Sr Analyst, Compensation

CVS Health • Woonsocket, RI

6d

About The Position

The Senior Compensation Analyst is an experienced individual contributor who provides consultation and analytical, project, and operational support to the Compensation team. The role partners with HR and business leaders to provide market-informed compensation recommendations, conduct market pricing and salary studies, support annual salary review cycles and compensation governance, perform job evaluations, and produce data-driven reports to inform pay decisions. The analyst works with general supervision and exercises independent judgment within established guidelines, using analytical capabilities and compensation and HR systems to support compensation decisions and align practices with organizational pay policies.

The position conducts market benchmarking and salary analyses, supports merit, bonus, and off-cycle review processes, reviews pay actions, and helps maintain compensation policies, guidelines, workflows, and documentation. It builds and maintains compensation reporting, analyzes workforce and pay data, validates information across systems, and prepares summaries and visualizations for HR and business leaders. It also assists with job evaluations and leveling, and manages assigned compensation projects, including timelines, communications, documentation, and process improvements.

Requirements

• At least 3 years of progressive HR experience, focused on compensation or total rewards.
• Experience leveraging HR, compensation, and workforce data to develop insights and recommendations.
• Strong analytical, reporting, and data-modeling skills, including ability to work with large datasets.
• Experience developing reports, dashboards, and visualizations to support business decision-making.
• Ability to optimize technology solutions supporting compensation administration, analytics, and reporting.
• Strong problem-solving, critical-thinking, and attention-to-detail skills.
• Advanced Excel skills, including modeling, pivot tables, lookups, and data validation.
• Bachelor’s degree in human resources, business, finance, economics, statistics, or a related field, or 4 years of equivalent experience.
• Ability to handle sensitive compensation data with discretion and professionalism.

Nice To Haves

• Certified Compensation Professional (CCP) certification or progress toward certification.
• Experience with Workday HCM and/or Compensation, including reporting and data extraction.
• Experience with compensation survey and market pricing tools such as Payfactors, MarketPay, ERI, and WIN.
• Familiarity with compensation administration and human capital analytics platforms, including WTW and Aon solutions.
• Experience with data visualization tools such as Tableau, Power BI, or similar platforms.
• Experience supporting annual compensation cycles in a large or complex organization.

Responsibilities

• Conduct market pricing, peer cuts, and benchmarking using multiple survey and data sources.
• Analyze and age survey data, apply geographic differentials, and recommend competitive pay ranges and structures.
• Support annual merit, bonus, and off-cycle salary review processes through data preparation, modeling, budget tracking, and quality checks.
• Review hires, promotions, transfers, and adjustments for adherence to compensation guidelines, internal equity, and range placement.
• Evaluate internal equity, pay positioning, and compensation-related trends.
• Maintain compensation policies, pay action and job catalogs, guidelines, approval workflows, and audit-ready documentation.
• Provide routine compensation guidance to HR Business Partners.
• Build, maintain, and automate recurring and ad hoc compensation reports using Market Pay, Workday, compensation software, and human capital analytics tools.
• Develop reports, models, presentations, and workforce insights to support decision-making.
• Analyze workforce and pay data to identify trends, outliers, compression, and equity concerns, and translate findings into recommendations.
• Perform data validation and integrity checks across HRIS and compensation systems.
• Prepare executive-ready summaries and visualizations for the Director, Senior Managers, HR Business Partners, and business leaders.
• Respond accurately and promptly to data requests while maintaining appropriate confidentiality.
• Assist with job evaluations for new and changed positions using the organization’s job leveling and evaluation methodology.
• Review job descriptions for accuracy and consistency and gather information in partnership with HR Business Partners and the Compensation team.
• Recommend job levels, grades, and market matches, and document the rationale.
• Support leveling and calibration discussions to promote internal equity and consistency.
• Manage timelines, deliverables, and stakeholder communications for assigned projects.
• Draft documentation, process guides, and presentation materials to support project rollout.
• Identify opportunities to streamline processes and improve consistency across compensation programs.

Benefits

• Medical coverage
• Dental coverage
• Vision coverage
• Paid time off
• Retirement savings options
• Wellness programs
• Other resources, based on eligibility
• Eligible for a CVS Health bonus, commission, or short-term incentive program in addition to base pay

What This Job Offers

• Job Type: Full-time
• Career Level: Senior