Terumo Medical Corporation - Franklin Township, NJ

posted 4 months ago

Full-time - Senior
Franklin Township, NJ
10,001+ employees
Merchant Wholesalers, Durable Goods

About the position

The Sr. Manager, Compensation at Terumo Medical Corporation will be responsible for the design, implementation, and ongoing administration of the company's compensation programs. This role is crucial in leading and implementing the formal Job Architecture process, which includes establishing career paths and advancing the job leveling and grading system across the organization. The Sr. Manager will support the HR department in successfully implementing strategic and operational initiatives while overseeing daily and annual compensation processes and other reward mechanisms. In this position, the Sr. Manager will participate in the development and lead the implementation of Terumo's total rewards compensation and incentive programs, ensuring alignment with organizational goals. Regular reviews and analyses of Terumo's compensation programs will be conducted to maintain competitiveness with the external marketplace, ensure internal equity, and comply with relevant labor laws and regulations. The role requires continuous evaluation of existing policies, guidelines, and procedures, with recommendations for revisions or new plans that are cost-effective and aligned with market trends and company objectives. The Sr. Manager will manage the benchmarking, design, and implementation of all compensation programs, including base pay, incentives, sales compensation, and long-term incentive plans, ensuring they align with the company's strategy and best practices. Administrative aspects of compensation must be efficient, effective, and scalable as the organization grows. The role also involves participating in market benchmark surveys, analyzing competitive market data, and developing recommendations for updates to job architecture, salary structures, and incentive targets to ensure market competitiveness. Additionally, the Sr. Manager will provide expertise and guidance to other HR team members, advising on pay decisions, policy interpretations, and job evaluations. Staying current on state and federal regulations relevant to compensation is essential, ensuring that recommendations and policies comply with legal standards. The Sr. Manager will assist in managing the existing HRIS system, ensuring optimal functionality, data maintenance, and integrity, while monitoring and evaluating the system's capabilities to meet Terumo's long-term needs. Providing technical support and troubleshooting for HRIS users is also a key responsibility, along with managing and developing compensation and HRIS team members.

Responsibilities

  • Participate in the development and lead implementation of Terumo's total rewards compensation and incentive programs to ensure organizational alignment.
  • Conduct regular reviews and analyses of Terumo's programs and packages to ensure competitiveness with the external marketplace, internal equity, and compliance with relevant labor laws and regulations.
  • Continuously evaluate the effectiveness of existing policies, guidelines, architecture, and procedures.
  • Recommend and implement plan revisions as well as new plans which are cost-effective and consistent with market trends, best practices, and company objectives; coordinates implementation and provides guidance to constituents.
  • Manage the benchmarking, design, and implementation of all compensation programs, including base pay, incentives, sales compensation, and long-term incentive plans, ensuring alignment with company strategy and best practices.
  • Ensure the administrative aspects of compensation are efficient, effective, and scalable as the organization continues to grow.
  • Participate in and review market benchmark surveys, analyze competitive market data, and develop recommendations for updates to job architecture, salary structures, and incentive targets to ensure market competitiveness.
  • Analyze and calculate costs and propose salary increase budgets.
  • Provide expertise and guidance to other members of the HR team; advise on pay decisions, policy and guideline interpretations, and job evaluations.
  • Stay current on state and federal regulations relevant to compensation and ensure recommendations and policies comply.
  • Assist in managing the existing HRIS system, ensuring optimal functionality, data maintenance, and integrity, and the ongoing monitoring, evaluation, and update of the system's capabilities and operations to ensure relevance.
  • Provide technical support, troubleshooting, and guidance to HRIS users to ensure system proficiency and resolve user or system problems.
  • Work closely with the Human Resources Team, HRIS, and other relevant vendors, Payroll, Information Technology, and as needed other users to ensure that systems are aligned and effectively meeting the needs of the HR team and organization.
  • Manage and develop compensation and/or HRIS team members.

Requirements

  • Bachelor's degree required.
  • Minimum of 15+ years of human resources experience in the areas of compensation and HRIS/HR technology.
  • At least three years of experience in team or project management or equivalent combination of education and experience.
  • Experience with market-based pricing, short and long-term incentive administration, and other compensation frameworks is required.
  • Experience implementing, utilizing, and improving HRIS tools and systems to manage compensation and related processes.
  • Experience with ADP EV6, SuccessFactors, CompAnalyst, and Varicent is strongly preferred.
  • CCP and/or PMP certifications are preferred.
  • Experience managing and developing staff is required.

Nice-to-haves

  • Strong project management skills.
  • Organizational and analytical skills to support data analysis and reporting.
  • Strong communication skills to effectively convey messages throughout the organization.
  • A pragmatic, common-sense approach to understanding and communicating compensation philosophy.
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