Reward Analyst, Monzo
+ Stock Options
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
+ Stock Options
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You're a resourceful problem solver who is cool in a crisis
- You have excellent excel / google sheet knowledge
- You prioritise high impact work, but never neglect the details
- You're independent, proactive, comfortable making decisions, and a great communicator
- Helping people makes you happy
- Ideally you’ll have some experience designing dynamic reporting requirements, developing reporting databases and designing and maintaining reward analytics
What the job involves
- You will fulfil the day to day operations of the Compensation Team, focusing primarily on our pay review cycle, benchmarking process which all lead to managing our stakeholder requirements as well as wider compensation activities
- You'll use your initiative to determine what areas and processes can be improved, working with members of the People Collective and wider reward team to make sure we are doing what’s best for our Monzonauts
- Each day will be different, and you'll learn a lot about the inner operations of how a Reward squad works
- Facilitating the overall reporting requirements resulting from our pay review cycles
- Supporting the management of our pay review cycles via our compensation planning tool pre, during and post pay review cycles
- Supporting the annual benchmarking process which includes the preparation of various downstream reporting, submissions and analysis against current pay frameworks
- Collating and analysing data to support senior leadership decisions, including input into Remuneration Committee support documents
- Managing any required Regulatory Reporting resulting from the compensation processes as well as carry out any enhancements due to regulatory changes
- Supporting the creation of routine and ad hoc reports compensation management information
- Collaborating with the wider reward squad on the ins and outs of our pay review cycle and benchmarking processes
Application process
- Intro call with the recruiting team
- First stage interview with the hiring manager
- A loop interview with members of the team and key stakeholders
- This process should take around 2-3 weeks - your schedule is really important to us, so we promise to be as flexible as possible!
Salary benchmarks
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million active users. The company faces competition from more traditional banks, such as Goldman Sachs and JP Morgan, which have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$455.8m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company HQ
City of London, London, UK
Leadership
TS Anil
(CEO)Also a Board Member at Accion. Previously Board Member at UK Finance, Global Head of Payments, Products & Platforms at Visa and was the Global Head of Retail Products at Standard Chartered Bank.
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