Hackensack Meridian Health - Edison, NJ
posted 3 months ago
The Compensation Analyst at Hackensack Meridian Health plays a crucial role in the administration of compensation programs within the organization. This position is designed for individuals who are passionate about supporting healthcare professionals and ensuring equitable compensation practices. The Compensation Analyst serves as a Compensation Business Partner for a segment of Hackensack Meridian Health, which includes working closely with directors and their departments to address any inquiries related to compensation. This role requires a proactive approach to researching and resolving compensation issues based on employee inquiries, ensuring that all concerns are addressed promptly and effectively. In addition to handling inquiries, the Compensation Analyst is responsible for providing merit increase calculations and projections to the Finance department, which are essential for budget planning purposes. The role also involves calculating quarterly and annual results for the Employee Incentive Plan (EIP) and Management Incentive Plan (MIP), providing Senior Leadership with projected payouts and overall costs. The Compensation Analyst manages all MSS transactions within PeopleSoft that pertain to the Compensation department, including pay rate change requests, employee transfers, position reclassifications, and additional pay changes. Another key responsibility is managing the Human Resources Job Description Library, ensuring that all job descriptions are current and formatted correctly. The Compensation Analyst develops job descriptions that accurately reflect the appropriate title, essential functions, qualifications, and requirements. Conducting internal comparisons to ensure equitable wage and salary range recommendations is also a critical part of this role. The analyst evaluates and analyzes salary data, recommending salary ranges based on market data to maintain competitiveness. The Compensation Analyst may assist in physician compensation matters when necessary and participates in compensation surveys, compiling and submitting requested data, followed by analyzing the results and making recommendations. This position also involves compiling statistical information and preparing reports related to compensation and position management using the HRIS system, as well as creating reports with PeopleSoft and Excel spreadsheets. The analyst may provide support for productivity programs, such as gainsharing and patient experience, as needed. Collaboration with all divisions within Human Resources, as well as Finance and Payroll, is essential for the successful execution of various functions. Travel time may be required as needed, and adherence to the standards identified by the Medical Center's Organizational Competencies is expected.