Compensation Specialist

CompanyFederal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
You will design, implement, and administer compensation programs including job evaluation, salary administration, variable pay and job offers. You oversee the Bank's participation in various compensation surveys. You administer Bank's job evaluation program for exempt and nonexempt positions. Serve as a subject matter expert and consults with senior leaders to support department goals. You will report to the AVP, Human Resources Business Partner.

What You Will Do:

• You ensure equitable and competitive salaries for all employees by developing and administering exempt and nonexempt salary programs.

• Maintain an effective job evaluation system by assessing both internal and external equity. References labor market trends, identifying benchmark jobs, and making related recommendations for changes in current practices.

• Determine the Bank's competitive position by participating in salary surveys and evaluating survey data.

• You establish and maintain uniform understanding and application of compensation programs by communicating and interpreting compensation policies and procedures.

• You partner within the HR department (e.g., Talent Acquisition and HRIS) and with external partners (Finance and Communications) to support business unit and Bank-wide goals.

• Oversee the maintenance of the job description database.

• Lead the year-end compensation process of informing Bank leaders of their variable pay and merit, equity and promotion (MEP) budgets.

• You monitor and track MEP and variable pay budgets and provides monthly and annual updates to Finance department.

• Maintain knowledge by keeping abreast of government and system regulations as they relate to compensation plans.

• Fulfill job duties and responsibilities in conformance with sound safety practices.

• You are actively involved in the accomplishment of departmental and/or Bank-wide quality initiatives.

• You actively participate in systemwide compensation workgroups and activities.

• You perform other related duties as assigned.

​Subordinates: None

Scope Measurements:

Staff and Officer MEP (~$6 million) and variable pay (~$12 million) budgets

Job Descriptions - Approx. 1,100

Total Salaries - $125 million

What You Have:

Education and Experience:

• Bachelor's degree in a related field with relevant HR experience.

• Minimum of 8 years Human Resource experience with a minimum of 4 years direct compensation experience. Compensation certification such as Certified Compensation Professional (CCP) preferred.

Knowledge and Skills:

• Proficient in administering budgetary matters.

• Strong problem solving and analytical skills.

• Strong communication skills – oral and written – with the ability to effectively communicate with Bank leadership.

• Experience with Workday and Microsoft Office 365

• Data analytics tools and data visualization tools such as Tableau, R, Python a plus.

• Ability to counsel employees, management and leadership teams to ensure positive outcomes.

• Build and manage relationships to ensure effective consultation and trust.

• Excellent time management skills to manage deadlines and provide project oversight.

• Knowledge of compensation practices including benchmarking external data to make informed decisions and recommendations.

Physical Requirements: None.

The salary grade for this position is 15. Final salary and offer will be determined by the applicant's background, experience and skills, as well as internal equity and alignment with market data.

We offer a great benefits package that features:

• Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period

• 401k/Thrift Plan with generous employer match

• Employer-funded Pension Plan

• Paid Vacation/Sick Time & Holidays

• Monthly $200 Commuter Allowance

• Flexible Spending Accounts and Healthcare Spending Accounts

• Flexible Work Schedule available in most departments

• Life Insurance and Long Term Disability Insurance

• Tuition Reimbursement (undergraduate and graduate)

• Parental Leave

• Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities

• Onsite Cafeteria & Coffee Shop

• Additional Convenience Benefits, Discounts and More…

Additional Information:

• The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “@phil.frb.org” domain or through the Workday system “[email protected]”. If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at [email protected].
• We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.
• We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at [email protected].
• All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
• You will be required to complete a background investigation including drug testing as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be drug screened for the presence of marijuana. Any hiring decision based on a background investigation will be made following an individualized assessment that is job-related and consistent with business necessity and applicable law. Employment may not begin until the Bank accepts the results of the background investigation.
• All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
• Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.
• The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
• By applying to this position, you agree you will be available to work on-site in a full-time capacity.
• Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

#LI-Onsite

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryHuman Resources Family Group

Work ShiftFirst (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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