What are the responsibilities and job description for the Compensation Analyst position at CentraState Healthcare System?
Overview:
Find out why our employees love their jobs and being part of the CentraState family!
What We Offer:
We are seeking a detail-oriented Compensation Analyst with a strong background in data analytics to join our team. The ideal candidate will be responsible for developing, implementing, and managing our compensation strategy to ensure competitive and fair compensation practices. This role involves conducting market reviews, analyzing grade structures, and positioning within the market to attract and retain top talent.
Responsibilities:
Compensation Strategy Development:
- Develop and implement the organization’s compensation strategy.
- Ensure alignment with business objectives and compliance with federal and state laws.
- Market Reviews and Analysis:
- Conduct market surveys to analyze compensation practices against competitors.
- Benchmark jobs against market data to determine competitive compensation levels.
- Prepare and present reports on job and compensation analysis.
- Grade Structure and Positioning:
- Evaluate job duties and responsibilities to determine appropriate compensation levels.
- Develop and maintain job classifications and salary scales.
- Analyze and recommend adjustments to grade structures to ensure internal equity and market competitiveness.
- Data Analytics:
- Utilize data analytics to interpret compensation data and identify trends.
- Provide data-driven recommendations for compensation adjustments and policy changes.
- Collaborate with HR and finance departments to understand the impact of compensation decisions.
- Compensation Program Analysis:
- Analyze, verify, track, and report on compensation programs, including job evaluation and analysis for assigned functional areas.
- Evaluate jobs by reviewing job descriptions and analyzing best practices and benchmark data both internally and externally.
- Continually review the organization’s comparative position relative to market data and determine appropriate salary grades and job attributes.
- Model compensation alternatives and cost out changes; make appropriate recommendations.
- Coordinate with HRIT to create report templates that meet compensation reporting needs.
- Compliance and Policy Management:
- Ensure compensation practices comply with federal and state regulations, including FLSA.
- Review and revise compensation policies and procedures as necessary.
- Stay updated on industry trends and best practices in compensation management.
- Stakeholder Collaboration:
- Work closely with HR, finance, and management teams to develop and implement compensation programs.
- Collaborate with Workforce Experience and Talent Acquisition.
- Participate in special projects such as reorganizations, acquisitions, and merit/across-the-board increase processes.
- Present compensation recommendations to management and justify suggestions with data.
- Salary Surveys and Reporting:
- Complete timely and accurate salary surveys and analyze results as necessary.
- Operate under general guidance with varied work assignments requiring interpretation and independent decisions on the course of action.
- Perform related duties as required. All responsibilities noted here are considered essential functions of the job under the Americans with Disabilities Act.
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Qualifications:
- Bachelor’s degree in Human Resources, Business Administration, Finance, or a related field, or equivalent combination of education and related experience.
- 1-3 years of compensation experience required.
- Prior experience with market pricing, salary surveys, and job architecture strongly preferred.
- Strong background in data analytics and proficiency with compensation research tools.
- Advanced knowledge in Excel preferred.
- Excellent analytical and problem-solving skills.
- Knowledge of federal and state laws affecting compensation.
- Strong communication and presentation skills.
- Relevant certifications (e.g., CCP, GRP) are a plus.
- Proficiency in data analysis and statistical software (e.g., Excel, SQL, Tableau).
- Strong attention to detail and accuracy.
- Ability to handle confidential information with discretion.
- Excellent organizational and time management skills.
CentraState Healthcare System, a partner of Atlantic Health System, is a fully accredited, not-for-profit, community-based health system that provides comprehensive health services in the central New Jersey region. In addition to offering a full range of leading-edge diagnostic and treatment options, CentraState serves as a valuable health partner focused on the latest ways to prevent disease, promote healthy behaviors, and help people of all ages live life well. Based in Freehold, CentraState is comprised of a 284-bed acute-care hospital, a vibrant health and wellness campus, two award-winning senior living communities, a charitable foundation, and convenient satellite health pavilions offering primary care and specialty physician practices, along with access to outpatient services, such as lab and physical therapy. The system also offers a family medicine residency and geriatric fellowship training program in affiliation with Rutgers Robert Wood Johnson Medical School. Among its many honors and accreditations, CentraState is one of less than two percent of hospitals nationwide to earn Magnet® designation for nursing excellence four times and was designated a Great Place to Work-Certified™ Company by Great Place to Work® for the fourth consecutive year.
When you bring your talent to CentraState, you are joining a trailblazing healthcare facility, committed to providing high-quality, patient-focused care. Join us in making incredible strides in health care, and making a difference in our community. We believe in enriching the lives of our employees through work/life balance initiatives, tuition assistance, career advancement opportunities and much more.
Find out why our employees love their jobs and being part of the CentraState family!
What We Offer:
- Highly competitive compensation
- Excellent benefits package and rewards program
- 403(b) retirement plan with company match
- 401(a) retirement plan with employer contribution
- Life Insurance
- Tuition Reimbursement Program
- Growth Opportunity and Workforce Development Initiatives
- Continuing Education / Onsite Training
- A warm, welcoming company culture based upon mutual respect and a collaborative goal of providing excellent patient care
- Concierge Services with Work & Family Benefits
- Magnet recognized healthcare facility
