Compensation and Benefits Manager

About the position

The Compensation and Benefits Manager is responsible for overseeing and managing the compensation and benefits plans & programs for a public company. This role is critical in attracting, retaining, and motivating employees by ensuring competitive and equitable compensation structures and comprehensive benefits offerings. The ideal candidate will possess strong analytical skills, a deep understanding of compensation and benefits laws and regulations, and the ability to communicate effectively across the entire organization.

Responsibilities

• Partner with stakeholders on the compensation benchmarking and market research process; evaluate and perform analysis on pay market positioning, salary structures, job leveling, FLSA exemptions and pay mixes to ensure market competitiveness to support overall compensation strategy.
• Plan and communicate compensation structures and programs to recruiters, HR partners, business leaders to help answer questions and help evaluate job levels and other general comp inquiries.
• Manage job evaluations and analyze base salaries, incentive plans, equity plans, and other compensation plans for external competitiveness, internal equity, and legal compliance.
• Manage compensation plan documents including incentive plan, equity plans, and commission plans.
• Manage job descriptions and job database system.
• Manage the annual salary planning process, incentive process, and equity compensation program, including any future plans.
• Manage salary survey participation and make recommendations to enhance compensation packages.
• Develop compensation models, conduct statistical analysis, and analyze trends in compensation and build intelligence through reporting.
• Develop and assess key performance indicators, highlighting trends, and propose recommendations based on an analysis effectiveness of compensation programs.
• Build and maintain reports, dashboards, and metrics and monitor the integrity and validity of the data reported.
• Maintain job classification, leveling and title structures to drive greater consistency and transparency across our compensation programs.
• Conduct ad hoc compensation analyses and projects as needed.
• Partner with HR Manager and HR Generalists (Business Partners) to properly level job requisitions based on variances including role function.
• Collaborate with HR Manager and HR Generalists (Business Partners) to develop communication plans related to compensation policies, procedures, and training to all levels of employees.
• Partner with HR Business Partners, Recruiters, Hiring Managers, Finance, and Executives on pay decisions, policy, and job evaluation, including the design of creative solutions for specific compensation-related programs.
• Review and reconcile gaps, overlaps, and inconsistencies among various data sets to ensure data accuracy.
• Partner with HRIS Analyst to continuously refine & enhance any future compensation planning module.
• Handle confidential and sensitive data with the utmost integrity.
• Establish and maintain a deep understanding of the overall business and how competitive compensation programs enable the execution of the company priorities.
• Conduct benchmarking and data analysis to formulate recommendations that ensure competitive, cost-effective, and legally compliant total direct compensation programs and practices.
• Manage compensation components and participate in the development of the annual wage plan for the organization.
• Maintain and audit compensation related information, such as job codes, salary plans, grades.
• Partner with Payroll and HR Manager and HR Generalists (Business Partners) regarding pay and job changes.
• Ensure pay practices remain compliant with federal, state, and local regulations.
• Design, implement, and manage employee benefits programs, including health insurance, retirement plans, wellness initiatives, and leave policies.
• Regularly assess the effectiveness of benefits offerings and make recommendations for enhancements to improve employee satisfaction and engagement.
• Ensure all benefits programs comply with federal, state, and local regulations, including ERISA, ACA, and other relevant legislation.
• Stay up-to-date with changes in benefits laws and regulations to ensure compliance and mitigate risks.
• Partner with external vendors and providers to negotiate contracts, manage relationships, and evaluate service delivery.
• Oversee the administration of benefits plans and ensure that services meet the needs of our employees.
• Develop and deliver communications regarding benefits programs to educate employees on their options and encourage participation.
• Act as the primary point of contact for employee escalation inquiries related to benefits, providing assistance and resolving issues as needed.
• Analyze benefits data to identify trends, assess program effectiveness, and provide insights to senior management.
• Prepare reports and presentations on benefits utilization, costs, and employee feedback.
• Work closely with HR Business Partners and HR Management to align benefits offerings with organizational goals.
• Collaborate with the payroll department to ensure accurate benefits deductions and compliance with payroll regulations.
• Manage the benefits budget, including forecasting costs and evaluating the financial impact of benefit changes.
• Conduct regular cost-benefit analyses to ensure competitive and cost-effective benefits programs.
• Develop training materials and conduct workshops to educate managers and employees about benefits policies and programs.
• Provide guidance and support to HR staff regarding benefits administration and best practices.
• Supervise and support Human Resources Analyst.
• Other duties as assigned.

Requirements

• Bachelors Degree required with 5-7+ years of experience within Compensation field.
• Proven experience building and leading a Total Rewards.
• Strong aptitude for understanding business needs and building programs to meet those business objectives.
• High level of independence and decision-making.
• A strong background in Mathematics, Finance, Statistics, or Economics is preferred.
• Advanced skill in MS Office, including Excel, Word, Access and PowerPoint.
• Experience and expertise in data management and HRIS systems.
• Experience with compensation modules within ADP WorkforceNow.
• Experience with implementing, iterating, and scaling compensation programs based on the changing needs of the business and seniority levels.
• Expert knowledge of compensation and benefits principles and techniques.
• Experience designing executive compensation programs and articulating the company's compensation philosophy.
• Possess judgement & decision-making skills that factor in business needs, external and internal data resources as well as the financial health of the company.
• Comfortable presenting, articulating strategy and points of view with all levels of the organization.
• Manage annual Compensation Committee agenda materials and deadlines.
• Perform Business Partner function for assigned groups.

Benefits

• Comprehensive health care coverage.
• Retirement savings plan with employer matching opportunity.
• Bank paid employee stock ownership plan.
• Tuition reimbursement.
• Employee volunteer program.