Today, the global financial services industry faces new challenges like never before. It’s a highly fertile environment for FinTech startups with a disruptive character. To keep up, major global players within the insurance realm are reinventing themselves and their portfolios. Ranging from new technology like wearable devices that can prevent health issues and sensors that detect potential home fires before they ignite to robo-advisors that support people with private investments. In addition, there are new regulatory changes like Solvency II, which came into effect in January of 2016. The extent and pace of these changes is unprecedented. All of these developments make the insurance industry a challenging and satisfying environment for strategic professionals who thrive on innovation.
Dutch Multinational with a rich history and future focus
Aegon is one of the world’s largest leading providers of life insurance, pensions and asset management. With Dutch roots that date back to 1844, its ambition is to be a trusted partner for financial solutions at every stage of life. Today, it operates in more than 20 countries and their 29,000 employees help 26 million customers take responsibility for their financial futures. Traditionally, Aegon is a highly de-centralized organization, but in order to face the modern-day challenges, the global framework is becoming more and more important for numerous disciplines, including Human Resources and Compensation & Benefits.
Aegon’s mission is helping people take responsibility for their financial future with the motto “Transform Tomorrow”, Aegon is proactively developing to keep up with the shifting needs of the customer, today and tomorrow. It has launched numerous online financial solutions, including Kroodle and Knab in the Netherlands, Active Transamerica in the US and Simply Life and Secure Retirement Income in the UK.
Global Manager Total Rewards
This role is the driving force behind the development, implementation and monitoring of a global Total Rewards framework. As the worldwide expert in Compensation, Benefits & Employment Conditions, this Global Manager will also be involved in a hands-on manner in complex cases.
From compensation & benefits to total rewards
Global HR consists of multiple Centers of Excellence (CoE), including Culture Leadership & Talent Development, HR Operations and Compensation & Benefits (C&B). The latter consist of five professionals who all report to Jaap Lammers. There is currently a vacancy for the most senior position in his team: Global Manager Total Rewards. The purpose of the CoE in general, and this role in particular, is to deliver a global framework for C&B.
This is a major transition, because Aegon has a decentralized background. An additional challenge will be that, because Aegon is a Dutch organization, the Dutch legislation applies to all Reporting Units across the globe. Even if conditions and expectations vary per market. The solution is to focus on an all-round framework to recognize performance and encourage retention. The Total Rewards management approach includes incentives such as work-life balance, performance recognition and career development as well as very competitive remuneration.
“The challenge is to develop a global framework for Compensation & Benefits that appeals to candidates and employees around the world. Even though candidate and employee expectations vary wildy between markets.”
– Jaap Lammers, Global Head Compensation & Benefits
Conceptual and operational level
In addition to the development, implementation and monitoring of the Total Rewards approach, the Manager will provide services in Executive Compensation, International Compensation for expats and Compensation Disclosure. That means the Manager will have the ability to switch between conceptual and operational level easily, always able to link abstract flowcharts and standardized processes to real-life situations. The Manager also acts as Deputy for the Global Head of C&B.
- Partners with Senior Executives and Supervisors on building the Total Rewards strategy
- Aligns the C&B policy with Aegon’s HR strategy
- Formulates the C&B policy, procedures and programs
- Anticipates and responds to internal and/or external business challenges and regulatory issues
- Initiates projects to influence, modify and improve delivery in line with business objectives
- Monitors the effectiveness of C&B policies
- Is the first point of contact for Reporting Units for all rewards-related topics
- Always strives towards a higher level of consistency within the global structure
- Actively contributes to the design of (and improvement for) the annual compensation cycle and performance management
- Is part of the execution team of the pay review procedure for Top Executives within Aegon
- Advises Senior Management on pay levels and variable compensation schemes for the 40 most senior members of staff
- Academic degree
- Minimum 10 years’ experience in multinational organizations
- Considerable proficiency in (Top Executives) Compensation
- Strong stakeholder management skills, able to push back diplomatically at all levels and come up with credible alternative solutions
- Strategic planning and direction in an ambiguous environment
- Understanding of external pay markets and regulatory changes
- Experience with the interaction between Rewards processes and business processes such as Risk, Treasury, Finance & Accounting and (expatriate) Tax
Direct and profound impact. Works closely with Finance-, Treasury-, Tax- and Legal & Compliance department. Part of the Disclosure Working Committee (responsible for drafting Remuneration paragraph in Annual Report), Secretary to the Remuneration Steering Committee. Member of Global Equity Organization. Builds and maintains strong network with peers in- and outside of the organization.
“An opportunity to have an extremely high impact on a global level.”
– Roland Vetten, Partner at Top of Minds