Senior Compensation Consultant

5 days ago

Denver, Colorado, United States Colorado Permanente Medical Group Full time
Job Title: Senior Compensation Consultant

Colorado Permanente Medical Group (CPMG) is seeking a highly skilled Senior Compensation Consultant to join our team. As a key member of our compensation team, you will play a crucial role in developing and implementing effective compensation strategies and programs to attract, retain, and motivate our employees.

Key Responsibilities:
  • Collaborate with leadership teams to analyze and evaluate existing compensation structures, policies, and practices for physician and administrative staff compensation programs.
  • Develop innovative compensation programs that align with business objectives and attract and retain top talent. Ensure compliance with applicable laws and regulations.
  • Conduct comprehensive market research and benchmarking analysis to gather data on compensation trends, practices, and salary ranges. Analyze and interpret market data to make informed recommendations for salary structures, incentives, and benefits packages.
  • Coordinate and manage the submission of survey data related to physician compensation and productivity to external benchmarking organizations. Ensure accurate and timely completion of survey questionnaires, data validation, and submission requirements.
  • Utilize job evaluation methodologies to assess the relative value and complexity of various positions within the organization. Develop and maintain job grading systems to ensure internal equity and consistency in compensation decisions.
  • Analyze compensation trends, market data, and internal factors to design competitive and compliant compensation packages. Recommend innovative incentive structures and performance-based compensation models.
  • Collaborate with finance and HR teams to develop compensation budgets and forecasts. Provide input and analysis on the financial impact of proposed compensation initiatives. Monitor and track compensation expenses to ensure alignment with budgetary guidelines.
  • Supports Compensation Committee Chair and leadership in preparing Compensation Committee materials, models, and other supporting documents. Serves as scribe for Compensation Committee and captures meeting minutes and action items.
  • Conduct financial analysis to evaluate the impact of physician compensation arrangements on the organization's financial performance. Assess the return on investment (ROI) of different compensation components and incentive structures. Provide insights and recommendations to optimize compensation budgets and resource allocation.
Requirements:
  • 7-10 years of related experience in compensation.
  • Demonstrated knowledge of compensation philosophies, employee benefit programs, including flexible benefits programs and total rewards.
  • Ability to perform mathematical calculations to establish base and incentive compensation models.
  • Excellent interpersonal, written, and verbal communications skills.
  • Organizational skills to develop/maintain reporting standards.
  • Must remain open to change and be adaptable to new information.
  • Must encourage and foster cooperation and teamwork.
  • Strong attention to detail.
  • Expert level of MS Excel, and ability to use MS Office suite of products.
Preferred Qualifications:
  • Experience in physician compensation analysis and strategy development within the healthcare industry.
  • Familiarity with survey data submissions to external benchmarking organizations (e.g., MGMA, SullivanCotter, AMGA).
  • In-depth knowledge of physician compensation models, including productivity-based, value-based, and quality-based incentives.
  • Understanding of healthcare industry regulations and compliance requirements related to physician compensation.
  • Experience reviewing and analyzing physician contracts and offer letters, including compensation terms and compliance implications.
  • Strong financial analysis skills with the ability to assess the financial impact of compensation arrangements.
  • Experience with ADP Workforce Now, Oracle, or UKG
Education:

Bachelor's degree in business, human resources, or related field; OR equivalent work experience.

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