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Compensation Strategist
2 months ago
The Total Rewards Specialist plays a pivotal role in supporting the development and implementation of Total Rewards Strategies at Power International Holding. As the subject matter expert for Total Rewards Programs, this position is responsible for performing job evaluation, market benchmarking, salary analysis, cost-modeling, and analytics; and recommending improvements to the Total Rewards processes, practices, and policies.
Key Responsibilities- Support the design, development, and implementation of Total Reward plans and programs, including salary and benefits policy and structure, salary planning, bonus and incentive scheme, recognition program, and benefit costing.
- Conduct salary analysis and monitor the consistency and effectiveness of compensation policies, guidelines, and procedures.
- Identify, recommend, and implement revisions to warrant internal equity, and ensure the salary program is affordable, cost-effective, and consistent with organizational objectives.
- Conduct market research, interpret market data, and perform analysis to ensure competitive positioning within the market. Propose market adjustments and/or updates to salary ranges, incentive, benefits structure, and policy and guidelines based on market trends and practice.
- Ensure compliance with Total Rewards Strategy, policies, and practices by identifying risk, developing audit methodologies, evaluating audit results, and delivering corrective actions.
- Provide expert guidance and support to key stakeholders on Total Reward programs, variable pay, job evaluations, pay equity, rewards and recognition, and benefits plans.
- Evaluate positions at all levels of the organization utilizing external market data and internal position comparisons.
- Monitor trends affecting pay and benefits and assess impact.
- Monitor market conditions and governmental regulation changes to ensure compliance, and keep leadership informed while recommending applicable changes as appropriate/per best practice.
- Perform qualitative and quantitative analysis using spreadsheets, modeling, and statistical tools to develop and support conclusions and recommendations.
- Apply knowledge of total rewards theories and practices when identifying issues, developing solutions, and making recommendations.
This role requires a deep understanding of total rewards theories and practices, as well as excellent analytical and communication skills. The ideal candidate will be able to interpret market data, develop and implement effective compensation strategies, and provide expert guidance to stakeholders.
