COMPENSATION ANALYST

Job Description

The Compensation Analyst is pivotal in shaping the organization's success by creating fair and competitive compensation programs that attract and retain top talent. Responsibilities include evaluating job roles, developing organizational structures, and leading key processes like merit, performance management, design of pay structures and incentives, and others. Expertise in this role drives impactful analysis, solves complex compensation challenges, and supports system enhancements.

This dynamic position involves essential collaboration with cross-functional teams, management of vendor relationships, and oversight of compliance. It offers opportunities to lead exciting projects, develop effective communications and training, and continuously enhance knowledge. This role provides the chance to make a significant impact and grow within the organization.

Job Responsibilities

• Administer and Support Compensation Programs: Manage various compensation plans, ensuring competitiveness and equity.
• Evaluate and Develop Job Roles and Structures: Assess job roles and create organizational structures to support business objectives.
• Conduct Benchmark Surveys and Manage Annual Processes: Participate in market surveys and lead annual processes such as merit, performance management, system updates, and others.
• Create Analysis and Solve Compensation Challenges: Generate detailed reports and analysis, and address complex compensation-related issues.
• Collaborate and Communicate: Work with cross-functional teams, develop effective communications and training, and manage vendor relationships.
• Other Duties: Perform additional tasks as assigned to support the area's goals and objectives.

Skills

• Knowledge of Compensation: Knowledge of Compensation concepts, practices, and procedures.
• Analytical Skills: Ability to analyze data and trends to make informed decisions and recommendations. Basic understanding of statistical methods.
• Data Simplification: Ability to simplify complex data to identify main conclusions and key presentation points.
• Communication Skills: Excellent verbal, presentation, and written communication skills.
• Negotiation skills: Ability to communicate effectively with leaders at all levels and vendor management.
• Systems Proficiency: Expertise in Microsoft Office, advanced Excel skills are required, knowledge of SAP and Success Factors is essential, and experience with Power BI is advantageous.
• Financial Modeling: Proficiency in creating financial models to forecast compensation costs and impacts.
• Problem-Solving: Capability to identify and resolve complex compensation-related issues through data-driven insights.
• Union Negotiation Support: Knowledge of supporting union negotiations with compensation analysis
• Environmental Navigation: Ability to understand and effectively navigate both manufacturing and corporate environments.
• Regulatory Interpretation: Ability to interpret regulations and effectively apply them to business operations.
• Team Collaboration: Ability to work effectively with multiple teams and working with a global team is preferred.

Education

REQUIRED:

• Bachelor's degree from an accredited university in Business Administration, Finance, Human Resources, or a related field.

PREFERED:

• Certified Compensation Professional (CCP), or other applicable certifications preferred.
• Years of Experience: 3+ Related Experience

Additional Description

• Job Evaluations and Organizational Structures: Responsible for evaluation of job roles and the development of job structures to ensure internal equity and market competitiveness.
• Benchmark Surveys: Plan and participate in multiple benchmark surveys (salary surveys, budget surveys, compensation practices surveys, and ad-hoc surveys) and use data for market competitiveness analysis and strategy planning (propose merit increases, design of pay structures and incentives, etc.).
• Compensation Programs: Efficiently manage day-to-day activities related to compensation programs, ensuring compliance with federal and state regulations and company policies. Including job proposals analysis and approvals, multiple analysis that supports the business with decision making and may assist with Global Mobility.
• Support Processes: Lead, plan, and participate in annual compensation processes such as merit, performance management, short-term incentive, long-term incentive, system updates, support union negotiations, provide routine analysis and/or calculations, etc. Document processes and procedures, develop and implement process improvements focusing on simplicity and effectiveness.
• Data Analysis and Presentations: Create impactful reports and presentations to support decision-making, deliver insightful analysis, and ensure data accuracy.
• Problem Solving: Tackle compensation challenges with innovative solutions. Demonstrate critical thinking, adaptability, and proactive decision-making to effectively resolve issues.
• Subject Matter Expertise: Act as an expert in Compensation supporting HR, managers, and employees.
• System Support: Coordinate and/or participate in system changes, updates, and configuration requests.
• Special Projects: Assist mergers, acquisitions, divestitures, layoffs, location start-ups or closings, and participate in global projects.
• Communications and Training: Develop and deliver effective communications and training related to compensation programs for employees, managers, and HR.
• Plan Documentation and Policy Management: Responsible for drafting, executing, and maintaining plan documents and policies. Ensure they are updated in accordance with legislation and best practices, and compliance requirements. Oversee compliance processes, review policies, and lead training initiatives.
• Audit Support: Participate and respond to audit requests, document processes, and facilitate audit preparation and completion.
• Project Leadership: Lead compensation projects, including timeline, budget, vendor management, and communications.
• Knowledge Enhancement: Continuously expand expertise in compensation programs, policies, and best practices. Stay updated on changes in laws, requirements, and regulations by participating in workshops, seminars, forums, and subscribing to information services. Develop and conduct training sessions to disseminate this knowledge among colleagues, ensuring comprehensive understanding and compliance.
• Collaboration: Partner with field HR and cross-functional teams (such as Payroll, Benefits, Talent Acquisition, Career and Succession, Training and Development, Global Mobility, Analytics, etc.) on company-wide initiatives and multi-department projects.
• Relationship Building: Develop and maintain effective relationships with internal and external partners.
• Backup Support: Act as backup to the Manager and/or colleagues for escalated issues and decisions.
• Vendor Management: Select vendors, build relationships, oversee vendor performance, monitor standards, and ensure timely payments.
• Budget Monitoring: Assist with department budget reviews.
• Other Duties: Perform additional tasks as assigned to support the area's goals and objectives.