Compensation Business Partner

Northern Trust • Chicago, IL

2d • Hybrid

About The Position

As a Compensation Business Partner at Northern Trust, you will serve as a strategic advisor to business leaders and HR partners, helping shape compensation decisions that attract, retain, and motivate top talent while supporting business objectives. This role combines deep compensation expertise with strong consulting, analytical, and influencing skills to provide market-informed, equitable, and governance-aligned solutions across a range of complex talent and organizational matters. You will partner closely with leaders to translate compensation philosophy into practical business outcomes, guide critical pay decisions, and deliver insights that drive effective workforce and talent strategies across the organization.

Requirements

• Skilled at translating complex compensation concepts into clear business recommendations and executive-level communications
• Strong and commercially sound understanding of compensation governance, regulatory requirements, and industry best practices
• Ability to influence and partner with senior leaders, HR teams, and cross-functional stakeholders
• Advanced analytical, problem-solving, and decision-support capabilities
• Proficiency in Microsoft Excel and HRIS/compensation systems (e.g., Workday)
• Bachelor's degree in Human Resources, Finance, Business, or a related field
• Minimum 7 years of progressive compensation experience, including significant client-facing or consulting responsibilities
• Demonstrated ability to partner with senior business leaders and HR stakeholders on complex compensation matters
• Proven experience balancing enterprise compensation philosophy with evolving business needs while maintaining governance and consistency
• Strong executive communication, stakeholder management, and influence skills

Nice To Haves

• CCP certification or advanced degree preferred

Responsibilities

• Serve as a trusted compensation advisor to business leaders and HR partners, translating corporate compensation philosophy, programs, and governance requirements into practical solutions that support business objectives.
• Consult with leaders on compensation decisions including offers, promotions, internal mobility, retention actions, and organizational changes, balancing business needs with market competitiveness, internal equity, and corporate guidelines.
• Partner with business and HR stakeholders to navigate competing priorities, identifying when standard compensation programs appropriately address business needs and when unique business circumstances warrant consideration of alternative approaches supported by a clear business rationale.
• Influence and guide compensation-related decisions through data-driven insights and effective communication, helping leaders understand trade-offs, risks, and implications of various compensation strategies.
• Conduct job evaluations, market pricing, pay equity reviews, and competitive assessments to develop fair, market-aligned, and internally consistent compensation recommendations.
• Collaborate with HR Business Partners and business leaders on workforce planning, talent strategies, and organizational initiatives, providing compensation expertise to support talent attraction, retention, and engagement.
• Analyze market trends and participate in compensation survey submissions, translating external data into actionable insights and recommendations for leadership.
• Support enterprise compensation programs and annual compensation cycles, including salary structure reviews, merit planning, incentive programs, and governance processes.
• Contribute to the design, evaluation, and modeling of compensation and incentive programs, ensuring alignment with business objectives, talent strategies, and corporate compensation philosophy.
• Interpret and apply compensation policies and governance requirements, while exercising sound judgment to address complex business situations in a consistent and compliant manner.
• Develop and deliver compensation education, presentations, and training, translating complex compensation concepts into clear, actionable guidance for HR and business audiences.
• Build strong relationships across the organization, serving as a credible consultant who can effectively influence stakeholders, manage challenging conversations, and drive alignment between business objectives and compensation strategy.

Benefits

• retirement benefits (401k and pension)
• health and welfare benefits (medical, dental, vision, spending accounts and disability)
• paid time off
• parental and caregiver leave
• life & accident insurance
• other voluntary and well-being benefits
• discretionary bonus program that may include an equity component

What This Job Offers

• Job Type: Full-time
• Career Level: Senior