Head of Reward

The Bank of England is the UK’s central bank. Each of our 5,000 plus people is committed to public service and dedicated to our mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

In the People Directorate we play a pivotal role in attracting, developing and retaining the diverse talent we need to deliver against the Bank’s mission; to create an environment, which is human, humble and in step with the changing world; and to build a diverse and inclusive Bank. The People Directorate provides strategic leadership and advisory and operational services in support of the Bank’s people agenda and sits within the Central Services Deputy Governorship.

Job Description

This is an exciting opportunity in the People Directorate as part of a major strategic change programme to maintain a modern and professional provision of our Central Services – CS 2025. It is also set against a challenging context where internal (e.g. reward satisfaction, UK strategy, changing skills requirements, diversity, equity and inclusion goals) and external (e.g. pay transparency, pay reporting, legal changes) drivers require the Bank to improve the effectiveness of its compensation frameworks

The role holder will have overall accountability for:

· Leading, designing and developing the Bank’s reward strategy (including pay, grading, pensions, benefits, performance and recognition): ensuring it is fit for purpose in a changing world; is aligned to the Bank’s objectives; and enables the organisation to attract, motivate and retain people with the skills the Bank needs in the future.

· Reviewing, developing, and maintaining the Bank’s grading framework to ensure it remains relevant and able to attract, motivate and retain people with the skills the Bank needs.

· Providing inclusive leadership to a team of reward specialists, including the Senior Manager Reward, and role model the expectations of leaders at the Bank: Leads Change – ensuring we are in step with a changing world; Engages with Impact by communicating with purpose; and Assures Quality by enabling technical delivery of high-quality outputs.

· Ensuring fairness across our reward strategy including understanding any pay gaps (gender, ethnicity, disability) identified and leading (with the Head of Culture, Diversity, Equity & Inclusion) on action plans to address any issues identified; and ensuring the Bank’s reward strategy and practice ensures equality in decision making and application.

· Overseeing the effectiveness of the delivery of reward services from the People Services and Operations Division.

· With the Senior Manager, Reward, manage key stakeholder relationships including with the Bank’s Executive, Remuneration Committee and union representatives; and ensure governance of senior compensation is observed.

· Staying in touch with the changing world with particular emphasis on reward strategies and practice.

· As a member of the People Leadership Team (PLT), ensuring that the links into the other divisions and strategies across People are maintained. The role holder will work collaboratively across the PLT to ensure alignment with the wider people strategy, including the strategic objective to ‘build a diverse and inclusive Bank’.

The role reports to the Executive Director, People Directorate and will be part of the PLT.

Number of direct reports: 1

Role requirements:

Minimum criteria

• Deep experience in designing and implementing reward strategies and practice, including but not limited to pay, benefits, organisational effectiveness and pensions.
• Extensive knowledge of up-to-date external compensation and reward practice.
• Well-developed inclusive leadership skills and dedication to developing their team.

Essential criteria

• Strong experience of driving and embedding strategic and/or cultural change across organisations; and of leading diverse teams through organisational change.
• Experience of building productive relationships with and influencing multiple stakeholders both internally and externally up to board level (including Remuneration Committees) and with unions / staff representatives; credible and impactful.
• Excellent analytical skills and the ability to demonstrate creative problem solving and influencing through analysis.

Desirable criteria

• CIPD qualifications or equivalent at Level 7 (MSc Level).
• Experience working in both public and private sector
• Understand the dynamics of operating in a high-profile public institution.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

This role can be based from either our London or Leeds offices.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a competitive base salary and comprehensive benefits package. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

The Application Process:

We have partnered with an executive search company, Saxton Bampflyde, to manage the recruitment process for this role. Please direct any applications or questions regarding the role to their team at - https://www.saxbam.com/appointment/bank-of-england-4

Please DO NOT apply directly to this job advert.

The closing date for applications is the 1st February 2024

The assessment process will comprise of two formal interview stages, with an online leadership test for candidates selected to progress to the second round of interviews.