Compensation Analyst

Summary:

We are seeking a talented and motivated Compensation and Total Rewards Analyst to join our Human Resources team. The ideal candidate will have a strong background in compensation planning and total rewards management, excellent communication skills, and a passion for ensuring fair and equitable compensation practices for our health system.

Experience/Education Requirements:

• Bachelor's degree in Human Resources, Business Administration, or related field required; Master's degree preferred.
• 3-5 years of experience in compensation planning or total rewards management, preferably in a healthcare setting.
• Strong understanding of compensation and total rewards principles, practices, and market trends.
• Excellent communication and interpersonal skills, with the ability to effectively communicate complex information to diverse audiences.
• Proven ability to build relationships and collaborate with cross-functional teams.
• Proficiency in Microsoft Excel and other data analysis tools.
• Knowledge of federal and state regulations governing compensation and total rewards practices such as Fair Labor Standards Act (FLSA) and Equal Pay Act.
• Detail-oriented with a high level of accuracy and discretion when handling sensitive compensation information.
• Ability to work independently, manage multiple priorities, and meet deadlines in a fast-paced environment.

License or Certification Requirements:

• Certified Compensation Professional preferred.

Responsibilities:

Total Rewards Strategy and Management:

• Develop and implement comprehensive total rewards strategies, policies, and procedures to attract, retain, and motivate top talent.
• Conduct in-depth analyses of market data and internal compensation metrics to ensure our total rewards programs remain competitive and aligned with industry standards.
• Maintains and adjusts the salary structure, pay grades and ranges and job architecture.
• Evaluate new and existing positions within the organization to determine appropriate job classifications, salary ranges, and incentive opportunities based on factors such as job responsibilities, qualifications, and market data.
• Lead the design and administration of our total rewards offerings including base, supplemental and variable pay.
• Approves all pay offers for talent acquisition team as part of hiring processes.
• Develop and maintain policies and procedures related to compensation, total rewards, and payroll administration, ensuring compliance with applicable laws and regulations.
• Coordinate the annual merit increase and incentive processes, including budgeting, communication, and implementation.

Communication and Training:

• Collaborate with HR leaders and organizational stakeholders to communicate total rewards strategies effectively and promote understanding and engagement among employees.
• Provide training and support to managers and leaders on total rewards-related matters with a focus on compensation.
• Respond to employee inquiries and concerns regarding total rewards, ensuring transparency and fairness in interactions.

Timekeeping and Payroll Management:

• Manage timekeeping duties, policies, and systems, ensuring accuracy and compliance with company policies and regulations.
• Collaborate with payroll team to ensure timely and accurate processing of payroll, including supplemental and variable pay.
• Conduct audits and reconciliations to verify accuracy of payroll data and resolve discrepancies as needed for pay practices with leaders/stakeholders.

Incentive Program Design:

• Design and implement supplemental and variable pay programs and incentive structures to drive performance and achieve organizational goals.
• Analyze the effectiveness of incentive programs and make recommendations for enhancements or adjustments as needed.
• Communicate incentive program guidelines and eligibility criteria to employees and provide support and guidance on program participation.

Pay Equity and Compliance:

• Complete pay equity analyses to ensure fairness and equity in compensation practices.
• Conduct salary surveys to gather market data and benchmark our compensation practices against industry standards.
• Prepare and submit EEO-1 reports and other required regulatory reporting.

Benefits Design and Collaboration:

• Partner with the HR benefits team and key stakeholders to design and enhance benefits plans that support our total rewards strategy and meet the needs of our diverse workforce.
• Assist with communication of total rewards.
• Collaborate with internal and external partners to evaluate new benefits offerings and make recommendations for implementation.

Additional Key Duties:

• Conduct job evaluations and maintain job descriptions to ensure internal equity and alignment with organizational goals.
• May assist in developing and helping administer executive compensation programs, including equity-based compensation plans and deferred compensation arrangements.
• Provide support for mergers, acquisitions, and other organizational changes by conducting due diligence activities related to compensation and total rewards.
• Monitor and analyze trends in employee turnover, engagement, and satisfaction to identify opportunities for improvement in compensation and total rewards programs.