Payroll Manager

The Payroll Manager will oversee the bank’s payroll function, ensuring accurate and timely processing of salaries, payroll reconciliation, and workforce cost management. This role is pivotal in maintaining payroll governance, regulatory compliance, and the integrity of payroll and performance management records. The position also involves payroll budgeting, forecasting, compensation-related financial analysis, audit management, and collaboration with various internal and external stakeholders to support seamless payroll operations.

Key Responsibilities

- Manage the complete monthly payroll cycle, including processing, validation, approval, and salary disbursement.
- Perform payroll balancing, reconciliation, and month-end closure activities to ensure accuracy of payroll data and financial records.
- Serve as Payroll Checker/Authorizer, enforcing maker-checker controls and approval frameworks.
- Coordinate with the Finance department for payroll funding, accounting entries, and payroll-related reconciliations.
- Prepare and monitor annual payroll budgets, workforce cost forecasts, and employee-related financial projections.
- Conduct financial impact analyses related to annual increments, promotions, bonus payouts, and compensation changes.
- Oversee the collection, validation, and integration of salary revisions, promotions, transfers, and employee movements into payroll systems.
- Maintain payroll master data and ensure accuracy of employee compensation records.
- Ensure Annual Performance Review (APR), goal setting, and performance-related records are maintained and linked to compensation processes.
- Manage payroll-related audits, ensuring timely resolution of audit findings and compliance issues.
- Ensure compliance with internal policies, labor laws, tax regulations, and other regulatory requirements.
- Prepare payroll management information systems (MIS), workforce cost reports, headcount analytics, and management dashboards.
- Liaise with HR, Finance, Internal Audit, Compliance, and external stakeholders on payroll matters.
- Identify and implement process improvements, automation opportunities, and control enhancements within payroll operations.

Required Qualifications

- Bachelor’s degree in Finance, Accounting, Human Resources, Business Administration, or a related field.
- 8-10 years of relevant experience in payroll, compensation and benefits, or HR operations.
- Minimum of 3-5 years in a managerial role, preferably within the banking or financial services sector.
- Proven experience in payroll reconciliation, budgeting, forecasting, audit management, and compensation administration.

Preferred Qualifications and Benefits

- A Master’s degree and relevant professional certifications will be considered an advantage.
- Strong technical competencies including payroll management and administration, payroll balancing and reconciliation, budgeting, workforce cost forecasting, and compensation and benefits administration.
- Expertise in financial impact analysis, HRIS and payroll systems, audit and regulatory compliance, MIS reporting, and analytics.
- Advanced skills in Microsoft Excel, data management, record keeping, and performance management administration (including APR and goal setting).
- Experience with internal controls, risk management, stakeholder management, and business partnering.

This role requires a detail-oriented professional with strong leadership skills and the ability to collaborate effectively across departments to ensure the accuracy and compliance of payroll processes within a dynamic banking environment.