reward education for managers, and broader compensation framework enhancement. Salary Review Cycle & Salary Structure Management
- Own the end-to-end annual salary review cycle, including planning, modelling, calibration support, and implementation.
- Lead regular review and update of salary ranges using external market data, internal benchmarking, and business context.
- Ensure salary increase and promotion recommendations are data-led, fair, and aligned with budget and performance outcomes.
- Partner closely with HRBPs, Leadership, and Talent Acquisition on pay decisions and reward positioning.
- Manage the annual bonus process, including calculation methodology, governance, payout validation, and stakeholder communication.
- Support review and refinement of bonus schemes and STI design in line with business strategy and future organisational needs.
- Contribute to design reviews for upcoming plan years, including changes to bonus structure, performance measures, and reward philosophy.
- Partner with Finance and Leadership to ensure bonus outcomes are affordable, accurate, and aligned with company performance.
- Lead annual payroll budget planning in partnership with Finance, incorporating headcount plans, salary assumptions, organisational changes, and strategic workforce priorities.
- Own payroll forecasting processes, including regular updates based on salary changes, headcount movement, cost centre changes, and business developments.
- Oversee bonus accrual review and recommend adjustments based on performance trends, salary data, and rating distribution.
- Deliver robust reward analytics, insights, and reporting to support decision-making and financial planning.
- Oversee the design, review, and administration of employee benefits programs globally to ensure competitiveness, compliance, and employee value.
- Assess benefit offerings regularly against market practice and employee needs.
- Partner with vendors and internal stakeholders to improve benefits governance, delivery, and communication.
- Lead or support key reward-related projects such as workforce management transformation, reward process improvement, manager education, and broader total rewards capability building.
- Develop practical tools, frameworks, and training materials to improve reward understanding and decision quality among managers.
- Support implementation of new reward models, processes, and systems where required.
- Lead, coach, and develop the Compensation & Benefits team, ensuring high standards of delivery, accuracy, and stakeholder support.
- Build team capability across compensation analysis, process execution, governance, and consultation.
- Foster a proactive, solutions-oriented, and business-focused team culture.
Key Deliverables
- Successful delivery of the annual salary review cycle, including salary increase and promotion outcomes.
- Regular salary range review and updates based on market data, internal equity, and business context.
- Accurate and timely execution of the annual bonus process, including calculation, governance, and payout. Recommendation and implementation of an updated STI / bonus design for future plan years.
- Completion of annual payroll budget planning aligned with headcount plans, salary assumptions, and business priorities. Ongoing payroll forecast updates reflecting organisational changes, cost movements, and workforce planning.
- Delivery of bonus accrual reviews and recommended adjustments based on company performance and rating distribution.
- Delivery of reward analytics, reporting dashboards, and management materials for key stakeholders.
- Implementation of manager reward education materials to strengthen decision quality and reward understanding.
- Effective collaboration with HRBPs, Finance, TA, Payroll, and Leadership to ensure high-quality reward delivery.
- Significant experience (ideally 10+ years) in Compensation & Benefits/Total Rewards, with strong depth in compensation design, annual reward cycles, salary benchmarking, budgeting, and forecasting.
- Proven experience leading reward processes in a complex, fast-paced, and preferably international environment.
- Strong hands-on experience with salary review, bonus planning, payroll budgeting, and market data interpretation.
- Demonstrated ability to partner with senior stakeholders and advise leadership on reward decisions.
- Prior people management experience, with the ability to lead and develop a high-performing team.
- Experience in project leadership and reward process transformation would be is preferred and highly valued.
Technical Knowledge & skills
- Strong understanding of compensation frameworks, job evaluation, salary structures, incentive design, and internal equity principles.
- Good knowledge of budgeting, forecasting, and reward analytics.
- Solid understanding of market benchmarking methodology and survey participation.
- Familiarity with HR systems, reward tools, and data-driven decision-making.
- Working knowledge of benefits design and administration is preferred.
- Strong analytical and numerical capability, with high attention to detail.
- Excellent stakeholder management and influencing skills.
Personal Attributes
- Strategic but hands-on.
- Highly organised and reliable.
- Pragmatic, solution-oriented, and comfortable operating in ambiguity.
- Confident working across both operational delivery and strategic design.
- Collaborative and credible with senior stakeholders.
- High level of integrity and discretion when handling sensitive people & pay data.
- Health insurance with oncology coverage and life insurance included
- Hybrid work mode and flexile schedule
- Relocation package offered for candidates from other regions
- Access to professional counseling services including psychological, financial, and legal support
- Diverse internal training programs
- Partially or fully paid additional training courses
- All necessary work equipment
- Fitness club membership discount
