Compensation Officer

City National Bank of Florida•Miami, FL

18d

About The Position

The Compensation Officer is responsible for conducting comprehensive analysis of compensation structures, and incentives for all roles within the bank. Asses market trends, industry benchmarks, and internal equity to develop competitive compensation strategies. This role includes managing merit increases and bonus process for employees, ensuring alignment with compensation policies. Act as a strategic partner to the HRBPs, collaborate with HR peers, and other stakeholders in Business Intelligence and Finance Department.

Requirements

5-7 years of experience in compensation and/or total rewards to include significant experience working with HR technology, data and reporting required.
In-depth knowledge of compensation practices, market trends, and regulatory requirements.
Must be detail oriented; possess strong problem solving and organizational skills
Ability to multitask and meet critical deadlines.
Sound organizational, problem solving, and analytical skills.
Ability to effectively communicate verbally and in writing.
Ability to interact and build relationships at all levels.
Strong analytical skills, proficiently in data analysis tools, and advanced Excel skills.

Responsibilities

Provides complete market pricing analysis and collaborate with HRBP and leaders to provide appropriate compensation guidance.
Manage the annual Merit, and Bonus Programs.
Responsible for participating in the benchmarking processes to gather and analyze market data in order to evaluate roles and determine competitiveness of our salaries, bonus and equity programs.
Work with Mercer to maintain salary ranges and pay grade structures up-to-date and in line with business needs.
Gathers data from market-based compensation surveys; using Payscale/MarketPay and other applications and data analysis techniques to assess results and market trends; including administration of these systems
Provide recommendations for adjustments based on market trends, industry benchmarks, and bank objectives.
Develops and reviews pro forma analysis on requested changes and additions to incentive plans to show overall financial impact.
Oversees incentive plan documentation to include updating plans and maintaining files of signed documents.
Generates and distributes monthly reports to plan participants and management recapping actual performance and payout amounts.
Reviews monthly accruals and actual payouts for accuracy and reasonableness.
Support the Annual and Merit review process; assist with budgeting merit wage.
Maintain detailed records of the merit increase process, including decisions and justifications.
Prepares and disseminates information for Compensation Committees.
Prepares Board Memo, along with Officer promotions for new hire and current employees.
Including communicating approved changes, updating employee profile in HRIS and electronically scanning employee signed memos.
Creates and disseminates compensation related agreements and employee change memos as needed.
Ensure timely and accurate updates in the HRIS to reflect new salary information.
Prepares HR budget forecasting, monitoring, reconciliation and projecting future expenses.
Responds to inquiries from management and associates regarding overall guidelines of incentive plans and calculation of payout amounts.
Works with Compensation and Payroll to insure employee information is accurate within the HR/Payroll system(s) and payments are processed.
Stay abreast of industry trends and market practices to inform compensation strategies.
Utilize market data to guide decision on salary ranges, incentive programs, and other compensation components.
Conduct regular audits to ensure data integrity and compliance with regulations.
Communicate compensation policies, changes, and updates clearly to HR, Management, and employees.
Provide guidance on compensation related inquires and concerns.
Creates and analyzes standard and adhoc reports, not limited to compensation, incentives, overtime analysis, mid-month and month-end reconciliation, etc.
Ensure that all compensation practices adhere to legal and regulatory requirements.
Performs other duties as assigned.