Compensation Specialist

Federal Reserve System•Philadelphia, PA

17d•Onsite

About The Position

The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware. This role involves designing, implementing, and administering compensation programs, including job evaluation, salary administration, variable pay, and job offers. The specialist will oversee the Bank's participation in compensation surveys and administer the job evaluation program for both exempt and nonexempt positions. This position serves as a subject matter expert, consulting with senior leaders to support department goals and reports to the AVP, Human Resources Business Partner.

Requirements

Bachelor's degree in a related field with relevant HR experience.
Minimum of 8 years Human Resource experience with a minimum of 4 years direct compensation experience.
Proficient in administering budgetary matters.
Strong problem solving and analytical skills.
Strong communication skills – oral and written – with the ability to effectively communicate with Bank leadership.
Experience with Workday and Microsoft Office 365.
Ability to counsel employees, management and leadership teams to ensure positive outcomes.
Build and manage relationships to ensure effective consultation and trust.
Excellent time management skills to manage deadlines and provide project oversight.
Knowledge of compensation practices including benchmarking external data to make informed decisions and recommendations.
Provide work authorization to prove eligibility to work in the United States.

Nice To Haves

Compensation certification such as Certified Compensation Professional (CCP) preferred.
Data analytics tools and data visualization tools such as Tableau, R, Python a plus.

Responsibilities

Ensure equitable and competitive salaries for all employees by developing and administering exempt and nonexempt salary programs.
Maintain an effective job evaluation system by assessing both internal and external equity.
Reference labor market trends, identify benchmark jobs, and make related recommendations for changes in current practices.
Determine the Bank's competitive position by participating in salary surveys and evaluating survey data.
Establish and maintain a uniform understanding and application of compensation programs by communicating and interpreting compensation policies and procedures.
Partner within the HR department (e.g., Talent Acquisition and HRIS) and with external partners (Finance and Communications) to support business unit and Bank-wide goals.
Oversee the maintenance of the job description database.
Lead the year-end compensation process of informing Bank leaders of their variable pay and merit, equity and promotion (MEP) budgets.
Monitor and track MEP and variable pay budgets and provide monthly and annual updates to the Finance department.
Maintain knowledge by keeping abreast of government and system regulations as they relate to compensation plans.
Fulfill job duties and responsibilities in conformance with sound safety practices.
Actively involved in the accomplishment of departmental and/or Bank-wide quality initiatives.
Actively participate in systemwide compensation workgroups and activities.
Perform other related duties as assigned.

Benefits

Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period
401k/Thrift Plan with generous employer match
Employer-funded Pension Plan
Paid Vacation/Sick Time & Holidays
Monthly $200 Commuter Allowance
Flexible Spending Accounts and Healthcare Spending Accounts
Flexible Work Schedule available in most departments
Life Insurance and Long Term Disability Insurance
Tuition Reimbursement (undergraduate and graduate)
Parental Leave
Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
Onsite Cafeteria & Coffee Shop
Additional Convenience Benefits, Discounts and More…