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Vice President of Total Rewards and Compensation

2 months ago

Skokie, Illinois, United States Covenant Living Full time
Job Title: Vice President of Total Rewards

We are seeking a highly skilled and experienced Vice President of Total Rewards to lead our company's total rewards strategy, encompassing compensation, benefits, and recognition programs. As a strategic leader, you will be responsible for developing and implementing a comprehensive total rewards strategy that aligns with our company's goals and objectives.

Key Responsibilities:
  • Develop and implement the total rewards strategy to support organizational goals and attract, retain, and motivate top talent.
  • Partner with executive leadership to align reward programs with business objectives and company culture.
  • Provide strategic guidance on compensation and benefits to the Board of Directors and senior management.
  • Oversee the design, implementation, and administration of base salary, variable pay, and executive compensation programs.
  • Conduct market research and benchmarking to ensure competitive and equitable compensation practices.
  • Manage compensation structures, including salary ranges, job leveling, and pay equity analysis.
  • Lead the design and management of employee benefits programs, including health, retirement, wellness, and other employee perks.
  • Ensure benefits programs are competitive, cost-effective, and compliant with relevant regulations.
  • Evaluate and negotiate with vendors and service providers to optimize benefits offerings and costs.
  • Ensure all reward programs comply with legal and regulatory requirements.
  • Develop and implement policies and procedures to ensure adherence to compensation and benefits regulations.
  • Monitor changes in employment laws and regulations and adjust programs as necessary.
  • Utilize data analytics to assess the effectiveness of total rewards programs and make data-driven recommendations.
  • Prepare and present reports to senior leadership and the Board of Directors on compensation and benefits metrics and trends.
  • Monitor and analyze compensation and benefits metrics to drive continuous improvement.
  • Build, lead, and develop a high-performing Total Rewards team.
  • Foster a collaborative and inclusive work environment within the Total Rewards function.
  • Provide mentorship and professional development opportunities for team members.
  • Develop and execute communication strategies to educate employees about total rewards programs.
  • Address employee inquiries and concerns related to compensation and benefits.
  • Promote employee engagement and satisfaction through effective rewards and recognition programs.
Requirements:
  • Bachelor's degree in human resources, Business Administration, Finance, or a related field. MBA or advanced degree preferred.
  • Certifications in related areas are highly desirable.
  • Proven experience (typically 10+ years) in total rewards, compensation, executive compensation, benefits, or a related field, with a significant portion in a leadership role.
  • Extensive experience in designing and managing compensation and benefits programs at a senior level.
Competencies:
  • Leadership - Guide and inspire a high-performing team.
  • Customer Success - Build strong relationships with employees and ensure their success with our total rewards programs.
  • Continuous Improvement - Advocate for and implement a culture of continuous learning and improvement within the team.
  • Account Strategy - Define and execute strategies to drive employee retention, renewal, upsell, and cross-sell.
  • Cross-Functional Collaboration - Collaborate with other departments to align on company goals and ensure a unified employee experience.
Benefits:
  • Medical, dental, and vision insurance.
  • Employer-paid group term life and disability.
  • Paid Time Off (PTO) and six paid holidays.
  • 403(b) with a 3% employer match.
  • Fitness center use at most facilities.
  • Various voluntary benefits, including life, AD&D, tuition assistance, employee assistance program, legal services, home/auto insurance, discount purchasing program, and pet insurance.