Sr. Manager Compensation

2 weeks ago

Somerset, United States Terumo Medical Corporation Full time

This is a highly visible position one which offers a tremendous opportunity to learn and grow with Terumo Medical Corp. The incumbent will have the opportunity to collaborate across multiple company departments and functions as well as play an integral part of charting the course for the company's future successes

Job Summary:

Sr. Manager Compensation will be responsible for the design, implementation and on-going administration of Terumos compensation programs. This role will be instrumental in leading and implementing the formal Job Architecture process to include career paths and furthering the job leveling/grading system across the entire organization. Sr. Manager Compensation will play an instrumental role in supporting the Human Resources departments successful implementation of strategic and operational initiatives and oversee daily, annual compensation and other reward processes.

Job Details:

  • Participate in the development and lead implementation of Terumos total rewards compensation and incentive programs to ensure organizational alignment.
  • Conduct regular reviews and analyses of Terumos programs and packages, to ensure competitiveness with the external marketplace, internal equity, and compliance with relevant labor laws and regulation.
  • Continuously evaluate the effectiveness of existing policies, guidelines, architecture and procedures.
  • Recommend and implement plan revisions as well as new plans which are cost effective and consistent with market trends, best practices and company objectives; coordinates implementation and provides guidance to constituents.
  • Manage the benchmarking, design and implementation of all compensation programs, including base pay, incentives, sales compensation and long term incentive plans and ensures they align with company strategy and best in class practices.
  • Ensure the administrative aspects of compensation are efficient, effective and scalable as the organization continues to grow.
  • Participate in and review market benchmark surveys, analyzes competitive market data and develops recommendations for updates to job architecture, salary structures and incentive targets to ensure market competitiveness. Analyze and calculate costs and proposes salary increase budgets.
  • Provide expertise and guidance to other members of the HR team; advises on pay decisions, policy and guideline interpretations, and job evaluations.
  • Stay current on State and Federal regulation relevant to compensation and ensure recommendation and policies comply.
  • Assist in managing the existing HRIS system, ensuring optimal functionality, data maintenance and integrity, and the ongoing monitoring, evaluation, and update of the systems capabilities and operations to ensure relevance, and its capability to meet Terumos long term needs/requirements.
  • Provide technical support, trouble-shooting and guidance to HRIS users to ensure system proficiency and resolve user or system problems. Work closely with the Human Resources Team, HRIS and other relevant vendors, Payroll, Information Technology, and as needed other users. to ensure that systems are aligned and effectively meeting the needs of the HR team and organization.
  • Manage and develop compensation and/or HRIS team members.
  • Other duties as assigned.

Position Requirements:

Knowledge, Skills and Abilities (KSAs)

  • Desire and ability to understand the business and to conceptualize and design compensation frameworks which facilitate the attainment of company objectives.
  • Ability to focus on driving the right results while maintaining a focus on what is important and timely.
  • Strong project management, organizational and analytical skills to support data analysis and reporting.
  • Strong communication skills and the ability to effectively convey messages throughout the organization to ensure constituents understand both the purpose of our compensation elements as well as their roles in it.
  • Very pragmatic, common-sense approach to understanding, communicating and enrolling constituents in our compensation philosophy.

Background Experiences

  • Requires a bachelors degree and a minimum of 15+ years of human resources experience in the areas of compensation, and HRIS/HR technology with three years experience team or project management or equivalent combination of education and experience.

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