What are the responsibilities and job description for the Senior Compensation Specialist position at Partnership Employment?
Company in Financial Services is looking to hire a Senior Compensation Specialist.
- Develops, implements, and administers compensation programs to attract and retain talented employees. Stays current on market trends and is an expert in common market practices.
- Assess the financial impact of compensation decisions, considering factors like salary adjustments, bonuses, and benefits.
- Collects and analyzes data on the organization’s current compensation and incentive plans; compares this data to comparable plans and programs offered by others within the peer group. Participates in salary surveys and monitors salary survey data to ensure corporate compensation objectives are achieved.
- Reviews existing compensation practices and provides HR leadership with data so that recommendations can be made that are cost-effective and consistent with compensation trends and strategic objectives.
- Provides analytical, technical, and operational support to the HR team by leveraging data from various sources. Maintain data integrity and audit Compensation related data, ensuring data usability / reliability.
- Manages compliance with labor laws and regulations, including the Fair Labor Standards Act (FLSA). This involves understanding and applying FLSA guidelines related to overtime, exempt vs. non-exempt status, and minimum wage. Regularly reviews applicable laws at the state and federal level related to FLSA and acts as subject matter expert for the organization, including training peers and leadership as required.
- Conducts periodic assessments of incentive plans and any implemented changes; presents findings to management.
- Interviews managers, supervisors, and other leadership staff to gather anecdotal data on the effectiveness of current compensation practices; gathers their suggestions and recommendations for changes and updates.
- Communicates approved program changes to management and participants, answering questions and providing additional training or support about the changes.
- Partners with HR Leadership in the design of creative solutions to specific compensation-related programs and incentive plans. Develops techniques for compiling, preparing, and presenting data.
- Research and gather business information for relevant compensation projects to complete complex analyses to support business needs.
- Manages the organization’s direct compensation plans. Supports any relevant compensation programs.
- Collaborates with the recruiting team assisting with compensation and recruiting related tasks.
- Participates in special projects and performs additional duties as required
