Compensation Manager

Compensation Manager

Position Overview:

The Compensation Manager is responsible for the development, implementation, and management of the company’s compensation programs. This role ensures that compensation practices are competitive, equitable, and aligned with the company’s strategic objectives. The ideal candidate will have a strong background in compensation management, excellent analytical skills, and a thorough understanding of regulatory requirements.

Key Responsibilities:

• Develop and implement compensation strategies and programs that align with the company’s goals and objectives.
• Conduct market analysis to ensure competitive and equitable compensation packages.
• Design and manage salary structures, incentive plans, and bonus programs.
• Ensure compliance with relevant federal, state, and local compensation laws and regulations.
• Collaborate with HR and management teams to address compensation-related issues and provide expert guidance.
• Conduct regular reviews and audits of compensation programs to ensure effectiveness, equity, and alignment with business needs.
• Prepare and present compensation reports and recommendations to senior management.
• Stay informed about industry trends and best practices in compensation management.
• Manage the year-end compensation process, including bonus and merit pool analysis, and enhance related processes and communications.
• Work closely with the Finance department on budgeting and forecasting as it relates to compensation.
• Perform statistical analysis, data interpretation, predictive modeling, and market benchmarking.
• Support the preparation of materials for the Leadership Development and Compensation Committee of the Board of Directors.
• Oversee the management of equity-based awards, in coordination with third-party record-keepers.
• Take on additional projects and initiatives beyond core responsibilities, contributing to broader Total Rewards and People Experience objectives.

Qualifications:

• Bachelor’s degree in Human Resources, Business Administration, Finance, or a related field.
• At least 5 years of experience in compensation management, preferably within the financial services or related industries.
• Strong understanding of compensation theories, practices, and regulatory requirements.
• Exceptional analytical and problem-solving abilities, with the capability to analyze data, identify trends, and provide actionable insights.
• Experience with HRIS and compensation management systems (Workday preferred).
• Ability to work in a fast-paced environment, managing competing demands and delivering within established timelines.
• Strong interpersonal, verbal, written, and presentation skills.
• Self-motivated and detail-oriented, with the ability to manage multiple tasks effectively.
• Demonstrated ability to collaborate with stakeholders and manage vendor relationships.
• Proficiency in Microsoft Office Suite, with advanced skills in Excel and PowerPoint preferred.