The Compensation Analyst is responsible for a variety of projects which support the strategic goals of the Compensation Department including the management incentive program, annual merit review process, job documentation and evaluation, market pricing and salary surveys. Serves as the primary point of contact for analyzing a wide variety of internal and external compensation data.
Conducts market pricing analyses, helps administer salary structure, job titles for all institutions across the board.
Supports the annual merit increase process; prepares and distributes recommendation tools to the appropriate reviewers, consolidates recommendations and ensures the short-term incentive reporting tool and calculations are accurate.
Oversees the management incentive program (MIP) which includes identifying target award percentages by position, preparing and distributing MIP documentation and coordinating annual incentive payouts with payroll.
Completes job documentation reviews which include information gathering, creating job descriptions and revising as necessary to ensure accurate job responsibilities are maintained. Distributes job descriptions as appropriate.
Completes internal and external competitive reviews using established procedures.
Participates in job assessment and job placement reviews as necessary. Consults with management regarding compensation issues and assists in completing ad-hoc promotional and pay equity requests as needed.
Leads the compensation survey submission process which includes conducting and participating in compensation surveys and analyzing survey results.
Maintains a library of survey sources and spending; assists in preparation of the Compensation budget as it relates to surveys and makes recommendations for purchasing external survey data. Serves as the point of contact for geographic differential information.
Applies advanced computer and statistical skills to prepare reports and analyses as it pertains to various compensation projects.
Assists with HRIS implementation as it relates to compensation data integrity and reporting capabilities.
Assists the HR shared service group as needed with responding to compensation related issues from colleagues and managers.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.
Bachelor’s degree in Business or Human Resources and at least one to two years of compensation experience required.
Work toward a professional compensation certification preferred.
Excellent computer skills in Word, Access, Excel, PowerPoint, and HRIS software (ADP preferred).
Must have excellent mathematical, analytical, and critical thinking skills; verbal and written communication skills; the ability to multi-task and work independently as well as good organizational, project and time management skills.
Must demonstrate confidentiality in all matters related to employee compensation.