What are the responsibilities and job description for the Compensation Analyst position at Planet Professional?
***Local candidates only, this is on-site 1 day per week in Marlborough, MA***
Compensation Manager
Perm/Direct Hire
This is the sole compensation person and does not have direct reports
Must have:
*Bachelor's degree
*5 years of compensation analyst experience
*Strong understanding of compensation best practices, market analysis, and regulatory requirements
*Extensive excel data analysis and reporting skills
*Experience building compensation structure, programs, and/or processes
Preferences:
*UKG
Job Description
The Compensation Manager role offers an exciting opportunity to shape our employee reward and recognition programs and contribute to our success. The role requires a strategic thinker that possesses strong analytical skills and has a passion for developing competitive compensation practices.
Essential Functions:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions
Develop and implement a comprehensive and competitive compensation strategy that aligns with the organization's goals, values, and overall business objectives, including attraction and retention of critical talent.
Conduct market analysis on a regular cadence to benchmark compensation and benefits packages, structures and payouts against industry standards, ensuring the organization remains competitive in attracting and retaining talent.
Analyze internal data and external market trends to make data-driven decisions regarding salary adjustments, incentive programs, and other rewards initiatives.
Lead the design and maintenance of the job evaluation process, ensuring all positions are appropriately graded and aligned with the organization's career progression framework. Works with business areas to ensure each job description in the organization accurately reflects the work being performed by incumbents, as well as prepares and maintains job classifications, salary scales, bonus, and commission plans.
Ensures FLSA compliance by reviewing jobs and their respective duties to determine classification as exempt or nonexempt and appropriate salary range.
Benchmarks jobs against survey data and other market intelligence to determine competitive compensation ranges for each position.
Create and manage a fair and competitive salary structure that accounts for job responsibilities, experience, and market value.
Collaborate with stakeholders, including HR, finance, and senior leadership, to design and implement performance-based incentive programs that drive employee engagement and align with the organization's strategic objectives.
Monitor and assess the effectiveness of incentive programs regularly, making adjustments as needed to ensure maximum impact on employee performance and overall business success.
Stay current with federal and state labor laws and regulations related to compensation and benefits to ensure the organization's practices remain compliant.
Assist with audits and internal reviews to ensure adherence to policies and regulatory requirements.
Collaborate with HR leaders and other stakeholders to integrate and align compensation practices with broader HR initiatives, such as differentiated performance management, talent development and career growth.
Partners collaboratively and effectively with the Payroll and Benefits team and other members of People Experience & Development to ensure alignment on a total compensation and rewards philosophy, including current and future recognition programs.
