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Compensation Analyst

3 months ago

Prior Lake, United States Lakeside HR Group Full time

Lakeside HR Group has been engaged to recruit a Compensation Analyst position located in Prior Lake, Minnesota. The Compensation Analyst is responsible for analyzing, implementing, and administering compensation policies, frameworks and programs including base/fixed compensation, variable compensation/incentives, deferred compensation, and executive compensation. The position will evaluate and analyze external market data to develop recommendations for maintaining or improving competitive pay programs and recommend solutions or alternative actions to resolve compensation related problems. As a subject-matter-expert, the Sr. Compensation Analyst will drive process-improvement, mentor and educate on Compensation, and own large projects. This position is also responsible for ensuring that enterprise compensation programs are consistently administered in compliance with internal policies and regulations.

Primary Job Duties:

  • Serves as a compensation subject matter expert (SME) and consultation partner to internal HR and business leaders on compensation related activities and initiatives.
  • Leads the analysis, development, design, and implementation of various broad-based compensation programs, including salary structures, dual-rate, wage adjustment and incentive plan programs with a focus on market competitiveness and alignment with compensation philosophy and strategy.
  • Evaluates and prices job using market data to provide recommendations that meet business needs and internal equity. Particular focus on difficult-to-match positions.
  • Develops, reviews, and updates variable compensation/incentive plans that help drive business objectives and team member and employee behavior.
  • Supports the design and leads the administration of pay programs including annual merit review process, incentive plans, off-cycle pay increases, and market adjustments.
  • Develops and delivers compensation training materials and communications for in-person and virtual platforms to Human Resources team, leaders, team members and employees on compensation-related topics, including, but not limited to, trends, regulations, salary structures, salary administration and projects.
  • Edits and maintains organizational charts and job profiles, ensuring all required approvals are obtained and maintained within electronic files. Responds to questions and issues regarding organizational charts and position profiles.
  • Partners with the HRIS team to ensure that data is accurate for use by the compensation department and human resources and that modules/systems are working effectively.
  • Ensure the compensation programs comply with company policies, practices and procedures.
  • Collaborates with cross-functional teams including Human Resources, Finance and IT on any compensation program design, program set-up and configuration, financial budgeting or system updates.
  • Actively seeks to improve efficiencies in all compensation process work.
Job Requirements:
  • Bachelor's Degree or equivalent combination of education and experience.
  • 5 + years of experience in compensation and/or analytics.
  • Advanced proficiency in Microsoft Excel. Intermediate level of proficiency in Microsoft Word and PowerPoint.
  • Experience owning large compensation programs and projects end-to-end including planning, communication, administration, and evaluation.
  • Experience creating and operationalizing variable pay plans and programs.
  • Experience with human capital management systems such as UKG (formerly UltiPro), Workday, Oracle, etc.
  • Excellent verbal and written communication skills to partner with all levels of Human Resources, leaders, team members and employees.
  • Commitment to high quality of work and excellent customer service.
  • Demonstrated ability to work independently and handle multiple projects/priorities.
  • Demonstrated ability to solve problems through innovative solutions and sound judgment.
  • Demonstrated ability to understand and analyze data to tell a story.
  • Demonstrated ability to identify process improvements and take initiative to develop, implement and document new/improved processes.
  • Demonstrated ability to develop communications and training materials and present at all levels of the organization.
  • Understand and ensure compliance with regulatory requirements of compensation such as FLSA.