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  • Alexandria, VA

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Senior Compensation Analyst

PenFed Credit Union • Alexandria, VA

Posted 1 month ago

Job Snapshot

Full-Time
Banking - Financial Services
Banking, Finance

Job Description

Senior Compensation Analyst

Summary

The primary purpose of this job is to provide technical and analytical classification and compensation knowledge, related to the development and administration of the organizations compensation system. This position will maintain consistent application of the classification and compensation standards for job positions based on the classification and duties of the position; and/or other related activities. This position will communicate directly with managers and employees in both written and oral communication a swell as prepare documents related to the Compensation processes and procedures.

Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned. 

  • Provide operational analysis, reporting and trends related to commissions, compensation plans, and the incentive sales force.
  • Monitor, track and provide monthly, quarterly, and annual commissions and incentives for several teams with varying scorecard requirements.
  • Research compensation policies and plans to ensure that PenFed is offering the most current, cost effective and competitive salaries.
  • Partner with varying sales managers to establish and maintain proper quality controls on the specific incentive plans for their department. Provide operational analysis, reporting and trends related to commissions, compensation plans, and the sales force.
  • Ensure that incentive strategies, plans, and operating processes are executed in a timely, scalable, efficient, high quality and consistent manner.
  • Partner with HR Business Partners and Talent Acquisition to align new and existing positions by reviewing salary grades, internal equity and job leveling.
  • Review new and existing positions to ensure appropriate job pricing and classification to attract a qualified candidate pool. Utilize position-specific information, to modify existing position description or and creates new descriptions as needed. Accurately reflect current roles, responsibilities and requirements of each position.
  • Participate in the design, analysis, budgeting and implementation of base pay, bonus pay and incentive programs. Develop communications for salary, incentive and bonus programs for internal customer distribution.
  • Respond to managers’ request for job reclassification and salary reviews, providing documented reports as to how the determinations were made. This includes reviewing job questionnaires, conferring with managers and employees, evaluating job duties, comparing position descriptions, conducting desk audits, reviewing salary market data and internal equity in order to make a fair determination. Communicate with internal clients regarding the result of compensation work.
  • Review jobs as part of a reorganizations and/or special projects, to include job audits and evaluations. Document position-specific findings and recommendations to contribute to a comprehensive project report.
  • Develop and document procedures to streamline processes and ensure compliance with regulatory requirements and work with HR Managers to communicate and educate PenFed Management teams.
  • Work with HRIS and IT staff to ensure that the PeopleSoft system meets compensation needs and is updated to reflect changes to salary structures, bonus programs, and any other Compensation related transactions.
  • Consulting with the Hiring Manager, using Human Resources procedures  and working within the HRIS systems, to ensure all aspects of job creation are addressed in a timely manner i.e. creation of position numbers, posting of new and revised descriptions, etc.
  • Research and analyze compensation data to provide insight and clarity in consideration of contract provisions, historical practices, salary equity, job classification, etc.
  • Conduct salary review and determination for all new hire salaries using market data, internal equity and budget implications.
  • Provide data input to annual salary surveys for external organizations.

*This role is responsible for ensuring business continuity.*

Education and Experience

Equivalent combination of education and experience is considered

  • Bachelor’s Degree in Human Resources, Business Administration or a related field is preferred.
  • Minimum of three (3) years of experience, five (5) preferred, in Compensation principles or Human Resources including job evaluations, salary structure, salary administration and market pricing is required.  Experience in sales and incentive compensation analysis preferred. 
  • Knowledge in PeopleSoft HRIS, Tableau and Data Analytics a plus.
  • Ability and knowledge of computer database management, proficient in excel and organizing spreadsheets, and word processing documents, in order to produce and analyze large amounts of data and conduct sound evaluations.
  • Building a rapport with employees and managers in conducting job reviews; Utilizing computer technology used for communication, data gathering and reporting; negotiation and problem solving.

Supervisory Responsibility

This position will not directly supervise employees.

 Licenses and Certifications

 There are no additional certifications required.

Work Environment

 While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*

 Travel

Ability to travel to various worksites and be on-call may be required.

About Us

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.8 million members and over $25 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.

Equal Employment Opportunity

PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 571-495-7921.

Job ID: 16454
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