The Compensation Analyst will research job requirements and evaluate job positions to ensure the company is competitive in the areas of salaries and employee benefits.
- Prepares and maintains job descriptions for each position in the organization; ensures descriptions accurately reflect the work being performed by incumbents.
- Interviews and surveys employees and managers to gather and document job, organizational, and occupational information including duties, responsibilities, and skills required by each job.
- Assesses jobs and their respective duties to determine classification as exempt or nonexempt and appropriate salary range.
- Benchmarks jobs against survey data and other market intelligence to determine competitive compensation ranges for each position.
- Prepares and maintains job classifications and salary scales.
- Prepares and presents summary reports of job analysis and compensation analysis information.
- Gathers data from market-based compensation surveys; uses spreadsheet and data analysis techniques to assess results and market trends.
- Evaluates and implements job analysis instruments and materials.
- Maintains and analyzes ongoing compensation programs; evaluates jobs using market data and established evaluation systems and/or procedures; audits evaluation of jobs; ensures compliance with all legal aspects of the compensation function.
- Counsels’ leaders regarding the development of job summaries and/or descriptions; role clarification, lines of demarcation from one function to another and development of defensible minimum/preferred qualifications.
- Partners with division compensation counterparts to maintain the enterprise-wide career framework.
- Participates in complex compensation surveys; prepares and analyzes survey data; recommends changes to compensation programs to maintain the company’s competitive position in the marketplace.
- Produces reports and analyzes compensation data to support client deliverables such as merit budget, salary structure management, and incentive plan data.
- Submits, tracks, and communicates the creation of job codes or changes to job attributes.
- Leads the process for the administration of merit & equity programs; reviews proposed changes in pay for conformance to policy; prepares analysis in support of establishing merit budgets.
- Consults with management to assess competitive labor market trends and specific business needs as they relate to compensation.
- Develops, recommends, and implements compensation process and policy changes.
- Provides functional guidance, advice and/or training to less-experienced compensation staff.
- Conducts statistical analyses to create actionable insights for department leadership.
- Presents data and provides recommendations to department senior leadership for their use in making operational decisions, identifying process improvements, and developing policy development to support change initiatives.
- Collaborates with colleagues in the function and boundary partners to conduct root cause analysis, create recommendations for improvement and identify ad hoc areas for additional research into trends.
- Conducts data and cost analyses to be used in employee negotiations and collective bargaining agreements.
- Research employee benefits in similar industries; based on findings, recommends changes or updates to the company’s existing benefits or policies.
- Works with insurance brokers and investment planners to create competitive, cost-effective benefits packages for the organization; facilitates implementation and enrollment for insurance and retirement plans.
- Conducts focus groups to collect employee feedback on specific issues or topics related to benefits and compensation.
- Plans and communicates preferred methods and best practices for hiring, training, compensating, and evaluating employees.
- Advises management on applicable state and federal employment regulations, benefits and compensation policies, human resource procedures, and collective agreements.
- Performs other related duties as assigned.
- 5 or more years of experience required in a related field (i.e., Compensation, Human Resources, Financial Analysis)
- 3 or more years of experience required if the candidate possesses a related advanced degree.
- Requires strong knowledge of Microsoft Word and Excel
- Discretion in dealing with confidential and sensitive information
- Strong quantitative reasoning skills
- Excellent interpersonal, leadership, presentation, and collaborative skills to work effectively with teams throughout the organization
Education and Experience:
- Bachelor’s degree in Human Resources or related field required.
- SHRM-CP or SHRM-SCP preferred.
- One to three years of experience as a compensation analyst required.
- BS/BA degree in related discipline strongly desired (i.e. Human Resources, Business, Mathematics, etc.).
- Prolonged periods sitting at a desk and working on a computer.
- Must be able to lift up to 15 pounds at a time.