Compensation Consultant

COMPENSATION CONSULTANT
The Compensation Consultant designs, administers, and supports compensation department programs, projects and initiatives that are competitive and align with business strategies and talent objectives. This role conducts data reporting and analytics and generates insights and recommendations from such analysis to inform and educate stakeholders and influence compensation strategy. Communicates findings and recommendations effectively in both written and verbal formats. This role requires an understanding of core finance and accounting principles and strong knowledge of compensation concepts and methodologies (e.g., base pay and salary structures, short and long-term incentive design, market benchmarking, and merit increase and bonus plan administration).
MAJOR DUTIES AND RESPONSIBILITIES

• Actively and consistently support all efforts to simplify and enhance the customer experience
• Perform complex analysis and data modeling relating to compensation programs (salary planning, merit increases, variable pay programs, etc.) to evaluate concepts and address business needs
• Monitor effectiveness of existing plans, policies, processes, guidelines and procedures, recommending new plans consistent with business needs and compensation trends
• Assist with the design, preparation, and maintenance of compensation models
• Monitor the compensation department email accounts to respond to inquiries and requests regarding compensation matters including salary planning, merit increases, and variable pay programs
• Create communication plans and strategies to support compensation programs and initiatives; partners effectively with HR Communications department, as necessary
• Support the year-end compensation process and the training / communications requirements of compensation programs
• Serve as a consultative partner and resource on complex compensation-related projects with business stakeholders, including other HR centers of excellence, corporate functional areas, and HR teams across the company
• Identify the appropriate course of action on compensation projects and tasks and ensure timely resolution of issues and delivery of work product
• Play a key role in the development, implementation and administration of salary structures, geographic differentials, incentive plans, merit increases, salary surveys, program communication / education and functional audits
• Work proactively to ensure clear communication of programs and compensation activities company-wide; consistently obtain necessary alignment from stakeholders
• Participate in cross-functional team projects as necessary, supporting ad hoc project/analysis requests
• Partner with the HR Technology team to ensure that the HRMS system meets compensation needs and is updated to reflect compensation changes, e.g., to salary structures, analytical data and calculations
• Conduct compensation benchmarking and generate compensation recommendations for broad-based and executive-level positions
• Perform job evaluations, reviewing job descriptions and providing recommendations on job levels and grading
• Organize and maintain compensation files and records (employment agreements, job descriptions, etc.)
• Coordinate with functional areas (e.g., HR, Accounting, Legal) and other HR centers of excellence (e.g., Payroll) teams on compensation matters
• Serve as an auxiliary resource for the administration and management of the company's long-term incentive program and other compensation programs, as required
• Participate in the ongoing evaluation of current processes and procedures
• Remain informed of emerging compensation trends and regulations
• Understand the company's business model and how it applies to compensation programs and designs
• Perform other duties as assigned

Required Qualifications
Required Skills / Abilities and Knowledge

• Bachelor's degree in Human Resources or related field
• 7+ years experience compensation administration
• 3+ years experience project management
• Ability to maintain confidentiality and adhere to the highest degree of professional standards
• Ability to influence others
• Ability to analyze and interpret data
• Ability to handle multiple projects and tasks
• Ability to maintain confidentiality of information
• Ability to make decisions and solve problems while working under pressure
• Ability to prioritize and organize effectively
• Knowledge of compensation administration
• Knowledge of Fair Labor Standards Act and Employment laws
• Demonstrated knowledge of compensation fundamentals including design principles, administration and strategic planning

Required Education
Bachelor degree in Finance, Human Resources, Business, related field or equivalent experience
Required Related Work Experience and Number of Years
Experience working in the design and administration of compensation programs - 4-6
PREFERRED QUALIFICATIONS
Preferred Skills/Abilities and Knowledge
Finance and accounting experience - 2+
Preferred Education
CCP preferred; quantitative degree preferred
Preferred Related Work Experience and Number of Years
Project management experience - 3-4
WORKING CONDITIONS
Office environme
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HCP305-HR 2024-40046 2024
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