JAY MODI
Mulund West, Mumbai
Summary
Dynamic HR Manager with extensive experience at Covestro India Pvt Ltd, excelling in compensation strategy and payroll management. Proven track record in driving employee recognition programs and ensuring statutory compliance. Adept at leveraging HR analytics and fostering collaboration, consistently recognized for outstanding performance and leadership.
Overview
21
21
years of professional experience
Work History
Manager - HR
Covestro India Pvt Ltd
03.2018 - Current
- Design, implement, and manage annual merit increases, promotions, and compensation revision cycles across grades and locations.
- Develop and maintain salary bands, pay ranges, and compensation ratios aligned with career progression frameworks, and internal equity.
- Execute compensation revisions and variable incentive plans, including the end-to-end rollout of compensation review letters.
- Conduct compensation benchmarking by mapping salary survey data position-wise, and ensuring alignment with market competitiveness.
- Partner with external compensation consultants for survey participation, data validation, and interpretation of market insights.
- Prepare compensation analytics, dashboards, and presentations for senior leadership and management committees.
- Perform wage cost analysis, including year-to-date actuals versus budget, to support workforce cost planning.
- Administer organization-wide rewards and recognition programs, including coordination with stakeholders, nomination management, budget validation, and execution of felicitation events.
- Ensure governance and timely implementation of recognition initiatives in line with approved budgets and policies.
- Administer employee benefits, insurance, and pension programs, including enrollments, renewals, reporting, and reconciliations.
- Manage Gratuity and Superannuation Trust operations, including the coordination and conduct of Trustee meetings.
- Ensure the timely contribution of funds to statutory and retirement trusts, and oversee the settlement of employee claims.
- Prepare and maintain books of accounts for trusts, and coordinate statutory audits.
- Oversee end-to-end payroll operations for local and expatriate employees, ensuring accurate maintenance of employee records in Workday (new hires, exits, and compensation changes).
- Establish and monitor payroll input controls to ensure accuracy and completeness of payroll data.
- Review payroll outputs from payroll vendors, including variance analysis, and month-on-month comparisons.
- Manage payroll accounting and reporting, including general ledger postings, payroll accruals, tax liabilities, and ad hoc reports.
- Handle monthly personnel cost provisions and general ledger reconciliation in SAP.
- Ensure timely payment and statutory filings for PF, PT, TDS, and ESIC, including the issuance of Form 16.
- Manage internal and external payroll audits, and ensure compliance with statutory requirements and internal controls.
- Achieved promotion to the next grade after completing the first year in the organization.
- Consistently recognized with the organization’s highest honor, the “Individual Performance Award,” for outstanding performance across multiple years, beyond regular role expectations.
- Achieved three promotions over a 7-year tenure, reflecting sustained high performance, expanded responsibilities, and leadership trust.
- Compensation Strategy and Administration. Rewards and Recognition Benefits, Insurance, and Retirement Programs Payroll Management Statutory Compliance and Audit. Key Achievements.
Assistant Manager
CRISIL Ltd
11.2012 - 03.2018
- Preparing cost centre wise monthly provision file related to all expenses and accounting the same in system.
- Managing account payables by vouching entries and approving it in the system.
- Preparing and scrutinizing GL reconciliations and follow-up with team on open items.
- Preparing monthly Intercompany Cost apportionments schedules and do accounting of the same.
- Maintaining Fixed Asset Register.
- Fulfilling statutory obligations pertaining to TDS filling and submission of returns.
- Liaising with Statutory and Internal auditors on regular basis for solving their queries.
- Preparing and reviewing required financial & accounting reports, including P&L, variance analysis, margin analysis and capital expenditures on a regular basis (monthly, quarterly and annual).
- Reviewed budget versus actual on a monthly basis.
- Integrating financial budgets, forecasts, long term plans and quarterly revisions. Setting up systems to track and analyze variances.
- Assisting in preparation of MIS reports and other statements to provide feedback to top management on financial performance on monthly basis.
- Managing end- to-end payroll processing; maintaining payroll information by designing systems; ensuring accurate and timely compliance with statutory obligations.
- Collection and collation of salary and reimbursement inputs from Operations team and enter into online system.
- Update statutory changes and social contributions periodically based on confirmation from consultants.
- Generating cost centre wise payroll reports, journal entry and accounting the same.
- Generating variance reports, analyzing and providing reason for the variances.
- Provisioning month end expenses relating to payroll - Leave encashment, bonus, Incentive Gratuity, PF etc.
