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Compensation & Benefits Specialist, India & South Africa

Location Mumbai, India Job type Full-Time Work mode On-site Job level Professional Job ID 11788 Company Munich Re Employment type Regular Area of expertise Human Resources
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Working in Global HR at Munich Re for Reinsurance & Specialty Group means being part of a dynamic, globally connected team that plays a critical role in shaping the future of our organization. As an HR professional, you contribute to the success of our business by supporting people strategies that drive transformation, foster collaboration, and enable sustainable growth.

Our Global HR function is evolving to meet the needs of a fast-changing world. We operate in a connected, collaborative, and forward-thinking Global HR matrix community that values empathy, initiative, and a global mindset—where every team member plays a role in delivering effective services and solutions and creating meaningful impact.

Whether your focus is talent, rewards, analytics, business partnering, services, or any other area of HR, you will work across regions and functions to co-create solutions that support our people and business. You will be empowered to collaborate, innovate, and grow—contributing to a culture that values diversity, continuous learning, and shared success.

Join us in building the future of Global HR.

Based in India,  the Compensation & Benefits Specialist, will be responsible for implementing Munich Re’s rewards strategy in the India & South Africa businesses. Reporting into the Head of Rewards APAC MEA, you will be the subject matter expert in rewards, ensuring competitiveness, compliance, and alignment with our strategic initiatives. You will also partner with the Corporate teams and across regions and functions, on a wide range of project and initiatives. 

Your Role: 

  • Manage the annual compensation process cycle, including annual salary review and bonus processes.
  • Ensure effective management of benefits program, salary benchmarking, master data management and other C&B tasks
  • Construct reward packages for international moves and localizations while working closely with the Global Mobility team
  • Support/Conduct employees’ communication sessions pertaining to rewards initiatives
  • Leverage SuccessFactors to streamline processes and extract data to story tell to the wider business. Act as the HR SME for SuccessFactors related queries from both the business and other HR colleagues
  • Support and contribute to key projects such as SuccessFactors implementation, where appropriate
  • Support audits and prepare documentation for regulatory inspections or internal reviews.
  • Identify improvement from existing HR procedures and practices, and provide solutions to continuously optimize the operational process
  • Ensure compliance with India, South Africa and regional labour laws, tax regulations, and corporate governance policies related to compensation and benefits
  • Utilize data-driven insights to optimize reward structures, balancing cost efficiency with employee value
  • Closely collaborate with the Global Payroll team to ensure integrated and seamless processes between payroll and rewards and assist the Payroll Specialist in payroll related matters, and act as payroll checker for monthly payroll

Your Profile

  • 5+ years’ experience working in Rewards and HR operations. Experience in an insurance or financial services company is a plus.
  • Familiar with SuccessFactors and data analytics tools
  • Strong problem solving and critical thinking skills
  • Comfortable to work with ambiguity and empowerment
  • Detail-oriented, well-organised and able to manage multiple tasks efficiently
  • Good communication and stakeholder management skills
  • Enthusiastic team player with a positive work attitude, able to work in a fast-paced environment
  • Fast learner with an open mind
  • High level of integrity and discretion in handling confidential information and working with stakeholders
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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

See the area you’ll be working in

Get an idea of what your daily routine around the office can be like.

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