Principal Executive & Incentive Compensation Analyst

Medica•Minnetonka, MN

1d•Hybrid

About The Position

Medica is a nonprofit health plan with more than a million members that serves communities in Minnesota, Nebraska, Wisconsin, Missouri, and beyond. We deliver personalized health care experiences and partner closely with providers to ensure members are genuinely cared for. We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration — because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm, and every member feels valued. The Principal Compensation Analyst is the organization’s subject matter expert for executive compensation strategy, governance, and incentive plan design. This role leads executive pay benchmarking, incentive modeling, and governance activities, including preparation of materials for senior leadership and the Board. The role provides deep technical expertise across STI, LTI, and Sales compensation, partners closely with Finance, Legal, and external consultants, and ensures strong governance, compliance, and pay-for-performance alignment. This is a highly specialized individual contributor role with enterprise and executive level impact. Perform other duties assigned.

Requirements

Bachelor's degree in HR, Finance, Business, Economics, or related fields
8+ years of progressive compensation experience, with significant focus on executive and incentive compensation
Executive Compensation Expertise Deep expertise in executive compensation strategy, governance, and regulatory considerations
Advanced executive benchmarking, peer group development, and competitive analysis
Experience support executive pay decisions and governance forums
Incentive Plan Design & Modeling Advanced design and modeling of STI, LTI, and Sales compensation plans
Strong financial acumen, including scenario modeling, payout curves, and performance metrics
Ability to assess financials, behavioral, and governance impacts of incentive programs
Board & Executive Advisory Skills Experience preparing executive and Board level materials, including Compensation Committee deliverables
Ability to translate complex analyses into concise, executive-ready narratives
High discretion, sound judgement, and comfort handling sensitive information
Advanced Analytics & Technical Capability Expert level Excel and financial modeling skills
Strong analytical rigor with attention to detail and accuracy
Ability to independently own complex analyses end-to-end
External & Market Engagement Experience partnering with external executive compensation consultants (e.g. Mercer, WTW)
Strong understanding of market data sources, surveys, and benchmarking practices
Ability to evaluate and apply external insights to internal strategy

Nice To Haves

Master's degree in HR, Finance, Business, Economics, or related fields

Responsibilities

Executive Compensation Strategy & Governance Lead executive compensation benchmarking, peer group analysis and competitive market assessments
Own annual and long-term incentive plan modeling, pay-for-performance assessments, and scenario analyses
Coordinate with external consultant (e.g. WTW, Mercer) and ensure alignment with governance best practices
Develop materials for the Personnel & Compensation Committee of the Board, including philosophy updates, compensation frameworks, incentive plan design changes, and regulatory considerations
Partner with VP, HR Operations, Total Rewards, and ER and CPO on executive recommendations and governance alignment
Provide thought leadership and subject matter expertise on short-term incentives (STI), long-term incentives (LTI), and sales incentive plans, including performance metrics, payout curves, and scenario analyses
Provide thought leadership on incentive design to support pay-for-performance outcomes
Lead sales compensation modeling and governance in partnership with Finance and Sales leadership
Assess financial and behavioral impacts of incentive programs
Conduct complex financial modeling and pay-for-performance analyses to support executive decision-making
Translate complex compensation analytics into clear insights for senior leaders
Serve as a trusted advisor on executive and incentive compensation matters across the organization
Partner with external executive compensation consultants (e.g. Mercer, WTW) on benchmarking, governance, and program design
Manage survey participation and interpretation related to executive and incentive compensation