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Job Description
- Develop and implement compensation strategies, including pay structures, salary bands, and incentive programs.
- Conduct market analysis and benchmarking to ensure competitive and equitable salary practices.
- Design and manage short-term and long-term incentive plans to motivate and retain employees.
- Oversee the selection, administration, and communication of benefit programs, including health insurance, retirement plans, wellness programs, and other employee benefits.
- Evaluate existing benefits to enhance employee value and optimize costs, negotiating with vendors as needed.
- Ensure compliance with legal requirements for benefits administration and stay updated on industry trends and best practices.
- Create and maintain compensation and benefits policies, ensuring alignment with business goals and regulatory requirements.
- Manage audits and reporting to maintain compliance with local, state, and federal laws.
- Work closely with HR and leadership teams to align compensation programs with performance management and talent development.
- Support the development of appraisal systems to effectively link compensation with individual and team performance.
- Ensure compensation and benefits programs support talent acquisition, engagement, and retention.
- Design and implement communication strategies to ensure employees understand compensation and benefits programs.
- Conduct presentations, workshops, and training to enhance employee understanding and value perception.
- Address employee inquiries professionally, resolving issues and providing guidance.
- Collect and analyze compensation and benefits data to evaluate program effectiveness and support strategic decision-making.
- Prepare detailed reports for senior leadership on compensation structures, program costs, and key performance indicators.
- Regularly monitor and report on metrics to evaluate and improve programs.
- Supervise, mentor, and develop the compensation and benefits team to ensure high performance and goal achievement.
- Provide training and professional development opportunities to team members.
Job Requirements
- Strong analytical, organizational, and problem-solving skills.
- Knowledge of HRIS systems and proficiency in MS Office, particularly Excel.
- In-depth knowledge of labor laws and best practices related to compensation and benefits.
- Excellent communication, leadership, and organizational skills.
- Ability to work with cross-functional teams and manage multiple projects simultaneously.
- Certification in Compensation & Benefits is a plus.
- Strong analytical skills to measure the effectiveness.