Head of Rewards North America

*Please note that we are open to this role being located in Toronto, Canada. We also have a posting for Princeton, New Jersey, Hartford, Connecticut or Amelia, Ohio.  

Position Overview

The Head of Rewards will lead the regional implementation of Munich Re’s rewards strategy, ensuring competitive, fair, and compliant compensation and benefits programs. Reporting to the Regional Head of HR, the role will be responsible for overseeing salary structures, annual compensation process cycle, executive compensation, benefits administration, and pay governance.  This includes regional pension responsibilities, such as the design and oversight of retirement savings plans and compliance with local regulatory requirements.

The Head of Rewards will collaborate closely with HRBPs and Finance to align compensation strategies with business needs and local labour regulations while adhering to global standards. The Head of Rewards will also work closely with the Global Payroll team to ensure seamless coordination between payroll and rewards. The role works closely with the broader Regional HR Leadership team, leads the regional rewards team, and collaborates with the Global Head of Rewards.

Your Role:

• Actively contribute to the definition of global rewards strategy and processes, participate in the design of new global rewards solutions
• Implement the global rewards strategy within the region, aligned with business priorities and local requirements
• Oversee salary structures, job grading, and benchmarking, ensuring pay equity and market competitiveness
• Manage the annual compensation process cycle, including annual merit and bonus processes
• Ensure effective management of benefits program, including pensions, health insurance, and international mobility support
• Ensure effective management of benefits programs, including pensions, retirement savings plans (e.g., 401(k), non-qualified deferred compensation, SERP programs), health insurance, and international mobility support
• In regions with additional requirements, such as North America, take ownership of the design, administration, and governance of pension systems—including regulatory compliance and, where applicable, the management of dedicated pension vehicles or insurance structures
• Partner with HRBPs, Finance, and business leaders to align compensation strategies with business goals, including actively presenting proposals and securing approval from relevant stakeholders such as Compensation Committees, Leadership Teams, etc., depending on the topic and country
• Ensure compliance with regional labour laws, tax regulations, and corporate governance policies related to compensation and benefits

Your Profile:

• Minimum of seven years of proven leadership experience in rewards within a global, matrixed organization
• Strong understanding of regional labour laws, tax regulations, and compliance requirements related to compensation
• Expertise in job evaluation, market benchmarking, and total rewards program design
• Experience in effectively managing annual compensation processes across different business realities and/or geographies
• Experience working with HR technology and digital tools related to managing compensation and benefits
• Ability to collaborate across a complex, global environment, working with HR, business leaders, and external partners
• Data-driven mindset, leveraging compensation analytics and reporting to optimize decision-making
• Proven ability to lead teams through complex transformation initiatives, providing direction and stability during periods of change
• Demonstrated leadership in shaping high-performing, future-ready teams by fostering adaptability, engagement, and continuous development
• Excellent communication skills in English

About Munich Re

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance.  By turning uncertainty into manageable risk, we enable fundamental change.  We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.  We dare to think big and are continuously innovating on behalf of our clients.

What Can We Offer You?

We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:

• An engaging and collaborative environment that promotes continuous learning and development
• A hybrid work environment that combines weekly in-office and remote days with Meeting-Free lunch hours and Focus Friday afternoons
• A great compensation package including annual company bonus
• Market leading company-paid flexible health and dental benefits, starting on your first day
• Flexible dollars provided by the company to put towards Health Spending Account and/or Wellness Spending Account
• Immediate participation in DC Pension Plan with an automatic 5% employer contribution, plus optional company match
• Generous time off including vacation, personal days, unplanned time, Statutory Holidays and company-wide early closure half-days
• Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program and reimbursement for professional fees
• Maternity, Parental & Adoption Leave top-up program
• Employee Referral Program, Recognition & Rewards Platform

This role is located in our Toronto office on 390 Bay St, and we operate in a hybrid work model. This job posting is for an existing vacancy. 

We do not use AI in our recruitment process - applications are reviewed by our team to ensure a fair and personalized experience.

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.

Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact AODARequestHR@munichre.ca as soon as practical so that suitable accommodations can be arranged.