Compensation Specialist (Finance)

Description:

The Compensation Specialist position for Methodist Healthcare Ministries will play a critical role in designing, implementing, and managing our compensation programs. Your expertise will help ensure that our compensation strategies attract, retain, and motivate top talent while aligning with our organizational goals and market trends. You will work closely with HR, finance, and leadership teams to develop compensation policies and provide data-driven recommendations.

Salary:

Annual salary rate begins at $70,044.00. Mid range at $87,555.00. Actual starting rate will be commensurate with experience and education.

Essential Job Responsibilities:

• Compensation Strategy Development: Develop and refine compensation strategies to align with organizational goals, market trends, and best practices. Recommend adjustments to salary structures, bonus programs, and incentive plans.
• Market Research and Analysis: Conduct comprehensive market analyses to ensure competitive positioning. Benchmark compensation data against industry standards and provide insights on pay competitiveness.
• Compensation Structure Design: Maintain and implement salary ranges, job leveling frameworks, and pay structures. Ensure that compensation programs are equitable and comply with legal and regulatory requirements.
• Data Analysis and Reporting: Analyze compensation data and trends to provide actionable insights. Prepare detailed reports and presentations for leadership, including recommendations for adjustments or new initiatives.
• Policy and Procedure Development: Create and maintain compensation policies, guidelines, and procedures.
• Compensation Communication & Training: Develop materials to communicate compensation policies and structures for team members and leaders. Educate leaders on compensation philosophy, guidelines, and administration to support informed compensation decisions.
• Consultation and Advisory: Provide expert advice and guidance to HR and leadership on compensation-related issues. Address team member compensation inquiries and resolve any issues or concerns.
• Compliance & Reporting: Ensure compliance with federal, state, and local regulations (e.g., FLSA, EEO) in all compensation practices. Prepare reports for management, regulatory bodies, and audit requests regarding compensation structures and distribution.
• Compensation Project Management: Lead or participate in compensation-related projects, such as annual salary reviews, incentive plan design, and system implementations. Ensure projects are completed on time and within budget.
• Job Offer Salary Generation: Utilize the organization's compensation system to generate and propose competitive job offer salaries based on role, experience, education and market data.
• Other duties as assigned.

Minium Education and/or Experience Qualifications:

• Bachelor's degree in human resources, Business Administration, Finance, or a related field.

Other Qualifications and competencies:

• Three years' experience with in-depth knowledge of compensation benchmarking, salary surveys, and market analysis.
• Experience in compensation or in a similar role, with a strong understanding of compensation principles and practices.

Skills:

• Strong analytical and problem-solving skills, with attention to detail.
• Ability to work independently and manage multiple priorities in a fast-paced environment.
• Strong analytical skills, with proficiency in HRIS and compensation software (e.g., ADP).
• Advanced Excel skills, including the ability to conduct complex analyses and create data visualizations.
• Excellent communication and interpersonal skills, with the ability to work effectively across departments.
• Knowledge of regulatory requirements related to compensation, including FLSA, OFCCP, and pay equity regulations.
• Strong attention to detail, with the ability to work independently and handle multiple priorities.
• A proactive approach to problem-solving and a passion for optimizing compensation practices.

Nice to have:

• Certified Compensation Professional (CCP) or similar certification.
• Certified HR Professional (PHR or SHRM-CP)

Work Environment and Physical Demands:

The work environment characteristics described here represent those a team member encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.