Interim Reward Consultant
Posted Today by Middlemore
£800 Per day
Outside
Hybrid
London Area, United Kingdom
Summary: The Interim Head of Reward role involves leading the total reward strategy for a boutique insurance firm in London, focusing on establishing scalable reward structures and processes. The position is a three-month contract with hybrid working arrangements, requiring two days in the office per week. The successful candidate will oversee key areas such as job grading, executive compensation, and revenue generator incentives. This role is critical in preparing the firm for its next growth phase by enhancing its internal reward capabilities.
Key Responsibilities:
- Review and document reward policies and processes for effectiveness and future readiness.
- Design and implement a job architecture framework aligned to Hay Grading methodology.
- Support the review and redesign of an LTIP scheme for executive compensation.
- Redesign targeted incentive plans for revenue generators to enhance performance and retention.
- Create an annual plan for key reward activities and manage handover documentation for HR.
Key Skills:
- Senior Reward experience in financial services/insurance, preferably in London Market/specialty insurance.
- Hands-on experience in total reward change.
- Experience in the end-to-end spectrum of reward, including LTIP and job architecture.
- HAY grading experience is desirable.
- Experience as a standalone Subject Matter Expert (SME) is desirable.
- Strong stakeholder management and influencing skills.
- Highly numerate with report and statistics production capabilities.
- Commercially focused with a pragmatic and solution-oriented approach.
Salary (Rate): £800 daily
City: London
Country: United Kingdom
Working Arrangements: hybrid
IR35 Status: outside IR35
Seniority Level: Senior
Industry: Other
Interim Head of Reward London – hybrid working (2 days per week in office)
Duration: 3 months initial (with flexibility)
Working Pattern: 3–4 days per week
Day Rate: £800 per day (outside IR35)
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.
Key Deliverables
- 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
- HAY grading experience – desirable
- Experience as a standalone SME – desirable
Capabilities
- Strategic and hands-on delivery
- Commercially focused
- Strong stakeholder management
- Pragmatic and solution-oriented
- Highly numerate with the ability to produce reports and statistics as required
- Professional and positive approach at all times
- Strong influencing/negotiating skills
If this is something of interest please do apply or reach out directly to jenna.stocks@middlemore.co.uk for more information