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- Troy, MI
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Compensation Analyst 2
Flagstar Bank • Troy, MI
Posted 18 days ago
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Position TitleCompensation Analyst 2
Job SummaryThe Compensation Analyst 2 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 reward strategy. Responsible for job analysis and evaluation against market, salary administration, design, model and present short and long term incentive programs, assist in the coordination of executive compensation, and analytical reporting and modeling on various compensation and incentive statistics. The Compensation team interacts with all areas of Human Resources and collaborates with all of Flagstar’s lines of business.
INCENTIVES: Design, model, and implement incentive and commission programs. Collaborate with the line of business on the creation, calculation and administration of the incentive plans. Perform incentive calculations as necessary. Audit incentive calculations for accuracy, completeness and compliance according to specified program documents. Interact with business units to address inquiries regarding audits and calculations of incentives. Complete review of incentive programs to ensure they are in compliance per regulations specific to the program, and that they are effective in driving the desired results of the business unit in line with Flagstar’s compensation strategy.
JOB DESIGN: Perform job analysis, job description and design support. Conduct market evaluations, analyze market survey results, configure pay grades, evaluate employee titles, and classification. Provide job design leadership and support in responding to business unit requests and inquiries for new and existing position market evaluation. Partnering with Human Resource Business Partner to educate line management on market evaluation results. Ensures internal equity of positions and recommends grade and salary changes where necessary.
ANALYSIS: Provide analytical support as requested to ensure timely and accurate data is provided for review and decision making. Conduct analysis and create compensation models ranging from ad-hoc requests to complex proposals for management teams. Analysis will be used to assist in determining if Flagstar’s pay programs are competitive with the market while maintaining internal equity. Reports and analysis will also be used to provide insight into various components of compensation for different areas of the bank, including/but not limited to: total payouts of incentives, active employee roster, competitive pay, proposals for base and/or incentive programs, etc.…
PROJECTS: Project management, coordinating and planning processes across multiple HR functions, data validation and audits, education sessions around Compensation tools and processes, and creating and coordinating communications. Assist Sr Compensation Analyst with annual compensation process for the administration of annual increases, bonuses and long-term incentives. May administer fundamental salary administration and compensation programs, policies and practices. Assess and make appropriate recommendations for various pay programs, structures and practices. Ensure the accuracy and effectiveness of compensation information (including communications, tools and education), and act as liaison to Human Resources Partners, HR management and client groups. Role also involves administration, development and explanation of compensation, policies, practices, procedures and regulatory compliance issues. Develop and document procedures to streamline the compensation processes to ensure compliance with regulatory requirements, and work with Human Resources Partners to educate line management on pay administration practices.
COMPLIANCE; Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
- Bachelors Degree and/or comparable work experience
- 5+ years’ work experience in Compensation, specific to incentive design and calculation, process improvement and documentation and/or experience in job design, or experience in a financial/analytical role.
- With 5+ years recent advanced experience in Microsoft Excel.
- Previous experience with benefits administration is a plus.
- Good verbal and written communication skills. Strong presentations skills with the ability to lead meetings and present compensation results and data.
- Demonstrated ability to work with numbers and large volumes of data with accuracy and speed.
- Collaborative and team-oriented attitude working with Payroll, Finance and Lines of Business.
- 5+ years advanced Microsoft Excel (listed above)
For Internal Use Only: Job Band G