AVP, Incentive Compensation

$97,800 - $163,000/Yr

LPL Financial - Fort Mill, SC

posted about 2 months ago

Full-time - Mid Level
Fort Mill, SC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities

About the position

LPL Financial is seeking an AVP, Incentive Compensation to join our Human Resources team. This role will report directly to the VP of Compensation and will operate within a matrix environment, providing both strategic and operational support to business unit leadership while also supporting various Human Resources initiatives. The Incentive Compensation function is crucial as it centralizes the Incentive Compensation Plan (ICP) Design and Governance under the Incentive Compensation Committee (ICC). This includes managing sales incentive reporting, metrics, and communication to LPL's salesforce. The ideal candidate will have a strong background in sales compensation and the ability to collaborate effectively with cross-functional teams. Experience in the financial services industry is preferred, as the sales incentive plans are vital for driving engagement, motivation, and strategy within LPL's rapidly growing sales teams. As the AVP, Incentive Compensation, you will be responsible for the execution and continuous improvement of our Incentive Compensation Program. This involves considering the big picture and utilizing your expertise in data management to optimize workflows and increase efficiencies. You will partner with multiple sales organizations to develop or refine sales incentive plans that align with corporate goals while incentivizing new store sales, same store sales, and revenue growth. Additionally, you will research the effectiveness of current sales compensation metrics and identify potential areas for improvement, as well as benchmark market data to evaluate the competitiveness of our sales compensation plans. Your responsibilities will also include overseeing the incentive sales programs, ensuring proper separation of duties in design, payment calculations, audit, reporting, and administration. You will analyze current sales operational processes to recommend improvements and ensure participation in annual survey submissions. Furthermore, you will consult with Human Resources partners and Business Leaders on competitive pay practices, model compensation data, and develop reports and key metrics to support our pay-for-performance culture. Training and communication with employees and managers regarding LPL's compensation philosophy will also be part of your role, along with developing clear communications about compensation programs and processes. You will drive continuous enhancement in workflows by identifying process improvements and focusing on operational efficiency, while also managing the development of quarterly presentation materials for the Incentive Compensation Committee, which includes LPL executive management. Lastly, you will supervise a team, ensuring efficient workflow and high-quality output while fostering a collaborative and productive work environment.

Responsibilities

  • Partner with multiple sales organizations to develop or refine sales incentive plans that align with corporate goals.
  • Research effectiveness of current sales compensation metrics and identify areas for improvement.
  • Research and benchmark market data for sales compensation programs to evaluate competitiveness.
  • Oversee the incentive sales programs including design, incentive payment calculations, audit, reporting, and administration.
  • Oversee the annual benchmark process for incentive eligible roles to ensure competitive pay practices.
  • Partner with internal risk department to evaluate and report on potential risks with sales incentive plans.
  • Analyze current sales operational processes to recommend improvements for efficiencies and/or centralization.
  • Ensure participation in annual survey submissions, including identifying necessary surveys.
  • Consult with Human Resources partners and Business Leaders on competitive pay practices.
  • Model compensation data, develop and review reports and key metrics to support pay for performance culture.
  • Train and communicate with employees and managers on LPL's compensation philosophy and practices.
  • Develop and review effective communications regarding compensation programs and processes.
  • Drive continuous enhancement in workflows by identifying process improvements.
  • Support/lead the development of quarterly presentation materials for the Incentive Compensation Committee.
  • Manage the Incentive Compensation guiding principles and philosophy and their application to incentive eligible role structures.
  • Lead special projects such as process improvements, data analysis, presentations, and report building.
  • Supervise a team, ensuring efficient workflow and high-quality output.

Requirements

  • Bachelor's Degree required
  • 8+ years of business experience with preferably 3+ years of sales compensation experience
  • Minimum 10 days per month in-office presence required
  • Excellent MS Excel skills (e.g. pivot tables, complex formulas)
  • Solid understanding and experience with Workday
  • Exceptional client service skills
  • Ability to effectively interface with and influence all levels of the organization
  • Strong verbal and written communication skills
  • Ability to work efficiently as a team
  • Strong attention to detail
  • Continuous improvement mindset
  • Program and Time management skills
  • Leadership and management skills
  • Consultative, influence, and persuasion skills
  • Sensitivity in working with confidential information

Nice-to-haves

  • Certified Compensation Professional (CCP) certification

Benefits

  • 401K matching
  • Health benefits
  • Employee stock options
  • Paid time off
  • Volunteer time off
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