Compensation Consulting Manager, Employee Health & Benefits Division
The Compensation Consulting Manager has overall responsibility for coordination and completion of department projects including; setting deadlines, assigning responsibilities, and monitoring and summarizing progress of projects. This position will be an internal resource regarding a variety of compensation concepts, practices, and procedures. As an industry expert, the Compensation Consulting Manager relies on extensive experience and judgment to plan and accomplish department goals and contributes to the development of processes and methodologies for the Practice Group. This position leads and directs the work of others.
Essential Duties and Responsibilities:
- Client Interaction & Presentations
- Work with clients to gather compensation-related details to gain project-related clarification, which might include a review of job content, compensation data, understanding current plan design and policy information, understanding current compensation philosophy, etc.
- Conduct interviews with client’s senior management and Board of Directors as needed
- Work with client to develop timelines and review project deliverables and define expectations
- Meet with client’s senior management to present background, findings, and drive the recommendation process
- Answer questions and provide guidance regarding methodologies and sources
- Build trust with client’s senior management while presenting, in a clear and understandable format, solutions to complex compensation structures
- Present compensation concepts to internal colleagues and external groups
- Develop Client Materials
- Write engagement letters for compensation consulting services based on information gathered during initial client meeting
- Develop financial models using client data and market data to present findings and to determine cost implications of recommended changes to support the pay philosophy
- Create complex client deliverables including proposals and reports that involve interpreting and presenting meaningful conclusions and communicating the results in a clear, client-ready format
- Develop client compensation policies and procedures, taking into account changes in federal, state, and local regulations, workforce contractual requirements, and market trends
- Prepare client-ready reports detailing the background, findings, and recommendations for all types of analyses
- Research, Analysis, and Plan Design
- Develop unique, client-specific peer groups using a range of advanced research skills to appropriately select companies
- Perform complex research to determine best sources of market data information using both in-house and online research and software tools
- Gather, analyze and synthesize compensation data using published surveys and public-filings
- Analyze market data to assess all elements of compensation including base salary, bonus, long-term incentive, etc.
- Examine predictions and trends for market changes in salary ranges and bonuses
- Develop templates to design and model short- and long-term incentive programs to address specific organizational needs in various stages of the business lifecycle including mergers, acquisitions, IPOs, and strategic reorganizations
- Develop original content and formats for custom compensation surveys to collect and analyze competitive salary information to determine company's competitive position
- Develop salary structures and formulates recommendations
- Be an internal resource of expertise for the Compensation Consulting Practice Group and the organization for associates to turn to when dealing with client questions
- Supervise, direct, and develop the skills, knowledge and abilities of associates.
- Evaluate performance and provide ongoing constructive feedback and coaching regarding achievement of goals and skills need to be successful in the position.
- Working with Human Resources and others within the department for recruitment, screening and interviewing of candidates to select the best-qualified candidates for openings within the team.
- Train new associates with respect to certain areas of compensation
- Support associates including assignment/re-assignment of projects as directed
- Create an environment oriented to trust, open communication, and cohesive team effort
- Help associates address and resolve a wide variety of concerns which typically involve job duties, performance standards, and relations with coworkers. With assistance and guidance from the Managing Principal as well as those with the Human Resources department, address performance problems through the use of coaching, development of performance improvement plans, documentation of progress and taking of disciplinary action.
Education and/or Experience
Successful candidate will be a service-oriented individual with high personal standards and a hands-on work style. This position requires an individual who is comfortable working at a varying pace, managing multiple tasks and deadlines simultaneously, adjusting priorities often, and managing frequent interruptions.
This position has a high level of contact with clients. The Manager, Compensation Consulting must be positive and approachable, and work effectively with diverse personalities. In addition, candidate will have the following characteristics:
- Requires a formal education such as a degree in Business, Economics, Finance, or a related field, 7+ years of experience directly related to the duties and responsibilities specified above.
- Has a valid driver license and has reliable transportation.
- Strong analytical and problem solving skills with the ability to analyze complex and diverse issues requiring significant interpretation and attention to detail.
- Working knowledge of the market, trends, regulations, and political environment impacting compensation.
- Experience understanding financial concepts and interpreting/analyzing data from published surveys and public filings.
- Ability to work independently as well as exercise good judgment when collaboration is needed.
- Ability to effectively manage demands with flexibility, dedication, and speed under challenging circumstances.
- Ability to handle a wide variety of non-routine and difficult inquiries, where the solution is not immediately apparent.
- Strong oral communication, written, presentation, and interpersonal skills.
- Advanced project management and organizational skills.
- Advanced use of Microsoft Office, including Excel, PowerPoint, Word, and Outlook
- Advanced knowledge of compensation-related issues that are needed to address complex and unique client problems.
Work Environment & Physical Demands
- Ability to use computer keyboard and sit in a stationary position for extended periods.
- Work is performed in a typical interior/office work environment.
- 25% - 50% travel may be required. Travel consists of approximately 8-10 overnight trips per year lasting an average of 2 days each. In addition, 1 to 2 days per week are spent visiting clients within the region.
- Extended work hours (approximately 10 hours/day) required on occasion due to a fluctuating workload.
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