Compensation Lead Analyst - HIH - Evernorth

Compensation Lead Analyst - HIH - Evernorth
Position Overview

The Compensation Senior Analyst is key member of the total rewards or HR team responsible for analyzing market trends and developing compensation strategics to ensure the organization’s pay practices remain competitive, equitable and aligned with business goals. The involves leading complex benchmarking projects, managing salary survey participation and providing insights that drive informed decision making in support of employee and retention.

Job Overview:

This role will responsibly be analyzing and administering compensation programs to ensure the organization attracts, retains and motivates employees while ensuring cost efficiency and equity. This role will involve conducting salary benchmarking, mapping internal jobs to external market and ensuring compliance with legal and organizational standard. The role will partner with HR and leadership to develop competitive and equitable compensation strategies aligned with business goals. The role will lead the collection, interpretation and analysis of compensation data from salary surveys and benchmark roles across various levels and functions against industry standards and competitors to identify goals and opportunities. The role will provide valuable insights through monitoring market trends through survey data and deliver actionable recommendations to maintain competitive pay practices.

Responsibilities:

Market Benchmarking and Analysis:

·       Lead the collection, analysis and interpretation of compensation data industry specific market surveys.

·       Develop and manage complex benchmarking models to evaluate salary competitiveness across roles and regions.

·       Identify compensation tends and provide actionable insights to senior management.

Compensation Strategy and Design:

·       Support the design and implementation of salary structures, pay ranges and incentive programs based on benchmarking data.

·       Contribute to the development of the organization’s total rewards strategy to attract and retain top talent.

Advanced Analytics and Reporting:

·       Create detailed compensation reports, dashboards and presentations for senior leadership

·       Analyze internal pay equity, diversity metrics and external competitiveness to provide recommendations for adjustments.

·       Utilize advanced data visualization tools to communicate findings effectively to diverse stakeholders.

Survey Management and Vendor Relations:

·       Manage relationships with survey providers e.g., Mercer, Will Tower Watson, Aon and Redford and oversee survey submission.

·       Evaluate and recommend participation in additional benchmarking surveys based on business needs.

Compensation and Benefit Program Management:

·       Administer annual salary review processes, including merit increase and bonus programs.

·       Maintain pay structure, salary bands and compensation related systems.

·       Support on the operational activities of benefit programs like health insurance, retirement plans, wellness initiatives and other perks.

Qualifications:

Education:

·       Bachelor’s degree in the Human Resources, Business Administration, or a related field.

Experience:

·       Minimum of 5-10 years of experience in compensation analysis, market benchmarking or total rewards.

·       Proven experience managing complex compensation benchmarking projects in a global or multilocation organization.

·       Hands on experience with benchmarking tools and platforms e.g., Mercer, Wills Tower Watson and Pay Scale

Skills:

·       Advanced proficiency in MS excels i.e. Pivot tables, formulas and Data modelling.

·       Strong knowledge of compensation management system Workday preferred.

·       Expertise with WIN Mercer, Market Pay and TW survey portal.

·       Strong communication and presentation skills to convey complex data insights to non-technical audiences.

KPI:

·       Accuracy and timeliness of compensation data analysis and ensuring compliance with legal and regulatory requirement

Equal Opportunity Statement:

Evernorth is an Equal Opportunity Employer actively encouraging and supporting organization-wide involvement of staff in diversity, equity, and inclusion efforts to educate, inform and advance both internal practices and external work with diverse client populations.

About Evernorth Health Services