Compensation Analyst

Job Description

Job Description

Description:

Job Summary Overview

The position is responsible for analyzing, designing, and administering credit union compensation programs, including base pay, incentive, commission, and bonuses.

Essential Job Functions

• Collects and compiles HR metrics and data from a variety of sources including the human resource information system (HRIS) and payroll outputs, management, and employee surveys, exit interviews, employment records, government labor statistics, competitor’s practices, and other sources.
• Analyzes data and statistics for trends and patterns with attention to recruitment, hiring practices, motivation, turnover, and compliance with employment laws and regulations.
• Prepares reports of data results, presents, and explains findings to HR leadership.
• Identifies and recommends reasonable short- and long-term goals, milestones, and benchmarks for key performance metrics.
• Based on metrics and analysis, make recommendations for policies and activities to improve the employee experience including suggestions to attract and hire qualified candidates, to motivate and retain employees, to address staffing issues, and to maintain legal compliance.
• Benchmarks jobs against survey data and other market intelligence to determine competitive compensation ranges for each position.
• Assesses jobs to determine FLSA classification and prepares and maintains job classifications and salary scales.
• Prepares and presents summary reports of job analysis and compensation analysis information.
• Gathers data from market-based compensation surveys, uses spreadsheet and data analysis techniques to assess results and market trends.
• Partners with organizational leaders to create and administer compensation agreements for incentivized positions.
• Interviews and surveys employees and managers to gather and document job, organizational, and occupational information including duties, responsibilities and skills required by each job.
• Prepares and maintains job descriptions for each position in the organization; ensures descriptions accurately reflect the work be performed.
• Prepares commission and incentive data for payroll processing.
• Ensures all business units are updating and presenting scorecards to staff in a timely manner.
• Partners with organizational leaders on creating and updating scorecards.
• Prepares monthly reporting in the areas of recruitment, retention, and demographics to identify trends and make recommendations for improvement.
• Participates in compensation surveys, conducts research and analysis on market competitiveness, pay equity and compensation trends.
• Performs other job-related duties as assigned.

Position Required Qualifications
Licenses, Training, and Certifications Required

Qualified candidate must have Certified Compensation Professional (CCP) designation.

Minimum Education and Experience Required

High School diploma or GED and four (4) years’ experience as a compensation analyst.

Knowledge, Skills, and Abilities

Knowledge of all employment laws. Experience in managing projects. Knowledge of computers and software applications in Windows, PowerPoint, and Word. Advanced level Excel ability. Ability to type 35 words per minute. Strong written and verbal communication skills. Must have the ability to work efficiently and responsibly in an environment with multiple work demands and short timeframes. Ability to read, write, speak, and use proper grammar in English. Ability to communicate verbally both in person and on the telephone. Ability to read, analyze and interpret technical procedures, financial reports, legal documents, and government regulations. Ability to write business correspondence in response to sensitive inquiries or complaints. Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to calculate rates, ratios, and percentages.

Preferred Qualifications

Bachelor’s degree.

Experience implementing HR analytics software program.

SHRM CP or HRCI designation.

Hybrid Work Environment and Physical Demands

• Regularly required to stand, walk, sit, climb or balance; use hands to finger keys accurately when using calculator machines or computer keyboards; reach with hands and arms.
• Occasionally lift and/or move up to 25 pounds.
• The noise level in the work environment is usually moderate.
• Must be able to travel independently to department and branch locations.

NOTE: The job description is intended to be generic in nature. It is not an exhaustive list of all duties and responsibilities. Requirements listed in the above qualifications and physical requirements are representative of the knowledge, skill, abilities, physical demands, or work environment required or encountered that must be met by an employee to successfully perform each duty and each function of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions.

Employees who work from home must have business operational internet to complete work tasks and communicate via video call or chat messaging systems in a dedicated workspace.