Administers the Bank’s employee Benefits and Compensation plans bank-wide, and ensures all plans are administered in accordance with Bank policy, and that local regulations are complied with. The incumbent is to perform all functions in a professional manner and must fully comply with the Bank’s Security Policies as outlined in its Security Policy Manual and the Bank’s Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) and Know Your Customer (KYC) requirements. In addition, the position holder is required to uphold the Bank’s Customer Service Standards and Code of Ethics at all times.Core Responsibility- Responsible for the administration and processing of the Bank’s Educational Assistance Program.- Ensure all letters and payments are administered in accordance with policy and monthly reports are updated. - Updates the Bank HR information systems relative to existing employees’ educational status updates (i.e. college degrees, certificates etc.) - Ensures that changes to existing employees’ group medical/vision/life insurance plans are made on a timely basis through the Insurance Carrier’s (CG Atlantic Medical) portal by: a) Notifying CG Atlantic Medical b) Notifying the Payroll Officer’s desk to action in the payroll - Verifies all new enrollees and ensures changes to existing staff records are accurately captured in the Insurance AMI portal.- Prepares the reconciliation of CG Atlantic Medical by the 2nd week after receipt of the bill and verify the following payroll reports: a) Medical, Dental, Vision, Life, AD&D and Vat reports and report any discrepancies to the Payroll officer. - Ensures that all documents and correspondences related to AMI are handed over to the HR Clerk for filing in a timely manner.- Prepares the adjusted journals for the group insurance by the 15th of the following month the payment was made.- Verifies incentive payments are in accordance with policy and assigns correct staff accounts before payments are processed. . - Collaborate with Compensation and Benefits team to formulate creative ideas to keep staff updated on information about employee benefits of the Bank (e.g. Newsletters/’Did you Know’ Flyers) - Leads and coordinates the distribution of the Bank’s uniform. Ensures that orders are submitted to the vendor, administration of bills (i.e. payments and reconciliation) are completed accurately and timely. - Maintains the Uniform inventory by ensuring the following: a) accurate inventory is kept for used and new Uniforms b) ensuring the destruction of old uniforms c) ensuring the uniform inventory room is maintain in an orderly manner- Assists with preparation of training/information sessions held by the HR Department. - Assists employees with Employee Self Service queries- Prepare manual journals for educational assistance and incentives - Assist with the annual budget - Prepares monthly Benefits reports as assigned by the Compensation & Benefits Management team. - Complete reconciliation for assigned GL's monthly.- Makes recommendations to the Manager for updates to the benefits procedures and prepare the amendments.- Assists the Manager, Compensation & Benefits with requirements of the unit under the Bank’s Business Continuity Plan.
Role Overview
Commonwealth Bank is a Great place to work! We offer an exciting work environment with the opportunity for growth and development. We also offer a competitive compensation package, reflecting the successful applicant’s experience and qualifications, including a performance-based incentive plan, health, vision, dental and life insurances and a pension plan.Qualified individuals should complete an online application by June 30, 2025.Commonwealth Bank is the premier Bahamian Bank with branches located in New Providence, Grand Bahama and Abaco. We are committed to delivering superior quality service, to training and developing our employees, to creating value for our shareholders and to promoting economic growth and stability in the community.“Commonwealth Bank sincerely thanks all applicants for their interest in becoming a part of our team, however, only those applications being considered will be contacted.”
