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Vice President, Compensation Lead

Company: Eastern Bank
Location: Lynn
Posted on: May 12, 2022

Job Description:

Open to remote workers in the following states: -CT, FL, ME, MA, NH, NY (Except the 5 -Boroughs), RI, SC, VT As a member of the Compensation team within Human Resources, this individual manages the organization's compensation processes, structures and applications (Oracle HCMS and CompAnalyst). - Responsibilities include managing annual compensation processes (merit, promotions and management incentives), oversight of participation in relevant salary surveys and ensuring compensation programs are aligned to business needs and competitive to market. - In addition, this role supervises Compensation team staff and assists with the preparation of reports and analysis for internal and external clients and is regularly tasked with various other compensation related projects. - This individual works closely with the Talent Acquisition team and/or HR Business Partners to assist with ongoing recruitment and organizational compensation needs. MAJOR RESPONSIBILITIES: Annual Compensation Processes

  • Manages Eastern's annual compensation cycles including merit, promotions, and management incentive programs.
  • Ensures compensation module within Oracle HCMS is setup according to business requirements; including testing and validation procedures are documented and performend with staff and in conjunction with the HCMS Manager.
  • Communicates compensation process information to relevant parties including employee population, managers, and Executive Management.
  • Develops and distributes training materials related to compensation processes.
  • Maintain data integrity through regular audits and data checks/reporting. Compensation Surveys and Benchmarking
    • Manage the participation in multiple salary surveys and collect, assess, and report out on findings.
    • Oversee the annual benchmarking process of jobs to market and ensure proper alignment to maintain benchmark data integrity.
    • Direct the utililzation and upkeep of the CompAnalyst market data aggregation application to monitor jobs to market. Compensation Structure, Processes and Reporting
      • Maintains Eastern's compensation policies and procedures, ensuring accuracy and consistency across the organization.
      • Lead compensation redesign, wage analysis or other compensation projects as they arise.
      • Ensura compliance with audit and regulatory standards.
      • Provides compensation reporting both regularly and on an ad-hoc basis, recommending and developing key reports to fulfill business needs. Talent Acquisition Support
        • Partners with Eastern's Talent Acquisition Team to provide compensation support throughout the hiring process and creation of new jobs.
        • Review and approve new job offers to ensure internal equity and market competiveness. Supervision and Development
          • Responsible for talent development for Compensation team member(s)
          • Oversee day-to-day compensation activities as well as manage staff in assigning projects and ensuring deadlines are met on a timely basis. Other
            • Work on other projects as assigned. - Seek and recommend opportunities for process improvement.
            • Develop and maintain excellent partnerships and working relationships with colleagues, as well as external vendors/partners.
            • Provide value as a tusted and knowledgeable compensation partner. PROBLEM SOLVING & DECISION MAKING: - REQUIREMENTS: - Education and Experience -
              • Degree in Human Resources, Business Administration or related field required or equivalent combination of training and experience. - Minimum of 4-7 years of experience in HRIS or Human Resources, including experience leading compensation processes, demonstrating continued knowledge and career development. - Skills/Knowledge -
                • Strong computer skills including advanced proficiency using Excel, Word and Powerpoint. Demonstrated proficiency accessing data in robust HRIS applications, preferably Oracle or equivalent. - Proficiency using the internet for research related searches.
                • Experience in Compensation, Human Resources or Finance
                • Demonstrated ability to identify non-routine situations and exceptions and apply effective problem-solving skills. Demonstrated ability to think outside the box.
                • Demonstrated project management experience and expertise.
                • Demonstrated ability to independently plan, prioritize and organize work while managing many priorities in a fast-paced environment. - Strong attention to detail- skills. - Excellent work ethic and strong sense of urgency.
                • Demonstrated integrity, respect and effectiveness in interactions. -
                • Strong client service orientation and interpersonal skills, effective team member and builder of productive working relationships.
                • Demonstrated ability to embrace change.
                • Ability to maintain a high level of confidentiality.
                • Experience working in HR or compensation in the banking industry preferred CB2

Keywords: Eastern Bank, Lynn , Vice President, Compensation Lead, Executive , Lynn, Massachusetts

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