Compensation Manager

1 week ago

Somerset, United States Terumo 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.

This position will play a key role in supporting the HR department's strategic and operational initiatives, overseeing daily, annual compensation, and other 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, recommending and implementing 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, ensuring 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, analyze competitive market data, and develop recommendations for updates to job architecture, salary structures, and incentive targets to ensure market competitiveness.
  • Analyze and calculate costs and propose salary increase budgets.
  • Provide expertise and guidance to other members of the HR team, advising 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, and the ongoing monitoring, evaluation, and update of the system's capabilities and operations to ensure relevance and its capability to meet Terumo's long-term needs/requirements.
  • Provide technical support, troubleshooting, and guidance to HRIS users to ensure system proficiency and resolve user or system problems.
Requirements
  • A bachelor's degree and a minimum of 15+ years of human resources experience in the areas of compensation and HRIS/HR technology, with three years' experience in team or project management or equivalent combination of education and experience.
  • Experience with market-based pricing, short and long-term incentive administration, and other compensation frameworks is required.
  • Experience implementing, utilizing, and improving HRIS tools and systems to manage compensation and related processes is required.
  • Experience with ADP EV6, SuccessFactors, CompAnalyst, and Varicent is strongly preferred.
  • CCP and/or PMP certifications are preferred.
  • Experience managing and developing staff is required.

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