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Compensation Analyst

Company: MSU Federal Credit Union
Location: East Lansing
Posted on: November 24, 2022

Job Description:

Work Location

This position offers a hybrid role with a combination of working both onsite at Headquarters 1 building in East Lansing and remotely. A schedule of expected onsite and remote work days will be discussed during the interview process.

Essential Duties and Responsibilities

Compensation Analyst

Assesses jobs and their respective duties to determine classification as exempt or nonexempt and appropriate salary range. Prepares and maintains job classifications and salary requirements.
Evaluates and recommends pay structure adjustments to ensure continued market competitiveness
Benchmarks jobs against survey data to determine competitive compensation ranges
Prepares and presents summary reports of job analysis and compensation analysis information
Maintain and gather data from market-based compensation surveys; uses spreadsheet and data analysis techniques to assess results and market trends
Evaluates internal and external pay equity, providing recommendations where necessary
Develop and maintain the organization's job and compensation structures and documentation (i.e. salary ranges, external benchmarks, job codes, grade levels, titling)
Conducts data, cost analyses and provides recommendations for market pricings requests on new positions, promotions, transfers, and other job or organizational changes
Maintains job descriptions for each position in the organization; ensures descriptions accurately reflect the work being performed by incumbents in partnership with HR Business Partners
Collaborates with HR Business Partners and Talent Acquisition Specialists to conduct job evaluations.
Researches practices in the finance, service, and Credit Union industries to make informed pay practice recommendations
Engages in compensation budget modeling and builds quantitative models in Excel, including data gathering, data modeling, analysis, and create exhibits in PowerPoint
Lead and/or support the planning and execution of the annual compensation review process
Assist with the company's annual compensation planning cycle for merit, bonus, commission and equity through system preparation, testing, training, budget reporting, communications, and analytical support
Works with HRIS to ensure updates regarding compensation related HR data in the system of record
Participating in third party market salary survey data collection for all job levels
Works with the organization to gain feedback on specific issues or topics related to compensation
Advises management on applicable state and federal compensation regulation and policy changes
Services as the administrator for the HRIS system by maintaining data integrity, configuration, and ensuring security
Manages HRIS upgrades and releases by understanding new functionality, coordinating implementation, testing, and communication
Participates in the creation and implementation of Credit Union-wide compensation strategy and philosophies
Provide direction to supervisors to ensure legal compliance of all compensation policies and practices with the Fair Labor Standards Act (FSLA), Department of Labor (DOL) and Employment Standards Act (ESA) or other federal, state, or local laws.
Participate in training activities within your department or branch and with the Learning and Development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws
Perform other duties and assist other employees, as assigned

Compensation Analyst II

All Level II duties and responsibilities
Develops and implements various compensation practices, procedures, and programs
Support the management of compensation programs and initiatives, including analysis, administration, communication, and training
Evaluate needs for additional HRIS features for future enhancements that align to business strategies and supports continuous improvement through technical, process, and workflow improvements
Manages the design and development of tools to guide managers through compensation decisions
Designs and communicates pay structures bands, compensation budgets, and guidelines
Use analytics to monitor the effectiveness of compensation plans
Acts as a consultant regarding incumbent pay decisions

Senior Compensation Analyst:

All of Level I and II duties and responsibilities
Ensure alignment between compensation programs, compensation philosophy, and business strategy
Assist in budgeting and forecasting headcount, payroll, and equity needs by department
Prepares reports for Executive Leadership and Board of Directors regarding compensation progress and practices
Negotiate HRIS or compensation systems contracts
Providing guidance to management throughout the organization related to compensation communication
Serve as the subject matter expert on compensation, while also contributing to and learning about other aspects of total rewards such as benefits and HRIS.
Evaluates and implements job analysis tools and materials.

Knowledge, Skills, and Abilities Required

3+ years progressive experience in compensation analysis and administration
Bachelor Degree in Human Resources, Business Administration, or equivalent through applied experience
Certified Compensation Professional required
Completion of 1+ Certified Equity Professional test preferred
Strong analytical and quantitative skills with ability to present to a variety of stakeholders
Professional experience in Excel, including experience building models and analyses
Knowledge and understanding of various elements of compensation strategy
Ability to build credibility with business leaders and cross-functional teams
Strong knowledge of laws related to compensation, including the FLSA, Fair Pay Act, etc.
Excellent attention to detail; must be process oriented and operate at a high-level of accuracy
Ability to breakdown complex concepts and distill them into easy-to-understand messages
Experience with market pricing and compensation survey analysis
Must be self-motivated, flexible, deadline-oriented, and able to complete tasks with minimal supervision
Excellent interpersonal skills with high initiative and team approach to work
Project management experience strongly preferred
Ability to effectively communicate complex practice in a way that fosters understanding
Acts with a strong sense of integrity and upholds confidentiality
Experience working in a high-growth tech company preferred
Experience in compensation consulting helpful

Physical Demands and Work Environment

May be required to remain in a stationary position for an extended period of time
Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage
Occasionally needs to move about inside of office area
Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure
This position is able to work in a hybrid or onsite working arrangements, with some onsite times required

Education
Required
High School or better
Preferred
Bachelors or better in Business Administration or related field

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)%385865%

Keywords: MSU Federal Credit Union, East Lansing , Compensation Analyst, Accounting, Auditing , East Lansing, Michigan

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