Compensation Consultant Lead - Banking Industry

Position Title

Compensation Consultant Lead - Banking Industry

Location

New York, NY 10018

Job Summary

The Compensation Consultant Lead partners with line of business, internal stakeholders and leadership to align compensation programs with business goals and objectives. The Compensation Consultant Lead designs and implements the organization’s compensation programs following established standards and policies to ensure the programs are administered effectively in accordance with the organization’s total reward strategy and the company’s strategic objectives. Leads program design and administration, conducts analysis, and provides consultative advice to HR and business unit managers on some compensation related issues.

$106,977.75 - $175,831.00

Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

JOB RESPONSIBILITIES

• Program Design – Lead and oversee the design and implementation of compensation programs ensuring they are competitive, equitable, and aligned with organizational goals. Communicate compensation policies and practices to employees and management, providing training on compensation programs, and address questions and concerns as applicable.
• Program Administration/ Operational Execution - Oversee accurate and timely processing of program outputs, identify and resolve issues in programs or administration.
• Data Analysis & Reporting - Analyze compensation data and make data-driven recommendations to improve compensation programs. Perform analysis as requested to ensure timely and accurate data is provided for review including a recommended plan of action in response to the request.  Create complex compensation models to evaluate options and develop proposals for management and Executive teams.
• Strategic Compensation Projects - Act as the SME and leader for special projects which includes, project management/planning, coordinating and planning processes across multiple HR functions, data validation and audits, the creation and implementation of education sessions around Compensation tools and processes, and creating and coordinating communications. Ensure the accuracy and effectiveness of compensation information, and develop and document procedures to streamline the compensation processes to ensure compliance with regulatory requirements. Work with Human Resources Partners to educate line management on pay administration practices.
• Stakeholder Engagement & Leadership - Collaborate and partner with HR professionals, senior leaders, and other stakeholders to ensure compensation strategies align with business objectives.
• Governance & Risk Management - Develop and oversee policies and processes to ensure plans comply with internal risk management frameworks and external regulatory expectations (e.g., fair lending, sales practices, compensation governance). Ensure compliance with applicable federal, state and local laws and regulations. Maintain knowledge of and adhere to Flagstar’s internal compliance policies and procedures.
• Uses independent judgement and discretion to make decisions in areas of responsibility or portfolio oversight. Escalates issues when appropriate.
• Analyzes and resolves problems pertaining to job design, market data, job evaluations, incentive design, incentive calculations, salary structures, salary administration, total compensation, and any other compensation related items.

ADDITIONAL ACCOUNTABILITIES

• Performs special projects, and additional duties and responsibilities as required.
• Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.
• Monitor emerging trends and changes in regulatory expectations and update internal policies and practices as needed.

JOB REQUIREMENTS

Required Qualifications:

• Education level required: High School / High School Equivalency (GED, HiSET, TASC) / Foreign Equivalent 
• Minimum experience required: 8+ Years compensation and analytics experience at a financial institution (Specific to market evaluation, compensation program design, compensation analysis, process improvement and documentation and experience in job design).
• Strong knowledge of the compensation regulatory environment including the Interagency Guidance on Sound Incentive Compensation Practices.
• Excellent analytical and problem-solving skills, with the ability to assess complex risk scenarios and develop effective mitigation strategies.
• Excellent interpersonal and communication skills, including ability to influence and collaborate with stakeholders at all levels of the organization.
• Advanced Microsoft Excel.

Preferred Qualifications:

• Workday Compensation experience preferred.
• Demonstrated ability to work with numbers and large volumes of data with accuracy and speed.

Job Competencies:

• Incentive Design
• Market Evaluation
• Compensation Analysis
• Program Administration
• Salary Administration
• Incentive Administration
• Program Design
• Ability to manage multiple projects and meet deadlines in a fast-paced environment.
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross functional insights. Aligns relationship building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.
• Fosters or supports a positive work culture and productive work environment, displaying importance of effective relationships with customers and stakeholders.
• Physical demands (ADA): No unusual physical exertion is involved.

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank