Global Compensation Consultant Head of Wealth Management and Asset Management

Northern Trust • Chicago, IL

13d • Hybrid

About The Position

About Northern Trust: Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889. Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Role/Department: Global Compensation Consultant, Head of Wealth Management and Asset Management/Global Compensation The Global Compensation Consultant Head of Wealth Management and Asset Management is responsible for leading the design, implementation and execution of compensation programs and policies that support the business unit's strategy. This role serves as a subject matter expert in base, variable compensation, sales plans, job evaluations, market pricing and compensation analytics. The role ensures that all compensation structures support business objectives, are competitive to market, compliant with regulatory standards, and aligned with the firm’s total rewards philosophy. This role will work closely with HR Business Partners, Talent Acquisition and senior business leaders as well as their Reward colleagues.

Requirements

• 10 or more years of experience in compensation disciplines including financial services Wealth Management and / or Asset Management (WM/AM)
• Demonstrated proficiency via extensive technical and business knowledge and functional expertise of WM and/or AM sales plans; global sales plans experience is preferred
• Demonstrated experience in job evaluation, job architecture, market pricing, benchmarking, salary structure design and development, pay for performance, short- and long-term incentive compensation
• Excellent verbal, written and presentation communication skills. Experience with conducting presentations to clients, peers and/or senior management related to compensation topics
• Demonstrated ability to consult and influence with all levels of management
• Past experience demonstrating strong change management and project management skills
• Ability to solve highly complex problems through quantitative and qualitative analysis in a team-based environment
• Critical attention to detail - demonstrated ability to consistently deliver at a high level of accuracy

Responsibilities

• Leads the design, implementation, and execution of innovative and competitive compensation strategies for the Wealth Management and Asset Management business, including incentive, sales compensation plans, and market analysis.
• Partners closely with senior business leadership, HR business partners and other primary stakeholders to align compensation programs with business goals and regulatory requirements.
• Oversees and supports the annual compensation cycle by utilizing data and analytics to provide insights and recommendations to leadership
• Monitors and analyzes market trends and competitor practices to recommend adjustments as needed
• Maintains knowledge and understanding of global remuneration practices via external forums, consultant interaction and peer networks
• Provides guidance and thought leadership to HR and business leaders on compensation matters including job offers, market competitiveness, and pay for performance
• Collaborates on compensation communications and training for managers and employees
• Aligns compensation approaches with business needs and regulatory restrictions, developing creative solutions for talent acquisition and retention. Recommends solutions or alternative actions to resolve compensation-related challenges.
• Carries out complex initiatives involving multiple disciplines and/or ambiguous issues
• Displays a balanced, cross-functional perspective, liaising with the business to improve efficiency, effectiveness and productivity

Benefits

• Northern Trust provides a comprehensive benefits package including 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, and other voluntary and well-being benefits.
• Northern Trust also provides a discretionary bonus program that may include an equity component.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed
• Number of Employees: 501-1,000 employees