The Vice President of Compensation & Rewards Partner for Support Functions, Technology, and Operations will be responsible for the partnering with HR and business leaders to design and deliver compensation programs/solutions in the business lines supported. Additional responsibilities include:
- Implement and execute the bank’s incentive governance framework for all business incentive compensation plans in assigned client groups
- Manage the incentive design process for the business lines’ incentive and commission plans, partnering closely with the business, finance, compliance, risk and the HR business partner as needed
- Research and resolve compensation related issues and propose alternative solutions and guidance. Recognize need for escalation
- Ensure compliance with all relevant regulations (e.g. FLSA) in assigned business lines
- Provide thorough analysis and review on all FLSA issues
- Enhance and implement the Bank’s market data approach. Conduct detailed market pricing and specialized analysis for assigned areas
- Participate in the annual market survey process
- Support the design of innovative compensation solutions to support assigned business lines, and provide compensation consulting to influence decision making
- Execute the annual pay review process effectively for assigned business lines
- Participate in the annual Focal Review process, determining key dates and events and provide business unit support
- Manage and support strategic projects for total rewards globally
- Manage outside vendor relationships as appropriate
- Manage internal vendor management and internal and external audit requests
Expected Functional Skills
- Understanding of the financial services regulatory environment
- Knowledge of FLSA and other applicable regulations
- Expertise in gathering compensation-related market and competitive intelligence including utilization of market surveys and market trends
- Proven ability to interpret and analyze compensation and labor market data to assess: comparable worth; benchmarking; internal alignment; external competitiveness
- Extensive knowledge of compensation philosophies/programs; compensation plans (salary; cost-of-living adjustment; merit increase; bonus structure; domestic workers; global workers; expatriates; executives; part-time employees)
- Advanced knowledge of deferred compensation; direct and indirect compensation
- Extensive knowledge of pay practices and issues: pay increases; base pay; pay levels; variable pay; pay compression; pay equity; pay transparency; market data
- Expertise implementing and tracking relevant compensation metrics and benchmarks (compa-ratio, etc.)
- Experience using Workday and Anaplan preferred
Expected Foundational Skills
- Operates strategically to support a culture of continuous improvement and systems thinking
- Monitors industry trends and best practices and applies insights to advance the business
- Exhibits and fosters optimism, resilience, flexibility, and openness to others' ideas
Expected Work Experience & Education
- B.A. or B.S., degree required
- 5 plus years minimum of relevant work experience required
- Knowledge of the Corporate Support Functions compensation and buyout processes, compensation design, governance and process/project experience
- Strong working knowledge of base pay, total compensation, organizational job review and structuring, external market data analysis, and compensation regulations
- Experience designing and implementing compensation solutions/programs
- Senior management committee support experience a plus
