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Compensation Consultant

$70,000 – $90,000 yearly

Fifth Third Bank

Last Updated: 7/24/22

Job Description

Job Description

GENERAL FUNCTION:

Consults independently with clients and partners to design, evaluate and implement the base and incentive compensation programs for assigned client groups. Ensures alignment between compensation programs, compensation philosophy and business strategy. Collaborates with compensation team to ensure consistency. Independently leads incentive design teams. This role is focused on providing strategic compensation solutions for LOBs of high complexity, utilizing knowledge of plan management and design.


Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.


ESSENTIAL DUTIES AND RESPONSIBILITIES:

  • Collaborates with business partners to conduct job evaluations/market pricing and consult regarding incumbent pay decisions. Provides guidance on the interpretation of compensation program guidelines.
  • Viewed by business partners as the compensation subject matter expert. Leads incentive design teams with business partners from line of business management, HR, Risk and Finance to design analyze, and model incentive plans that support the business strategy.
  • May administer plan payouts, exceptions and accruals for a LOB of high complexity.
  • Completes assessments of the impact and effectiveness of compensation plans.
  • Participates in market surveys and analyzes results to determine organization's competitive position.
  • Provides support for the annual compensation planning processes, including salary structure update, merit increases, incentive awards, and stock grants. Identifies areas for improvement and efficiencies. Consults with HRBPs on compensation recommendations.
  • Interprets results from highly complex financial and trend analysis to make sound compensation decisions. Summarizes and leads discussion of results with partners.
  • Proactively identifies, builds and maintains positive working relationships with partners that allows for effective influencing and consensus-building.
  • Provides support for M&A-related compensation program transition.
  • Leads / participates in risk review and audit process by preparing and presenting accurate documentation.
  • Ensures compliance with government regulations.
  • Leads / participates in projects as assigned.


SUPERVISORY RESPONSIBILITIES:

Leads work teams as assigned. Provides peer mentoring, coaching and training to less experienced staff.


MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:

  • Bachelor's degree in HR, Business Administration, Finance, or related field or equivalent experience. Master's degree a plus.
  • WorldatWork CCP designation preferred.
  • Four or more years of experience in related areas (financial analysis, HR analytics, incentive administration, etc.).
  • Significant, expert-level prior compensation experience in the areas of job evaluation, merit planning and administration, compensation survey participation, analysis and incentive design.
  • Prior experience in leading compensation design processes, including sales incentive design.
  • Financial services industry experience strongly preferred.
  • Broad HR knowledge.
  • Strong business acumen.
  • Ability to perform independent in-depth analysis.
  • Strong mathematical/quantitative reasoning skills.
  • Excellent verbal, written, interpersonal, and consulting skills.
  • Strong PC skills (Excel, Access, Word) proficiency required.



Company Details

Cincinnati, Ohio, United States