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Compensation Specialist
Job
Federal Reserve Bank (FRB)
Philadelphia, PA (In Person)
Full-Time
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Job Description
Company Federal Reserve Bank of Philadelphia The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware. You will design, implement, and administer compensation programs including job evaluation, salary administration, variable pay and job offers. You oversee the Bank's participation in various compensation surveys. You administer Bank's job evaluation program for exempt and nonexempt positions. Serve as a subject matter expert and consults with senior leaders to support department goals. You will report to the AVP, Human Resources Business Partner.
What You Will Do:
- You ensure equitable and competitive salaries for all employees by developing and administering exempt and nonexempt salary programs.
- Maintain an effective job evaluation system by assessing both internal and external equity. References labor market trends, identifying benchmark jobs, and making related recommendations for changes in current practices.
- Determine the Bank's competitive position by participating in salary surveys and evaluating survey data.
- You establish and maintain uniform understanding and application of compensation programs by communicating and interpreting compensation policies and procedures.
- You partner within the HR department (e.g., Talent Acquisition and HRIS) and with external partners (Finance and Communications) to support business unit and Bank-wide goals.
- Oversee the maintenance of the job description database.
- Lead the year-end compensation process of informing Bank leaders of their variable pay and merit, equity and promotion (MEP) budgets.
- You monitor and track MEP and variable pay budgets and provides monthly and annual updates to Finance department.
- Maintain knowledge by keeping abreast of government and system regulations as they relate to compensation plans.
- Fulfill job duties and responsibilities in conformance with sound safety practices.
- You are actively involved in the accomplishment of departmental and/or Bank-wide quality initiatives.
- You actively participate in systemwide compensation workgroups and activities.
- You perform other related duties as assigned.
Subordinates:
None Scope Measurements:
Staff and Officer MEP (~$6 million) and variable pay (~$12 million) budgets Job Descriptions - Approx. 1,100 Total Salaries - $125 millionWhat You Have:
Education and Experience:
- Bachelor's degree in a related field with relevant HR experience.
- Minimum of 8 years Human Resource experience with a .