Compensation Analyst 2

University of Miami - Coral Gables, FL

Full-time

Coral Gables, FL

Educational Services

About the position

The Compensation Analyst 2 at the University of Miami serves as an internal consultant, playing a crucial role in ensuring that compensation programs are equitable and competitive across the organization. This position involves a variety of compensation activities, including the development of pay structures based on comprehensive data analysis from both internal and external sources. The analyst will evaluate and analyze salary data, job descriptions, salary surveys, and internal equity within departments. Collaboration with other Human Resources areas, such as Recruitment and Client Services, is essential, as the analyst will act as a subject matter expert on compensation-related concerns. Key responsibilities include evaluating new and existing jobs to determine their value based on employee responsibilities, ensuring appropriate classification, and modifying or creating job descriptions that accurately reflect current roles. The analyst will survey existing pay practices within the organization and collect data from other organizations to assess the competitiveness of employee compensation. Additionally, the role involves reviewing current and predicting future compensation trends to assist the organization in making informed decisions. The Compensation Analyst 2 will also create and apply employee incentive plans and retention bonuses to attract and maintain top talent. They will conduct reviews of salary offer requests to ensure competitiveness, internal equity, and affordability. The analyst will document job-specific findings and recommendations for reorganization requests and prepare reports, spreadsheets, and executive summaries on their findings. They will handle moderately complex compensation projects with guidance from department leadership and review and approve one-time payment requests, ensuring compliance with university policies. Furthermore, the analyst will maintain compensation-related webpages and collateral, assist in developing training materials, and facilitate compensation training and new hire orientation as needed. They will track and maintain all incentive plan program documents, ensuring accuracy and adherence to university policies.

Responsibilities

• Evaluates new and existing jobs to determine the value of a position based on employee responsibilities and ensures appropriate classification.
• Modifies and creates new job descriptions that accurately reflect current roles, responsibilities, and requirements.
• Surveys existing pay practices in the organization and collects data from other organizations to establish reasonable employee compensation.
• Reviews current and predicts future compensation trends to assist the organization in making prudent decisions.
• Creates and applies employee incentive plans and retention bonuses to maintain and attract top talent.
• Conducts reviews of salary offer requests to ensure competitiveness, internal equity, and overall affordability.
• Reviews reorganization requests, including job audits and evaluations, and documents findings and recommendations.
• Prepares reports, spreadsheets, and executive summaries on findings and communicates results to stakeholders.
• Handles moderately complex compensation projects and initiatives with guidance from department leadership.
• Reviews and approves one-time payment and activity pay requests, ensuring adherence to plan documents and university policies.
• Maintains compensation webpages and collateral to ensure information is accurate and consistent with university pay practices.
• Assists with the development of training materials and facilitates compensation training and new hire orientation as needed.
• Tracks and maintains all incentive plan program documents prior to payout.
• Adheres to university and unit-level policies and procedures.

Requirements

• Bachelor's Degree in a relevant field.
• Minimum 3 years of relevant experience.
• Ability to exercise sound judgment in making critical decisions.
• Skill in completing assignments accurately and with attention to detail.
• Ability to analyze, organize, and prioritize work under pressure while meeting deadlines.
• Ability to work independently and/or in a collaborative environment.
• Ability to communicate effectively in both oral and written form.
• Ability to maintain effective interpersonal relationships.
• Proficiency in computer software (i.e. Microsoft Office).