Compensation Analyst

$70,428 - $124,467/Yr

MedStar Health - Columbia, MD

Full-time - Mid Level

Columbia, MD

Hospitals

About the position

The Compensation Analyst position at MedStar Health is a pivotal role that supports the development and administration of compensation programs and policies aimed at attracting, motivating, rewarding, and retaining qualified employees. This role involves evaluating jobs across various healthcare sectors, collecting and analyzing market data, and investigating internal equity to provide appropriate compensation recommendations to HR business partners and management. The analyst will participate in market surveys conducted by third-party administrators and oversee the job description process, providing guidance to Human Resources and management. Additionally, the analyst will take part in the annual merit and market process, ensuring that compensation practices align with the organization's goals and market standards. In this role, the Compensation Analyst will assist in developing, administering, and maintaining compensation policies and special pay practices. They will interpret and explain compensation-related policies to HR business partners and management, serving as a consultant in designing and implementing special pay programs such as productivity bonuses and premiums. The analyst will collaborate with HR business partners across various entities to ensure internal equity and monitor trends in the competitive market through networking, research, and review of published surveys and reports. Recommendations for modifications to compensation programs will be made to ensure alignment with best practices and MedStar's compensation philosophy. The analyst will also participate in multidisciplinary quality and service improvement teams, salary surveys conducted by third-party administrators, and the administration of the annual merit and market process. This includes market pricing each job, making recommendations for changes, producing reports and presentations, and implementing approved increases. Internal equity studies will be performed, and recommendations for equity increases will be made, along with preparing cost analyses of these recommendations. The analyst will develop regional hiring guidelines for key positions and provide analytical and project management support on compensation-related projects, including new business acquisitions and system-wide initiatives. They will review requests for new and revised positions, evaluate jobs based on market analysis, determine grade designations and FLSA classifications, and maintain up-to-date job descriptions in Talent Manager.

Responsibilities

• Assists in developing, administering, and maintaining compensation policies and special pay practices.
• Interprets and explains compensation-related policies and practices to HR business partners and management.
• Serves as a consultant to HR and department leaders in designing and implementing special pay programs (productivity bonuses, premiums, etc.).
• Collaborates with HR business partners across entities to ensure internal equity.
• Monitors trends in the competitive market through networking, research, and review of published surveys and reports.
• Recommends modifications to ensure programs continue to align with best practices and MedStar's compensation philosophy.
• Participates in multidisciplinary quality and service improvement teams, and in meetings and committees.
• Participates in salary surveys conducted by third-party administrators to secure relevant market data.
• Analyzes and interprets results of salary surveys.
• Participates in the administration of the annual merit and market process, including market pricing each job and making recommendations for change.
• Produces reports and presentations, and implements approved increases.
• Performs internal equity studies and makes recommendations for equity increases.
• Prepares cost analysis of recommendations and develops regional hiring guidelines for key positions.
• Provides analytical and project management support on compensation-related projects.
• Reviews requests for new and revised positions and evaluates jobs based on market analysis and internal comparisons.
• Determines grade designations and FLSA classifications; assigns job codes and titles.
• Reviews, edits, and approves job descriptions using input from Human Resources and department leaders.
• Maintains up-to-date job descriptions in Talent Manager.
• Works with Payroll HRIS and ERP team members to design and implement system changes required for new/revised policies, pay practices, and earnings codes.

Requirements

• Bachelor's degree in Human Resources, Business or related field, or an equivalent combination of education and related experience required.
• 5-7 years of related experience in human resources required.
• Working knowledge of compensation systems, principles of wage and salary administration, and market pricing methodology.
• Strong analytical and problem-solving skills.
• Advanced working knowledge of Microsoft Word, Excel, and Access software applications.
• Working knowledge of marketing pricing software and Success Factors system preferred.
• Effective verbal and written communication skills.

Nice-to-haves

• Working knowledge of marketing pricing software and Success Factors system preferred.