Rachana Mungi

In my current role, I manage the entire Employee Benefits portfolio for the regions mentioned. This includes understanding the statutory landscape of each location, the market movements around benefits, conceptualizing and building the strategy for rolling our Benefits initiatives in line with the company's vision.

Summary of my role mentioned below:

- Benefits Strategy & Management:

• Conceptualizing new initiatives, offerings in Employee Benefits space
• Design & Implementation of such initiatives in tandem with tech automation where necessary
• Drawing up Benefits budgets in line with the Benefits strategy for the forthcoming years
• Conduct regular reviews of ROI of the benefits spend for the firm and recommend changes where necessary

- Interactions with Senior Leadership, providing strategic support and guidance in various policies and processes.

- Strategic alliance with internal stakeholders, such as recruitment leads, HR partners in ensuring that all issues related to Benefits administration and compliance for the organization are addressed and resolved.

- Statutory Compliances:

• Review of statutory landscape on a regular basis to ensure compliance of the firm with regards to all changes in statutory benefits
• Process streamlining and administration
• Audit compliances

Worked with clients/firms to review and recommend enhancements to their existing framework for HR processes, policies as also help structure their employee benefits offerings.

Examples of Projects accomplished as a Freelancer:

• Reviewed the policies of a US based start-up in Bangalore and helped them streamline the HR processes for their India chapter.
• Helped establish the entire Group Insurance schemes including contracting with insurance brokers. Based on the employee profile and firm’s budget, recommended the adequate insurance clauses that would help them attract and retain talent.
• Worked with an investment bank to review their flex-benefits umbrella and recommend changes to improve their employee benefit offerings. This involved working with multiple teams (HR, Finance, Tax, Tech, Compliance, Legal), arriving at solutions that complied with all their requirements and create a work flow for actual implementation.

I led the Employee Benefits function in Goldman Sachs India. Role involved:

• Complete Statutory & Benefit Management, Compliance & Administration:
• Gratuity Trust Management and administration: a) working with finance and actuaries for valuation  driving the trust audits b) working with trustees and vendors for the Trust management c) reviewing Act changes and ensuring compliance at all times
• Provident Fund: a) Audits: represented the benefits function for all PF audits including working with the government body and legal representatives for adherence to all PF laws b) Vendor Management to ensure PF administration in the firm is streamlined with minimal intervention from the internal teams
• Other Benefits: a) Benchmarking with peer group and other industry leaders for market best practices and ensuring that GS continued to be in the top quartile of the percentage of firms offering industry best from a Benefits perspective b) Working with Vendors and Senior Management for roll out of sustainable, impactful and meaningful schemes and policies under employee benefits
• Budget Management for Benefits and Wellness as a function
• Automation: Bringing in Automation and streamlining of all processes pertaining to Benefits Administration

Achievements:

• Roll out of Thomson’s India Benefits Platform – one stop interactive portal for all GS India Benefits offerings
• Changes to internal gratuity policy guidelines resulting in key firm savings in liabilities
• Roll out of the National Pension Scheme for GS India
• Introduced key changes to the firm’s insurance programs making it one of the most niche offerings in the industry

Role: Overseeing & leading my team into execution of all the activities of the operations team. This included:

• Being compliant with all the statutory requirements for the company from HR perspective
• Employee life cycle management, from Induction to Exit.
• Interaction with other HR leaders and stakeholders with regards to policies & processes  Complete Statutory & Benefit Management & Administration:
• Researching new avenues for employee benefits within the budgets that are drawn. This involved studying the best practices in the industry with regards to Insurance, suggesting introduction of additional benefits under the policies.
• SPOC for all interactions with respective vendors for statutory & benefits
• Interacting with business leaders and other stake holders for communication on all updates and changes in the policies, processes and benefits that fall under the purview of HR Operations
• Conducting wellness drives across locations of McAfee India
• Streamlining of the various processes being followed in the Centre and introducing automation wherever feasible. In this role, work closely with the Senior Management in presenting new process automation ideas and implementing these

Role:

• Performance Management, Compensation reviews & appraisal cycles
• Performance linked payouts, retention bonus plans  Planning, conducting and participating in benchmarking surveys internally and externally on Compensation
• Benefits, Reviews and HR Policies & Practices.
• Payroll Management.
• Benefit Management
• Driving Rewards & Recognition initiatives
• Oracle Apps functional super user
• MIS reporting
• SPOC for Campus Recruitment for Headstrong.