- Involved in providing inputs for capital & Depreciation budgets, ensuring booking of accurate actuals; & analytical reporting of the variances between the two.
- Deep dived in the process to provide an analytical view of the Capex at a department levels.
- Automated MIS sheet using advanced excel functions to get real time update.
- Prepared dashboard of location wise Fixed Asset schedule as per chapter VI.
- Awarded monthly 'Clap Award' for assisting in timely closure of books and audit.
Senior Associate
Knowledge works Consulting Pvt Ltd.
02.2008 - 11.2012
- Managing daily work flow of accounts payable team and approving vouchers in ERP system.
- Preparing month end MIS schedules like Inventory valuation report of Content Serials and Movies, prepaid expenses schedule, FD and accrued interest on FD schedule, Inter-company reconciliation statement etc.
- Maintaining Fixed Asset register as per companies and IT Act.
- End to end managing of statutory compliances by preparing schedule for TDS payment, quarterly filing of TDS returns, preparing service tax liability and Cenvat credit statement for filing service tax returns.
- Assisting the Internal Auditors in their audit activities and solving their queries, Preparing schedules as required by Statutory and tax Auditors.
- Client - 9X, 9XM Channel
A.M. Ghelani & Co Chartered Accountants
08.2004 - 07.2007
- Vouching, Internal and Tax auditing, preparing computation of Income, filing income tax returns etc.
Education
PGDM - Finance
Welingkar's Institute of Management Studies
Mumbai01-2023
CA Inter -
Institute of Chartered Accountants Of India
Graduation - commerce
Pendharkar College
MumbaiSkills
- Compensation strategy, benchmarking, and salary structuring
- Annual merit, promotion, and variable pay management
- Payroll management, accounting, and GL reconciliation (India and expat)
- Employee benefits, insurance, and retirement programs (gratuity and superannuation)
- Statutory compliance and payroll audits (PF, PT, TDS, ESIC)
- HR systems and analytics (Workday, SAP, compensation dashboards)
Languages
- Hindi
- Marathi
- English
- Hindi
- Marathi
Personal Information
Date of Birth: 02/07/86
Current Position
Covestro India Pvt Ltd (Formerly Bayer Group), Manager - HR, 03/01/18
Career Scan
- Covestro India Pvt Ltd, Manager, 03/01/18, Compensation & Benefits, Plan, implement new and revised compensation and benefit programs., Execute compensation revision and variable incentive plans., Incorporate and map salary surveys data., Provide wage cost analysis., Administer rewards and recognition program., Support ongoing benefits, insurances and pension events., Trust Management, Manage Gratuity and Superannuation trust functions., Ensure timely settlement of employee claims., Assist in executing deed of variation., Payroll and Compliance Management, Oversee end to end payroll operations., Ensure proper process for capturing inputs., Manage payroll reporting and accounting., Ensure timely payment and filing of returns., Manage payroll audits., Promoted to next grade after completion of 1st year., Awarded 'Individual Performance Award' twice in 2 years.
- CRISIL Ltd, Assistant Manager, 11/01/12, 03/01/18, Accounting & Finance, Prepare cost centre wise monthly provision file., Manage account payables., Prepare GL reconciliations., Maintain Fixed Asset Register., Budgeting & MIS, Prepare financial & accounting reports., Review budget vs Actual., Assist in preparation of MIS reports., Payroll Management, Manage end-to-end payroll processing., Update statutory changes., Generate payroll reports., Automated MIS sheet using advanced excel functions., Prepared dashboard of location wise Fixed Asset schedule., Awarded monthly 'Clap Award' for timely closure of books.
- Knowledge works Consulting Pvt Ltd, Senior Associate, 02/01/08, 11/01/12, Manage accounts payable team., Prepare month end MIS schedules., Maintain Fixed Asset register., Manage statutory compliances.
- A.M. Ghelani & Co Chartered Accountants, Intern, 08/01/04, 07/31/07, Vouching, Internal and Tax auditing., Preparing computation of Income., Filing income tax returns.
Timeline
Manager - HR
Covestro India Pvt Ltd
03.2018 - Current
Assistant Manager
CRISIL Ltd
11.2012 - 03.2018
Senior Associate
Knowledge works Consulting Pvt Ltd.
02.2008 - 11.2012
A.M. Ghelani & Co Chartered Accountants
08.2004 - 07.2007
PGDM - Finance
Welingkar's Institute of Management Studies
CA Inter -
Institute of Chartered Accountants Of India
Graduation - commerce
Pendharkar College