Compensation Analyst
4 days ago
This role is responsible for providing comprehensive analytical support and partnership within the organization. The Senior Compensation Analyst will assist in the development, implementation, administration, and evaluation of compensation strategies, plans, programs, and procedures to ensure fair and competitive employee compensation in alignment with the company's overall compensation strategies.
Key Responsibilities- Partner with Human Resources Business Leaders (HRBLs) to conduct job evaluations, analyze job descriptions, and prepare and maintain job descriptions.
- Provide guidance on the interpretation and application of compensation programs, policies, and applicable laws and regulations.
- Review and approve offer letters, ensuring compliance with company salary grades and policies, while partnering with HRBLs and hiring managers to ensure compensation alignment and internal equity.
- Recommend new hire salary offers and pay rate changes for promotions/transfers/salary adjustments through the position evaluation process, based on internal peer positioning and market analysis.
- Calculate incentive payments on various frequencies and support the administration of the annual merit increase and bonus cycles by analyzing and auditing pay increases.
- Assist with the development and maintenance of salary ranges, job grades, and incentive plans.
- Provide advanced analyses supporting compensation program design and implementation, including market analysis, cost modeling, structure development, and pay mix scenarios.
- Track, report, and analyze employee compensation data and changes.
- Perform data entry into systems, employees' incentive opportunities, incentive plans, etc.
- Conduct periodic audits to ensure maximum accuracy and integrity of compensation data.
- Monitor and review changes in compensation laws and regulations and recommend changes where needed.
- Bachelor's Degree in a related field (Business Administration, Human Resource Management, Finance, Accounting, etc.) or equivalent experience.
- 7+ years of experience in HR with 3+ years focused on compensation systems and financial analysis.
- 2 years or more of direct experience with compensation development and administration.
- Bachelor's Degree in Human Resource Management.
- 8 years of HR experience with 5 years or more direct compensation experience.
- Advanced proficiency with Microsoft Excel.
- Experience with ADP Workforce Now.
- Experience in other HR functions (Benefits, Payroll, Employee Relations, etc.).
- Certified Compensation Professional (CCP).
- Analytical Thinking: Ability to analyze data, interpret compensation trends, and make informed decisions based on complex information.
- Attention to Detail: Precision in reviewing compensation data, ensuring accuracy in pay structures, and compliance with regulations.
- Communication Skills: Strong written and verbal communication skills for presenting compensation plans, negotiating with stakeholders, and clearly explaining complex concepts.
- Confidentiality and Integrity: Maintaining the highest standards of confidentiality and ethical behavior, especially when handling sensitive compensation information.
- Conflict Resolution: Skill in navigating disagreements and finding a middle ground or solution that satisfies all parties involved.
- Diplomacy: Managing difficult conversations tactfully, ensuring that the message is delivered without damaging relationships.
- Problem-Solving: Skill in identifying compensation-related challenges and developing solutions that are fair and compliant with company policies.
- Interpersonal Skills: Building positive relationships with HR teams, management, and employees, ensuring collaboration and understanding of compensation policies.
- Adaptability: Flexibility in responding to changes in the market, company policies, or regulations affecting compensation strategies.
- Time Management: Efficiently managing multiple projects, deadlines, and priorities, especially during compensation review cycles.
- Empathy: Understanding the needs and concerns of employees when discussing compensation, ensuring a fair and supportive approach.
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