Compensation Manager

4 weeks ago


Somerset, New Jersey, United States Terumo Medical Corporation Full time
Job Summary

The Sr. Manager Compensation will be responsible for designing, implementing, and administering Terumo's compensation programs. This role will lead the formal Job Architecture process, including career paths and job leveling/grading across the organization. The Sr. Manager Compensation will support the HR department's strategic and operational initiatives and oversee daily, annual compensation and reward processes.

Key Responsibilities
  • Develop and implement Terumo's total rewards compensation and incentive programs to ensure organizational alignment.
  • Conduct regular reviews and analyses of Terumo's programs and packages to ensure competitiveness with the external marketplace, internal equity, and compliance with relevant labor laws and regulations.
  • Evaluate the effectiveness of existing policies, guidelines, architecture, and procedures.
  • Recommend and implement plan revisions and new plans that are cost-effective and consistent with market trends, best practices, and company objectives.
  • Manage the benchmarking, design, and implementation of all compensation programs, including base pay, incentives, sales compensation, and long-term incentive plans.
  • Ensure the administrative aspects of compensation are efficient, effective, and scalable as the organization grows.
  • Participate in and review market benchmark surveys, analyze competitive market data, and develop recommendations for updates to job architecture, salary structures, and incentive targets.
  • Provide expertise and guidance to other members of the HR team, advise on pay decisions, policy and guideline interpretations, and job evaluations.
  • Stay current on State and Federal regulations relevant to compensation and ensure recommendations and policies comply.
  • Assist in managing the existing HRIS system, ensuring optimal functionality, data maintenance, and integrity.
Requirements
  • Bachelor's degree and a minimum of 15+ years of human resources experience in compensation and HRIS/HR technology.
  • Experience with market-based pricing, short and long-term incentive administration, and other compensation frameworks.
  • Experience implementing, utilizing, and improving HRIS tools and systems to manage compensation and related processes.
  • Experience with ADP EV6, SuccessFactors, CompAnalyst, and Varicent is strongly preferred.
  • CCP and/or PMP certifications are preferred.
  • Experience managing and developing staff required.

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