Reward & Performance Manager

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time. Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan's leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Singlife is looking for a VP, Performance and Reward to join the team. This role is a vital to the People Function (PF) team, tasked with designing, analyzing, and implementing strategies that advance organizational performance and effective reward practices within the insurance sector. As an individual contributor, this role collaborates with senior leaders and business partners to ensure that compensation and performance management programs are competitive, compliant, and aligned with business priorities. The position also serves as a key contact for union management, fostering constructive relationships and ensuring that performance and reward programs consider collective agreements and union perspectives.

Responsibilities

Reward Strategy & Governance

• Assist in the development and implementation of total reward frameworks, including base pay, variable pay, and benefits, ensuring alignment with corporate strategy and compliance with MAS and other regulatory guidelines.
• Support in the annual compensation cycles (salary review, bonus, and incentive programs) and calibration processes.

Performance Management

• Support business units in the performance management framework, including goal setting, mid-year and year-end reviews, and calibration processes.
• Partner with People Business Partners and senior leaders to embed performance culture and ensure fair, transparent evaluations.
• Develop tools, materials, and analytics that promote fair, transparent, and goal-driven evaluations

Executive Compensation & Board Reporting

• Support in the Remuneration Committee (RemCo) processes, including preparation of Board papers on pay decisions, market benchmarking, and regulatory disclosures.
• Ensure compliance with MAS guidelines and internal governance for senior executive remuneration.

Market Intelligence & Benchmarking

• Monitor market trends and regulatory changes in reward and performance practices; recommend innovative solutions to maintain competitiveness.
• Manage relationships with external consultants for compensation surveys and benchmarking exercises.

Data Analytics & Insights

• Conduct benchmarking, research, and analysis to evaluate the company's total rewards offerings, including base compensation, incentives, benefits, and recognition programs. Provide recommendations to ensure market competitiveness.
• Leverage data analytics to provide insights on pay equity, performance distribution, and workforce trends.
• Ensure accuracy and integrity of reward data across HR systems (e.g., Darwinbox).

Reward Partnering

• Collaborating closely with business leaders and respective people function leads to design, deliver, and communicate reward strategies that support organizational goals and talent priorities- ensuring competitiveness, internal equity, and compliance.

Ad hoc projects

• Undertake any other projects, analyses, or activities related to rewards and people strategy as assigned, to support evolving business and HR priorities.

Qualifications

• 10+ years of experience in compensation, benefits, or performance management, experience in the financial services sector or a highly regulated industry is preferred.
• Experience working with unionized environments and a solid understanding of collective agreements and labor relations.
• Strong understanding of compensation and benefits best practices, as well as performance management methodologies.
• Solid analytical and problem-solving abilities, with proficiency in compensation analytics tools.