Compensation Senior Consultant

Northern Trust • Chicago, IL

5d • Hybrid

About The Position

Northern Trust is seeking a Compensation Senior Consultant to join their Enterprise Chief Operating Office (ECOO). This role involves shaping compensation strategies, acting as a trusted advisor to business leaders and HR partners, and driving compensation decisions to attract, retain, and motivate top talent. The position requires deep compensation expertise, strong consulting, analytical, and influencing skills to provide market-informed, equitable, and governance-aligned solutions. The consultant will partner with leaders to translate compensation philosophy into practical business outcomes, guide pay decisions, and deliver insights for workforce and talent strategies.

Requirements

• Advanced knowledge of broad-based compensation principles and practices, including: Market pricing and compensation surveys, Job evaluation, job leveling, and job architecture, Salary structures and pay administration, Base pay, merit, and variable or incentive compensation, Internal equity, pay equity, pay transparency, and compensation governance.
• Strong compensation consulting and stakeholder management skills, with the judgment to develop, explain, and defend recommendations.
• Strong analytical and critical-thinking skills; able to work with complex data, identify material themes and risks, develop alternatives, and translate findings into actionable recommendations.
• Demonstrated business acumen and ability to connect compensation decisions to talent, workforce, financial, risk, and business considerations.
• Strong written, verbal, presentation, and facilitation skills, with the ability to communicate effectively with HR partners, managers, and senior leaders.
• Strong project management and change management capabilities, including the ability to organize work across multiple stakeholders, priorities, countries, and workstreams.
• Advanced Microsoft Excel and PowerPoint skills, with proficiency working with large datasets, analytical models, and executive-ready presentations.
• 7+ years of progressive compensation experience, preferably within the financial services industry.
• Bachelor's degree in Business, Finance, Economics, Human Resources, or a related field, or an equivalent combination of education and relevant experience.
• Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity.

Responsibilities

• Serve as a trusted compensation advisor for assigned business units and functions within ECOO, providing guidance to HR Business Partners, Talent Acquisition, and business leaders on complex compensation matters.
• Develop recommendations for internal moves, retention situations, off-cycle adjustments, reorganizations, and other pay decisions, balancing external market data, internal equity, business priorities, affordability, and governance requirements.
• Translate business and workforce needs into practical compensation solutions across base pay, short-term incentives, sales or other variable compensation programs, and recognition programs, as applicable.
• Conduct and present job evaluations, leveling assessments, market-pricing analyses, and pay recommendations; support the consistent application of the global job architecture, career framework, and salary structures.
• Facilitate compensation discussions with HR and business leaders, explain complex or sensitive information clearly, challenge assumptions constructively, and build alignment around recommended actions.
• Monitor external compensation practices, labor market developments, and relevant regulatory changes; assess implications and recommend appropriate responses.
• Develop executive-ready analyses and materials that convert complex compensation data into clear findings, alternatives, risks, and recommendations.
• Lead and support the global annual compensation cycle, including planning, data validation, market and pay-equity analysis, system testing, stakeholder communications, manager and HR enablement, issue resolution, and post-cycle review.

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