Senior Compensation Analyst

Cambridge Savings Bank • Waltham, MA

19d • Hybrid

About The Position

The Senior Compensation Analyst administers, analyzes, and provides operational support for Cambridge Savings Bank’s compensation programs. The role partners with Human Resources, Finance, Payroll, and business leaders to deliver market-based compensation recommendations, support annual compensation planning, maintain salary structures, conduct job evaluations, and provide compensation reporting and analytics. As the lead analyst for compensation activities, this position provides subject matter expertise in compensation programs, market pricing, salary administration, pay equity, and compliance. It also plays a key role in the annual compensation cycle and supports compensation governance and regulatory requirements.

The position is hybrid in Waltham, Massachusetts. Cambridge Savings Bank is a mutual, full-service banking institution with more than $7 billion in assets and a Massachusetts-based branch network, as well as digital banking services. The bank describes its purpose as supporting the financial well-being of clients, employees, and communities, and emphasizes collaboration, inclusion, and continuous improvement.

Requirements

• Bachelor’s degree in Human Resources, Business Administration, Finance, Economics, Accounting, or a related field.
• Five to seven years of progressive compensation experience; the posting also describes this as directly related experience.
• Experience with market pricing, salary administration, job evaluation, and compensation analysis.
• Experience supporting or leading annual merit and compensation planning cycles.
• Strong analytical and quantitative skills.
• Advanced Excel skills, including pivot tables, lookups, modeling, data analysis, and reporting.
• Experience with compensation reporting and workforce analytics.
• Strong communication, presentation, and consulting skills.
• Ability to manage multiple priorities while maintaining accuracy and confidentiality.
• Demonstrated expertise in compensation analytics, modeling, and reporting.
• Knowledge of FLSA, pay transparency, pay equity, wage and hour requirements, and related employment regulations.

Nice To Haves

• Certified Compensation Professional (CCP) certification, or willingness to pursue certification.
• Experience with incentive compensation or bonus administration.
• Banking, financial services, or regulated industry experience.
• UKG experience.

Responsibilities

• Serve as a compensation expert and advisor on compensation-related matters.
• Plan, administer, communicate, and execute the annual compensation cycle, including merit increases, market adjustments, promotions, bonuses, and incentive programs.
• Maintain compensation programs, salary structures, pay grades, and guidelines aligned with market practices and organizational objectives.
• Conduct market pricing and benchmarking analyses.
• Prepare compensation recommendations for new hires, promotions, transfers, retention requests, and organizational changes.
• Conduct job evaluations and determine job classifications, salary grades, exemption status, and organizational leveling.
• Develop compensation planning models, budget forecasts, and cost-impact analyses for salary increases and incentive programs.
• Present compensation analyses and recommendations to leadership teams and compensation governance committees, as applicable.
• Maintain accurate compensation, position, job, and salary structure data in UKG.
• Partner with HRIS and Payroll to resolve compensation-related system, reporting, and data issues.
• Lead testing, implementation, and optimization of UKG compensation functionality, enhancements, and process improvements.
• Establish and maintain controls, documentation, and audit trails for compensation data and transactions.
• Participate in banking, financial services, and general industry compensation surveys.
• Analyze market data and recommend salary structures, pay ranges, and compensation program designs to support market competitiveness.
• Ensure compensation programs comply with applicable federal, state, and local requirements, including FLSA, wage and hour rules, pay transparency laws, and pay equity regulations.
• Administer periodic pay equity, pay fairness, and internal equity analyses, and recommend corrective actions when appropriate.
• Support internal and external audits, regulatory examinations, and compensation-related reporting requirements.
• Partner with HR Business Partners and business leaders to provide strategic compensation guidance and recommendations.
• Advise leaders on organizational design, job leveling, workforce planning, promotions, retention strategies, and compensation decisions.

What This Job Offers

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