Key Responsibilities:
Total Rewards Strategy Development:
- Develop a comprehensive total rewards strategy that includes compensation, benefits, recognition, and wellness programs aligned with the organization's goals and culture.
- Conduct regular assessments and market benchmarking to ensure competitiveness of the company’s compensation and benefits packages.
- Recommend adjustments and enhancements to compensation and benefits based on trends, employee feedback, and organizational needs.
Compensation Management:
- Oversee the design and implementation of compensation structures, including base pay, variable pay, incentive plans, and equity programs.
- Collaborate with finance and HR to develop and manage salary budgets, ensuring alignment with financial goals.
- Conduct job evaluations and salary benchmarking to maintain competitive and equitable pay practices across the organization.
- Lead the annual salary review and bonus process, providing data-driven insights to guide decision-making.
Benefits and Wellness Programs:
- Design, implement, and manage employee benefits programs, including health, wellness, retirement, and ancillary benefits.
- Monitor and assess the effectiveness of wellness programs, recommending enhancements to improve employee well-being and engagement.
- Ensure that benefits programs comply with regulatory requirements and are aligned with industry best practices.
Employee Recognition and Rewards:
- Develop and implement recognition and reward programs that celebrate employee achievements, promote engagement, and reinforce company values.
- Design innovative reward programs that cater to diverse employee preferences, focusing on both monetary and non-monetary rewards.
- Collaborate with HR business partners to ensure recognition programs are aligned with performance management systems.
Total Rewards Analytics:
- Use data analytics and reporting tools to assess the effectiveness of total rewards programs and identify opportunities for improvement.
- Provide insights and recommendations to senior leadership based on data related to compensation, benefits utilization, employee turnover, and engagement metrics.
- Prepare reports and dashboards on key total rewards metrics for management review.
Compliance and Risk Management:
- Ensure total rewards programs comply with relevant federal, state, and local laws and regulations.
- Conduct audits to maintain compliance and mitigate risks related to compensation, benefits, and rewards programs.
- Ensure proper governance of retirement and equity plans, collaborating with legal and finance as needed.
Collaboration and Stakeholder Management:
- Work closely with senior leadership, finance, and HR business partners to align total rewards programs with broader business goals.
- Collaborate with the talent acquisition team to ensure total rewards offerings are effectively communicated to potential hires and are a key part of the employer brand.
- Engage with external consultants and vendors to manage compensation and benefits surveys, benchmarking studies, and benefits plan renewals.
Communication and Employee Engagement:
- Develop and execute communication strategies to educate employees on their total rewards package, ensuring they understand and value the full scope of compensation and benefits.
- Organize workshops, webinars, and other events to help employees navigate their benefits and reward programs.
- Gather employee feedback on total rewards programs through surveys and focus groups, using the data to drive continuous improvement.
Qualifications:
- Bachelor’s degree in Human Resources, Business Administration, Finance, or related field; Master’s degree or relevant certification (e.g., CCP, CBP) preferred.
- 5+ years of experience in total rewards, compensation, benefits, or HR strategy roles.
- Proven track record in designing and managing comprehensive total rewards programs.
- Strong understanding of compensation analysis, salary benchmarking, and benefits administration.
- Experience with HRIS systems, compensation tools, and data analytics platforms.
- Knowledge of labor laws and regulations affecting compensation and benefits.
- Excellent analytical, problem-solving, and decision-making skills.
- Strong leadership and project management abilities, with experience working cross-functionally.
- Exceptional communication and interpersonal skills, with the ability to influence stakeholders at all levels.
Key Competencies:
- Strategic Thinking and Planning
- Compensation and Benefits Expertise
- Analytical Skills and Data-Driven Decision Making
- Leadership and Influence
- Communication and Presentation Skills
- Collaboration and Relationship Management
- Compliance and Risk Management
