- Develop and implement a comprehensive and competitive compensation strategy that aligns with the credit union'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 credit union 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 credit union's 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 credit union'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 credit union'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 that are administered across DCU.
- Bachelor's degree in Human Resources, Business Administration, Finance, or related field. Master's degree preferred.
- Minimum of 5 years of experience in compensation management, preferably in the financial services industry or a credit union environment.
- Strong understanding of compensation best practices, market analysis, and regulatory requirements.
- Extensive excel data analysis and reporting skills; Proficient with Microsoft Office Suite
- Familiarity with file management and Human Capital Management (HCM) systems. UKG experience a plus
- Demonstrated experience designing and implementing performance-based incentive programs.
- Proven leadership skills with the ability to manage a team effectively.
- Strong communication and interpersonal skills to collaborate with various stakeholders.
- Certified Compensation Professional (CCP) or Certified Benefits Professional (CBP) a plus.
- Knowledge of state and federal laws and regulations with regard to compensation and benefit plans.
- Experience in managing compensation programs.
- Strong knowledge of health and welfare benefit programs.
- Excellent analytical skills to research and evaluate benefits and compensation programs to provide meaningful insights and make informed recommendations.
- The ability to present information clearly and in a manner that is understandable to managers and employees and to answer questions.
- Responsible for tasks that are often unstructured and where the issues addressed are less defined, requiring new perspectives and creative approaches.
- Demonstrates intellectual curiosity.
- Excellent writing skills for reporting and communication, to all levels of the organization.
- Excellent organizational and time management skills.
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Compensation Manager, Marlboro, MA, Hybrid, Full-Time - Marlborough, United States - DCU Inc.
Description
ScheduleMonday - Friday hours) Hybrid - 5 days/month onsite
What You'll Do
Summary/Objective:
The Compensation Manager role offers an exciting opportunity to shape our employee reward and recognition programs and contribute to the success of DCU. 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
DCU is the largest credit union headquartered in New England - serving more than one million members in all 50 states. With over 1,900 team members, we strive to make DCU a great place to work with an excellent work-life balance, and a community that cares.
We are proud to be a Equal Opportunity Employer/ Protected Veterans/Individuals with Disabilities.
#LI-HYBRID #INDHI #LI-JL1
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR c)
