Global Commercial Compensation Senior Manager

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.About AbbottAbbott is a global healthcare leader, creating breakthrough science to improve people’s health. We’re always looking towards the future, anticipating changes in medical science and technology.Working at AbbottAt Abbott, you can do work that matters, grow, and learn, care for yourself and family, be your true self and live a full life. You’ll also have access to:Career development with an international company where you can grow the career you dream of.Free medical coverage for employees* via the Health Investment Plan (HIP) PPOAn excellent retirement savings plan with high employer contributionTuition reimbursement, the Freedom 2 Save student debt program and FreeU education benefit - an affordable and convenient path to getting a bachelor’s degree.A company recognized as a great place to work in dozens of countries around the world and named one of the most admired companies in the world by Fortune.A company that is recognized as one of the best big companies to work for as well as a best place to work for diversity, working mothers, female executives, and scientists.The Opportunity This position works out in our facilities of Lake Forest, IL in the Diagnostics Division. We’re empowering smarter medical and economic decision making to help transform the way people manage their health at all stages of life. Every day, more than 10 million tests are run on Abbott’s diagnostics instruments, providing lab results for millions of people.What You’ll Work OnGLOBAL COMMERCIAL COMPENSATION SR. MANAGER Develop, implement, and administer compensation programs. Work with Commercial Execution, Human Resources, and Sales Leadership to apply compensation best practices and subject matter expertise to incentive programs. Through different initiatives, ensure total compensation mix support business objectives, are competitive with market practices and are applied consistently and efficiently across the Commercial Organization. Measure ongoing effectiveness of plans and recommend plan revisions as needed.Compensation Sr. Manager will be responsible to:Build the Global Sales and Service Incentive PlanPrepare approval package for 2024 Incentive Plan for senior leadership review. Once approval obtained, publish to Area Incentive LeadersPublish the Global Sales and Service Incentive Plan annuallyManage the Global Incentive Plan delivery process and cadence through the localization tool, troubleshooting identified issues, and developing training materialsDevelop SPIFFs to support the initiatives and temporary performance shortcomings to supplement the Incentive Plans as requestedCoordinate the Area Implementation of the Incentive PlanProactively communicate and obtain feedback from stakeholders regarding new processes and updates to Incentive Plan contentComplies regulatory and governance requirements, Company policies, operating procedures, processes, and supports area leadership with local governance requirementsPrepare communication and training support for Area Incentive Leaders to train teams on the Incentive Plan and ensure motivation for Plan participants.Develop integrated process and guidelines for setting Incentive Plan Targets that supports Area teams equitably and appropriately setting targetsIn conjunction with Global Commercial Systems, ensure the timely and accurate parameters are used in MyBonusMonitor the Execution of the Incentive PlanManages role assignment to incentive plan, audits eligibility according to rules and document plan exceptions.Monitor Area’s interpretation of the Incentive Plans and answer clarifying questions on Plan interpretationTrack deviations requested by the Area’s for their incentive plansReconcile Incentive Targets to Division Goals to ensure alignment to objectives.Audit the calculation of Incentive Payouts in MyBonusImplement an audit process to ensure calculated payouts in MyBonus reflect payouts received by employeesAnalyze Internal and External Compensation LandscapeConduct compensation market analysis by obtaining market competitive data based on industry and geography to determine trends and recommendations.Provides subject matter expertise and proactively assesses the competitive pay landscape in global markets.  Makes recommendations in support of commercial strategy.Track the effectives of the Sales and Service Incentive Plan through MyBonus platform in terms of motivating performance and achieving results. Develop data-based Insight Package to regularly share with leadership offering suggestions for optimizing the Incentive PlanMonitor performance by Area/Role and alert when it dips and identify causes with proposed mediationsTrack the effectiveness of SPIFFs (developed in Areas or by Globally) to support the initiatives and temporary performance shortcomings to supplement the Incentive Plans as requestedSupport Compensation Related Topics for the Commercial OrganizationBenchmark country pay mix profiles and lead adjustment initiatives as necessary.In conjunction with HR, outline the compensation programs utilized for the commercial team. Create standards for role levels and role types. Document deviations and monitor ongoing enrollment in plans to ensure consistency with established standardsParticipate in cross functional projects and initiatives to drive improved Balance PerformanceProvide Global support (tracking, consulting, optimization) and optimization to President Club rewardsRequired QualificationsBachelor’s degree in Business Analytics Market Research, Mathematics, Finance, Economics, Engineering, Social Science, Business or other Scientific degrees or equivalent requiredA minimum of 7 years’ experience in healthcare industry; Incentive Compensation; Leading people, Sales reporting, Global Experience required.  Commercial Diagnostics global experience is highly desirable, compensation, including administration and design of base and variable pay, incentive plans, market competitiveness reviews and analysis, salary survey participation.Preferred QualificationsAdvanced degree in Business Analytics Market Research, Mathematics, Finance, Economics, Engineering, Social Science, Business, other Scientific degree or equivalent preferred – MBA from top-tier school preferredKnowledge of the Core Lab Commercial business is preferredStrong analytical and data interpretation skills. Able to leverage and communicate information to drive data backed decisionsStrong customer service, communication, and presentation skills.Strong verbal and written communications with ability to effectively communicate at multiple levels in the organization.Multitasks, prioritizes, and meets deadlines in timely manner.Strong organizational and follow-up skills, as well as attention to detail.Able to maintain high level of confidentiality.Able to demonstrate good judgment and decision-making skills.* Participants who complete a short wellness assessment qualify for FREE coverage in our HIP PPO medical plan. Free coverage applies in the next calendar year.Learn more about our health and wellness benefits, which provide the security to help you and your family live full lives:  Follow your career aspirations to Abbott for diverse opportunities with a company that can help you build your future and live your best life. Abbott is an Equal Opportunity Employer, committed to employee diversity.Connect with us at , on Facebook at and on Twitter @AbbottNews and @AbbottGlobal.The base pay for this position is $125,300.00 – $250,700.00. In specific locations, the pay range may vary from the range posted.Job SummaryJob number: 31081443Date posted : 2024-03-22Profession: SalesEmployment type: Full time