Compensation Specialist

Lake Michigan Credit Union•Grand Rapids, MI

2d•Hybrid

About The Position

The Compensation Specialist will be responsible for administering the organizational compensation systems. Duties will include conducting research, analyzing compensation data, maintaining salary structures, and ensuring compliance with applicable laws and regulations. This role will also advise and educate leaders, HR and Talent Acquisition staff on compensation best practices to drive alignment with the organization's compensation philosophy.

Requirements

Bachelor’s degree in Human Resources, Business, Finance or related field.
3- 5 years of compensation administration or advisory experience.
Demonstrated ability to build trust and credibility while handling sensitive, confidential communications with stakeholders at all levels, including managers, employees, and external vendors.
Strong knowledge of compensation practices, pay structures, market trends, and federal and state labor laws.
Proficient in data analysis using HRIS or compensation management software.
Ability to create and lead compelling presentations of findings with leaders and work collaboratively with cross-functional teams.
Excellent oral and written communication and interpersonal skills with strong attention to detail and analytical abilities.
Proven ability to maintain confidentiality and handle sensitive information appropriately in a corporate environment.

Nice To Haves

Previous experience in the Financial Industry, Mortgage Industry, or working with commission plans preferred.

Responsibilities

Primary owner of assessing job roles, responsibilities, and required competencies to determine appropriate pay grades, classifications, and exemption status.
Develop and maintain compensation job architecture and compensation grade structures.
In partnership with LMCU leaders, advise on compensation strategies that align with organizational objectives and employee needs.
Provide expert advice on compensation ensuring consistency across employee roles and departments.
Oversee LMCU's salary administration program including annual merit process.
Consult with LMCU leaders to improve and administer other compensation programs, including variable pay and incentive programs, and evaluate their effectiveness, recommending adjustments when necessary.
Conduct market research to stay current on salary trends, industry standards, and geographical pay competitiveness.
Participate in compensation surveys to collect and analyze industry data.
Collaborate with the Finance Team to perform cost analysis of compensation programs to ensure alignment with budget and business objectives.
Ensure compensation programs are competitive within the industry and equitable across the organization.
Monitor and analyze pay equity, conducting and sharing the results of regular audits to ensure fairness and compliance.
Evaluate pay structures and salary grades, making recommendations for improvements as necessary.
Stay informed of state and federal compensation laws, ensuring all compensation programs comply with relevant labor regulations.
Ensure that pay practices adhere to legal standards and industry’s best practices.
Develop processes to facilitate accurate job grading and department compensation calibration.
Coordinate with external survey vendors and partners, ensuring alignment with LMCU goals, cost efficiency, and timely delivery of quality services.
Assist with onboarding and compensation-related queries from managers and employees.
Adhere to and champion our core values of curious minds, collaborative hearts, and continuous excellence.
Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
Other duties as assigned.