Sr Compensation Manager

Sr Compensation Manager

Middletown, CT 06457, USA Req #1682

Tuesday, January 14, 2025

At Liberty, we are proud to integrate our Diversity, Equity and Inclusion (DE&I) throughout all functions and areas of the Bank in order to maximize our impact and exceed goals. We believe that deepening our DE&I strategies in the workplace and communities we serve, creates a much better place to work for our teammates and a safe place where our customers are connected and supported. We take pride in promoting through initiatives and investment a socially responsible and sustainable future.

SUMMARY OF THE JOB:

The Sr Compensation Manager will be responsible for developing, implementing, monitoring and administering the company's compensation programs and ensuring adherence to Liberty Bank's compensation philosophy. This person will be responsible for analyzing the changing dynamics of compensation in the external labor market and then reacting by meeting the compensation needs of Liberty Bank. This role will guide management with recommendations to stay with existing compensation practices or to implement new solutions allowing Liberty Bank to remain competitive in the market. The Compensation Manager will be responsible for all of the company's pay programs.

ESSENTIAL FUNCTIONS:

• Develop and execute comprehensive compensation strategies that support the overall business objectives and talent management framework of Liberty Bank.

• Collaborate with the CHRO and senior leadership to assess compensation needs and trends, making recommendations for adjustments and enhancements.

• Conducts market research and analysis to determine appropriate compensation for existing and new roles, based on factors such as industry standards, job requirements and other relevant information.

• Partners with Operations Manager, Talent Acquisition and the HRBP teams to maintain company job architecture in the HRIS, including approving and benchmarking new job families, levels, titling conventions and applicable salary structure.

• Acts as a subject matter expert, providing guidance and recommendations for creative or alternative solutions to resolve compensation related issues, collaborating with business partners.

• Conducts internal market studies, using a variety of sources (i.e. turnover, hiring rates, market compensation data), developing recommended actions and presenting proposals to key partners.

• Works directly with recruiting team on compensation recommendations for offer packages and compensation tools needed to successfully recruit and retain top talent.

• Develops responses to management and employee requests and counsels with other department management in the administration and interpretation of compensation related policies and practices.

• Develops recommendations for improvements to existing programs.

• Makes recommendations to iterate or enhance our existing compensation philosophy as required.

• Responsible for salary structures and ranges are up to date and aligned to Liberty Bank

• Completes annual benchmarking, and other relevant compensation survey participation.

• Responsible for determining FLSA status for all positions at the company.

PRINCIPAL ACCOUNTABILITIES:

• Ensures compliance with employment-related federal and state statutory requirements regarding employee pay and remaining up to date on current compensation-related legislation (i.e. DOL, FLSA, participates in salary surveys to determine competitiveness and appropriateness of job classifications

• Leads the mid-year and year-end Performance Review and merit increase processes, including bonus and Long-Term Plans payouts.

• Manage the company's incentive plans and incentive plans governance program.

• Manages minimum wage increases and addresses any concerns with compression across levels.

• Creates and manage s and Job Families

SECOND ACCOUNTABILITIES:

• Strong business HR acumen to handle complex situations and multiple responsibilities.

• Proven track record of great execution relative to cost, quality, and timeliness

• Exceptional project management experience and communication skills

• Combines various perspectives and approaches in a creative way.

• Resilient with a high level of personal integrity and energy

• Balances strategic thinking with tactical action to drive results.

MINIMUM REQUIREMENTS:

• 10+ years of relevant experience including experience with both cash compensation.

• Bachelor's degree required.

• Certified Compensation Professional (CCP) accreditation preferred.

• Knowledge of compensation program concepts and practices

• Program management experience needed including managing timelines, multiple stakeholders, developing communications and training materials.

• Exceptional analytical and quantitative skills with a commitment to accuracy

• Comfortable working with sensitive information and maintaining confidentiality.

• Experience with HRIS compensation planning systems preferred.

PHYSICAL REQUIREMENTS:

• General Office Equipment

• Keyboard Dexterity

• Prolonged Sitting

COMPLIANCE:

Acts affirmatively in all activities under his/her control in conformance with the Bank's Affirmative Action, Equal Employment Opportunity, and Fair Lending Programs to achieve the Bank's goals and objectives. The bank shall provide equal employment opportunity to all qualified persons, and continue to recruit, hire, train and evaluate persons in all jobs without regard to race, color, religion, sex, national origin or veteran status.

Liberty Bank is an Equal Opportunity employer. It is the policy of Liberty Bank to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.

#LIHybrid

Other details

• Job Family Administrative

• Job Function Functional Manager

• Pay Type Salary

• Middletown, CT 06457, USA