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- Tasks: Lead the transformation of reward structures for a boutique insurance firm.
- Company: Dynamic insurance firm in London with a focus on growth and innovation.
- Benefits: Competitive day rate, hybrid working, and opportunity to shape future reward strategies.
- Other info: Join a collaborative team and enjoy flexible working arrangements.
- Why this job: Make a real impact by designing scalable reward frameworks and enhancing employee incentives.
- Qualifications: Senior experience in reward within financial services, especially in insurance.
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)
- 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.
- 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
Interim Reward Consultant employer: Middlemore
Contact Detail:
Middlemore Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Interim Reward Consultant
✨Tip Number 1
Network like a pro! Reach out to your connections in the insurance and financial services sectors. Let them know you're on the lookout for interim roles like the Reward Consultant position. You never know who might have the inside scoop on opportunities!
✨Tip Number 2
Get your LinkedIn game on point! Make sure your profile highlights your senior reward experience and hands-on change delivery. Engage with relevant content and connect with industry leaders to boost your visibility.
✨Tip Number 3
Prepare for interviews by brushing up on your knowledge of job architecture and compensation frameworks. Be ready to discuss how you've successfully implemented reward structures in the past. Confidence is key!
✨Tip Number 4
Don't forget to apply through our website! We’ve got loads of resources to help you land that interim role. Plus, it shows you're serious about joining the team and makes it easier for us to find your application.
We think you need these skills to ace Interim Reward Consultant
Some tips for your application 🫡
Tailor Your CV: Make sure your CV speaks directly to the role of Interim Reward Consultant. Highlight your senior reward experience in financial services and any hands-on total reward change you've delivered. We want to see how your skills align with the job description!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're the perfect fit for this role. Mention specific experiences that relate to the key outcomes, like designing job architecture or reviewing executive compensation. Let us know why you’re excited about this opportunity!
Showcase Your Achievements: When detailing your experience, focus on achievements rather than just responsibilities. Use numbers and examples to illustrate your impact, especially in areas like creating pay bands or implementing reward frameworks. We love seeing quantifiable results!
Apply Through Our Website: Don’t forget to apply through our website! It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it makes the process smoother for everyone involved. We can’t wait to see what you bring to the table!
How to prepare for a job interview at Middlemore
✨Know Your Reward Framework
Make sure you’re well-versed in the principles of total reward and job grading methodologies, especially Hay Grading. Brush up on how these frameworks can be applied in a boutique insurance setting, as this will show your understanding of the role's requirements.
✨Showcase Your Hands-On Experience
Prepare to discuss specific examples from your past roles where you've successfully implemented reward changes. Highlight your experience with LTIPs and job architecture, as this will demonstrate your capability to deliver hands-on results.
✨Be Ready for Strategic Discussions
Expect questions that assess your strategic thinking. Think about how you would approach the transition from a centrally supported HR model to a more autonomous one. Be prepared to share your ideas on creating scalable reward structures that align with business growth.
✨Demonstrate Your Commercial Focus
Illustrate your commercially focused mindset by discussing how your previous work has positively impacted the bottom line. Use metrics and statistics to back up your claims, as being highly numerate is key for this role.