What are the responsibilities and job description for the Variable Comp Specialist position at Synovus?
Job Summary
Provides guidance, coordination, and support in the application of variable incentive administration policies, procedures and practices. Administers and maintains variable incentive related data management system and coordinates and facilitates variable incentive payouts. Provides information, training, and support to front-line team members and managers regarding variable incentives.
Job Duties and Responsibilities
- Partners with frontline and line of business partners to quickly research and accurately resolve issues.
- Provides first line dispute resolution with direction from Manager and/or Director. May assist with more complex resolution procedures as needed.
- Establishes workflow calendars in order to execute approval of payouts.
- Coordinates incentive payout reviews, revisions, and approval of payouts via workflows.
- Submits final payout approval to Human Resources for payment to team members.
- Facilitates approval of incentive plan documents with all key stakeholders.
- Researches and validates referrals generated to business partners via Salesforce application
- Manually closes referrals that aren't auto-closed/qualified.
- Provides day-to-day support for incentive system administration including enrollment and maintenance requirements as needed.
- Partners with Variable Comp Analysts when executing the testing scripts for year-over-year line of business enhancements.
- Assists department Manager and Director with audit activities.
- Each team member is expected to be aware of risk within their functional area. This includes observing all policies, procedures, laws, regulations and risk limits specific to their role. Additionally, they should raise and report known or suspected violations to the appropriate Company authority in a timely fashion.
- Performs other related duties as required.
The information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Synovus is an Equal Opportunity Employer committed to fostering an inclusive work environment.
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Minimum Education:
- High school diploma or equivalent.
Minimum Experience:
Two to four years of job specific experience including the administration of sales/referral data or incentive plans.
Required Knowledge, Skills, & Abilities:
- Familiarity with the practices, laws, and regulations governing incentive plans
- Knowledge of the bank's products and services
- Knowledge of finance and accounting terminology, concepts, calculations and formulas
- Strong attention to detail
- Solid project management skills
- Knowledge of applicable operational functions, systems, policies and procedures
- Strong customer service skills
- Proficiency using Microsoft Office software products
Preferred Knowledge, Skills, & Abilities:
- Associate's degree
