Incentive Compensation Lead - Chicago, United States - Ryan Specialty

Ryan Specialty

Verified Company

Chicago, United States

3 weeks ago

Posted by:

Mark Lane

beBee recruiter

Description

Ryan Specialty is an international specialty insurance organization that provides innovative solutions for brokers, agents, and insurance carriers.

The Ryan Specialty family includes a wholesale brokerage operation, RT Specialty (RT), and a collection of managing general underwriting companies within Ryan Specialty Underwriting Managers (RSUM).

Ryan Specialty was founded by Mr. Patrick G. Ryan, the retired Chairman and CEO of Aon Corporation. A highly regarded insurance veteran, Mr.

Ryan saw the need for a specialty organization devoted exclusively to creating sophisticated insurance and risk management solutions for a select group of hard-to-place risks.

With its mission of delivering measurable value, Ryan Specialty is committed to providing specialty insurance services, proven leadership, outstanding industry experience and quality services in all of our exchanges with retail agents and brokers, and insurance carriers worldwide.

Position Summary:

The Incentive Compensation Professional works to centralize Incentive Compensation Plan (ICP) Design and Governance under the direction of the Vice President, Total Rewards and Compensation Committee.

The position will own the execution and continuous improvement of our Incentive Compensation Program.

We approach our work by considering the big picture and utilizing our expertise and savvy data management to optimize our workflows to increase efficiencies.

Ryan Specialty has been named one of America's Most Loved Workplaces by Newsweek and a top Insurance Employer by Insurance Business America every year since 2021.

Essential Functions:
Collaborating with Human Resources and senior sales leadership, designs sales incentive compensation programs that provide market-competitive pay, reinforce sales organization strategy, and align with business and sales objectives

Modeling support, including in-depth analytics to form insightful conclusions, incorporating complex concepts to launch assumptions and recommendations to the business.

Build and maintain annual compensation plan models within the Workday.

Create modeling analytics and IC programming for sales incentives for the various sales teams across the different regions where we have offices.

Makes recommendations for system enhancements based on strategic objectives and changing business needs.
Participate as asked in the sales incentive design and modeling process, partnering closely with the Manager, Incentive Compensation to the business, Finance, Legal, and HR Business Partners
Create compensation and performance analytics by synthesizing information from needed sources for varied business leaders.
Find opportunities to simplify and standardize programs and processes.
Provide strategic and operational support to business unit leadership while supporting Human Capital initiatives.
Sales incentive reporting and metrics, as well as sales communication and plan documentation to inform Ryan's SIB
Promotes a culture of continuous process improvement using best-in-class technology and maximized automated processes
Proficient in identifying, formulating, and monitoring key performance initiative, track and analyze these indicators to evaluate and improve (make recommendations) for organizational performance
Research effectiveness of current sales compensation metrics and review for potential areas of improvement
Research and benchmark market data for sales compensation programs to evaluate the competitiveness of sales compensation plans and Incentive Compensation Targets
Partner with internal risk department and HR risk leader to evaluate and report on any potential risks with the incentive plans
Lead the development of quarterly presentation materials for the Incentive Compensation Committee, which includes executive management
Lead special projects such as process improvements, data analysis/compilation, presentations, report building, etc

Education/Experience/Skills:
Minimum of seven years of experience in Compensation/Rewards
Experience with Workday
Sales/incentive compensation experience
The ability to collaborate with cross-functional teams is necessary
Knowledge of Microsoft including SharePoint, Excel, Office 365, PowerBI
Exceptional analytical and problem-solving skills, with accuracy and attention to detail
CCP certification a plus Disclaimer Ryan Specialty is an Equal Opportunity Employer.

We are committed to building, growing, and sustaining a diverse workforce that is reflective of society throughout the entirety of the organization and throughout the insurance industry.

We aspire to cultivate a company that is both inclusive and equitable, where every employee is recognized and assessed based on their performance and contributions.

We strive to harness our differences and commonalities to better serve our clients, trading partners, workforce, and communities.