Compensation Analyst

Company: MSU Federal Credit Union
Location: East Lansing
Posted on: November 14, 2022

Job Description:

Work LocationThis 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 ResponsibilitiesCompensation AnalystAssesses 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 competitivenessBenchmarks jobs against survey data to determine competitive compensation rangesPrepares and presents summary reports of job analysis and compensation analysis informationMaintain and gather data from market-based compensation surveys; uses spreadsheet and data analysis techniques to assess results and market trendsEvaluates internal and external pay equity, providing recommendations where necessaryDevelop 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 changesMaintains job descriptions for each position in the organization; ensures descriptions accurately reflect the work being performed by incumbents in partnership with HR Business PartnersCollaborates 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 recommendationsEngages in compensation budget modeling and builds quantitative models in Excel, including data gathering, data modeling, analysis, and create exhibits in PowerPointLead and/or support the planning and execution of the annual compensation review processAssist with the company's annual compensation planning cycle for merit, bonus, commission and equity through system preparation, testing, training, budget reporting, communications, and analytical supportWorks with HRIS to ensure updates regarding compensation related HR data in the system of recordParticipating in third party market salary survey data collection for all job levelsWorks with the organization to gain feedback on specific issues or topics related to compensationAdvises management on applicable state and federal compensation regulation and policy changesServices as the administrator for the HRIS system by maintaining data integrity, configuration, and ensuring securityManages HRIS upgrades and releases by understanding new functionality, coordinating implementation, testing, and communicationParticipates in the creation and implementation of Credit Union-wide compensation strategy and philosophiesProvide 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 lawsPerform other duties and assist other employees, as assignedCompensation Analyst IIAll Level II duties and responsibilitiesDevelops and implements various compensation practices, procedures, and programsSupport the management of compensation programs and initiatives, including analysis, administration, communication, and trainingEvaluate needs for additional HRIS features for future enhancements that align to business strategies and supports continuous improvement through technical, process, and workflow improvementsManages the design and development of tools to guide managers through compensation decisionsDesigns and communicates pay structures bands, compensation budgets, and guidelinesUse analytics to monitor the effectiveness of compensation plansActs as a consultant regarding incumbent pay decisionsSenior Compensation Analyst:All of Level I and II duties and responsibilitiesEnsure alignment between compensation programs, compensation philosophy, and business strategyAssist in budgeting and forecasting headcount, payroll, and equity needs by departmentPrepares reports for Executive Leadership and Board of Directors regarding compensation progress and practicesNegotiate HRIS or compensation systems contractsProviding guidance to management throughout the organization related to compensation communicationServe 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 Required3+ years progressive experience in compensation analysis and administrationBachelor Degree in Human Resources, Business Administration, or equivalent through applied experienceCertified Compensation Professional requiredCompletion of 1+ Certified Equity Professional test preferredStrong analytical and quantitative skills with ability to present to a variety of stakeholdersProfessional experience in Excel, including experience building models and analysesKnowledge and understanding of various elements of compensation strategyAbility to build credibility with business leaders and cross-functional teamsStrong 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 accuracyAbility to breakdown complex concepts and distill them into easy-to-understand messagesExperience with market pricing and compensation survey analysisMust be self-motivated, flexible, deadline-oriented, and able to complete tasks with minimal supervisionExcellent interpersonal skills with high initiative and team approach to workProject management experience strongly preferredAbility to effectively communicate complex practice in a way that fosters understandingActs with a strong sense of integrity and upholds confidentialityExperience working in a high-growth tech company preferredExperience in compensation consulting helpfulPhysical Demands and Work EnvironmentMay be required to remain in a stationary position for an extended period of timeAbility to operate standard office technology, equipment and tools, which may include many hours of computer and phone usageOccasionally needs to move about inside of office areaExposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposureThis position is able to work in a hybrid or onsite working arrangements, with some onsite times requiredEducationRequiredHigh School or betterPreferredBachelors or better in Business Administration or related fieldEqual Opportunity Employer/Protected Veterans/Individuals with DisabilitiesThe 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)

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