What are the responsibilities and job description for the COMPENSATION MANAGER position at Federal Reserve Bank of Boston?
As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values : diversity, equity and inclusion, innovation, integrity, and leadership.
It is anticipated that you will work on a Hybrid basis under the Bank's Hybrid categorization of this role. You agree to work in the FRB Boston office and with a schedule agreed upon with your management team. The current hybrid policy is that you spend at least half of your working days over the course of each month in person (either on-site at the Bank, or on Bank business elsewhere). This arrangement will be reviewed periodically as the Bank assesses hybrid work arrangements. While working from your home office, you agree to have the appropriate office set up to support your full engagement and protection of Federal Reserve information. It is expected that you reside within the First District and remain located within the district.
This job is eligible for a hybrid schedule with some on-site work expected. The individual is expected to reside in the 1st District unless you were given an exception.
Job Summary :
This position is responsible for directing, designing, implementing, and administration of the Bank's compensation strategies and programs to support the Bank’s pay for performance strategy. Manages the Bank’s compensation team to direct and support successful achievement of program and team business objectives, as well as engagement and development of team members.
This position serves as a member of the Human Resources management team, as well as a member of Federal Reserve System compensation workgroups.
Principle Accountabilities :
Provides expert direction and consultation to HR officers and senior leadership in the development of the Bank's compensation strategies and programs, ensuring that they support and are aligned with the Bank's goals, objectives, operational priorities, and talent needs both in the short and long-term.
Directs the design and implementation of the Bank's compensation monetary rewards strategies, policies, and programs specifically relating to total compensation program elements, including executive compensation.
Works closely with Financial Planning & Analysis management to ensure alignment in budget allocation determination against System guidance.
Ensures market competitiveness of the Bank's compensation programs; keeps current on leading compensation practices.
Analyzes compensation data and trends. Interprets, reviews, and implements policies and practices to ensure the Bank's compliance with local, state and federal regulatory authorities and the requirements of the Board of Governors.
Directs and oversees salary planning, job analysis and evaluation, job architecture, and survey participation efforts.
Directs and develops compensation education and communication efforts.
Directs the administration of the compensation year-end compensation planning (merit and variable pay) program.
Collaborates with, and advises, Bank management and Talent Acquisition on pay matters, including new hire offers, promotional increases, salary adjustments, etc.
Represents the Bank on HR Department Management Team and Federal Reserve System workgroups (Total Rewards Group and other voluntary System workstreams for System projects). Will require thorough understanding of Bank policies, practices, local, state and federal regulations, Board of Governors’ compensation requirements and an understanding of the Bank’s strategy, services and business plans.
Other Accountabilities :
Perform other duties as assigned.
Supervision :
This position is required to directly supervise 2-3 employees and is responsible for the training, development and direct supervision of professional / technical staff positions.
Knowledge and Experience :
Requires a comprehensive understanding of the design, implementation and administration of compensation practices and programs and HR technology applications.
Knowledge and experience normally acquired through, or equivalent to, the completion of a Bachelor's degree, preferably in human resources or related field.
Minimum of 5-7 years of experience in the design, implementation and administration of compensation programs and a minimum of 1 -3 years of supervisory experience.
A Master's degree or professional designations / certifications (Certified Compensation Professional) are also strongly preferred.
All employees assigned to this position will be subject to FBI fingerprint / criminal background and Patriot Act / Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified.
While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
Employment Type : Full Time
Years Experience : 3 - 5 years
Salary : $137,150 - $160,000 Annual
Bonus / Commission : Yes
Salary : $137,150 - $160,000
