Incentive Compensation Design & Support Manager

Language Fluency: English (Required)

Work Shift:

1st shift (United States of America)

Job Grade:

112

Please review the following job description:

This position has direct responsibility for the design, implementation, and support of one or more incentive programs within the Consumer & Small Business Banking (CSBB) and report to the Director of Compensation – Consumer in Total Rewards. This position will directly influence key financial performance metrics by providing incentive design thought leadership for Senior and Executive Leaders, and ensuring that incentive compensation designs align to business objectives and Truist Purpose, Mission and Values.

Following is a summary of the essential functions for this job. Other duties may be performed, both major and minor, which are not mentioned below. Specific activities may change from time to time.

• Design CSBB incentive plans to align to the strategy and priorities while living Truist’s purpose, mission and values.

• Serves as the subject matter expert and thought leader on the design and performance of assigned incentive programs.

• Conducts or oversees regular analysis of the plan to ensure efficacy of plan relative to plan performance, accruals, key drivers, market alignment, pay for performance, etc.

• Evaluate effectiveness and competitiveness of existing incentive plans and model potential impact of alternative.  Provides insights on trends and other findings related to incentive plan performance.

• Partner with internal partners and stakeholders to recommend improvements, understand changes and assess impacts (e.g. Total Rewards, Line of Business, Human Resources, Risk Management, Finance, Control Partners, etc.)

• Leads risk assessments, awareness of control environment in the business and total rewards.  Escalate risks in a timely fashion and adhering to appropriate balancing risk.

• Administer and/or lead semi-annual or annual award calibrations.

• Prepare monthly reporting and executive summaries.

• Develops and delivers highly effective presentations that influence with impact.

• Prepares communication and training material content for assigned incentive plan(s) and delivers or assists in the delivery to plan participants.

• Documents all incentive plan specifications and reviews with Incentive Compensation Administration (ICA) and Human Capital Systems (HCS) partners.

• Work with ICA & HCS to explain design calculations and business requirements for tools/reporting.

• Partners with the Performance Measurement and Human Systems teams to develop ongoing reports and analysis that will support the business and/or the assigned incentive plan(s). 

• Prepares and submits the annual and off-cycle Business Incentive Plan (BIP) document and any required addendum.

• Ensure that incentive and total compensation targets are competitive and aligned to Truist compensation philosophy.

• Collaborates with key stakeholders to ensure that CSBB plans are complimentary to and consistent with other plans across the bank.

QUALIFICATIONS

Required Qualifications:

The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Bachelor’s degree or equivalent work experience in a relevant field 

• 10 years’ work experience in the industry, working with specific analytics tools relative to the work area, including MS Office and Industry-specific software/systems 

•  Complex, in-depth understanding of the business unit’s functioning 

• Demonstrated ability to synthesize and draw conclusions from variant information sources

•  Demonstrated excellence in analysis, leadership, change management, project management, negotiation, persuasion, directing others, and communication 

• Ability to identify innovative solutions to meet and/or improve business results 

• Ability to influence decisions and behavior with effective communication, persuasion, and negotiation skills Strong analytical and interpersonal abilities

Preferred Qualifications:

• Advanced graduate degree in Business or Finance Graduate Banking School or other Leadership Programs Experience in Incentive Design

• Background in risk, control, audit, or finance

• Experience in Small Business, Mortgage and Commercial business units

• Experience working with formulaic and discretionary incentive plans

• At least 7 years of experience in Compensation or at least 7 years of experience in sales plan design / line of business experience

General Description of Available Benefits for Eligible Employees of Truist Financial Corporation: All regular teammates (not temporary or contingent workers) working 20 hours or more per week are eligible for benefits, though eligibility for specific benefits may be determined by the division of Truist offering the position. Truist offers medical, dental, vision, life insurance, disability, accidental death and dismemberment, tax-preferred savings accounts, and a 401k plan to teammates. Teammates also receive no less than 10 days of vacation (prorated based on date of hire and by full-time or part-time status) during their first year of employment, along with 10 sick days (also prorated), and paid holidays. For more details on Truist’s generous benefit plans, please visit our Benefits site. Depending on the position and division, this job may also be eligible for Truist’s defined benefit pension plan, restricted stock units, and/or a deferred compensation plan. As you advance through the hiring process, you will also learn more about the specific benefits available for any non-temporary position for which you apply, based on full-time or part-time status, position, and division of work.