Director, Agency Compensation

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

This role will be responsible for overseeing the design, implementation, and administration of Prudential Group agency compensation programs. This role will play a crucial part in ensuring that our compensation structures are competitive, fair, and aligned with the company's goals.
The role will also be responsible for compensation governance and ensuring compliance with legal and regulatory requirements.

Key Responsibilities:

Compensation Governance:

• Develop, redefine, and enhance Group level Compensation Approval and Governance Process with elements of self-governance, incorporating the concept of "empowerment within a framework" and full approval cases.
• Manage the compensation governance process.

Strategic Compensation:

• Conduct annual compensation efficiency analysis.
• Lead and support strategic compensation revamp in Local Business Units (LBUs).
• Perform targeted deep dive compensation reviews for the LBU.
• Execute target-based proactive strategic sprints for key compensation design drives related to:
  • HIP remuneration across cohorts of agency.
  • WMSUM managerial income enhancement.
  • Evergreen financing programs for Professional Agents as part of City Strategy.

Other Responsibilities:

• Oversee the administration of compensation programs, including salary, bonuses, and incentives.
• Ensure compliance with legal and regulatory requirements related to our compensation practices.
• Conduct research and analysis to ensure competitive compensation structures.
• Develop and maintain compensation policies and procedures.
• Ensure that compensation programs are aligned with the Group's financial objectives and talent acquisition goals.
• Monitor and analyze compensation trends and make recommendations for adjustments as needed.

Qualifications:

• Degree holder of actuarial science, finance or business administration
• Qualified actuary with deep product pricing and/or design experience
• Extensive knowledge of regional insurance distribution gained from Insurers, Banks or Consulting Firms with strong business acumen
• Expert knowledge of compensation strategy and practices
• Strong understanding of legal and regulatory requirements related to compensation
• Excellent analytical problem-solving skills
• Strong communication negotiation skills
• Ability to work collaboratively with senior management; sound stakeholder management

 

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.