Senior Compensation Analyst

We have a great fully remote opportunity on the HR team for a Senior Compensation Analyst.

The Senior Compensation Analyst participates in the administration, analysis and delivery of compensation programs and processes. The role works collaboratively with Compensation Consultants and/or HR Business Partners, colleagues, and people managers to provide data analysis, market insights , job evaluations, and compensation recommendations in accordance with established compensation programs, policies and guidance. The role may independently lead defined recurring or annual compensation processes and projects within established frameworks.  

Functions:

• Administer and independently manage assigned recurring compensation programs and processes, including incentive compensation, salary administration, accruals, surveys and related activities. May lead defined annual processes within established program parameters and timelines.

• Participate in evaluating and classifying positions within the organization based on job content, market data, and organizational structure. Ensure job descriptions/profiles accurately reflect responsibilities and requirements and align with internal job grading framework. Escalate complex, unusual or highly sensitive job evaluations as appropriate.

• Work closely with HR Business Partners, Talent Acquisition and hiring managers to review job descriptions, assign appropriate job levels, and ensure consistency in job classification.

• Build relationships with internal stakeholders to understand their needs and address routine to moderately complex compensation-related concerns. Participate in communications for stakeholders on compensation matters and provide guidance and support to HR Business Partners, managers, and employees, escalating complex matters as appropriate.

• Participate in administration of various compensation programs, including base pay, variable pay, and incentive plans. Provide guidance and recommendations on salary adjustments and promotions to ensure alignment with budgetary constraints and organizational goals. Administer salary adjustments, bonuses, and other compensation-related payments, ensuring accuracy and compliance with established policies and guidelines.

• Maintain accurate and up-to-date compensation data in HRIS systems. Generate regular reports and presentations to provide insights into compensation trends, budget utilization, and compliance metrics. Present findings and recommendations to management, as needed.

• Collect, evaluate, and interpret compensation data from internal and external sources to support decision-making processes. This includes conducting market research, benchmarking job roles, and analyzing and participating in salary surveys to ensure our compensation practices remain competitive.

• Identify opportunities and recommend ways to streamline processes, improve efficiency, and enhance the effectiveness of compensation programs. Proactively seek feedback from stakeholders and implement changes as needed to drive continuous improvement.

• May partner with finance to develop and maintain annual compensation budgets and forecasts/accruals.

• Monitor to ensure compensation programs comply with relevant legislation, such as the Fair Labor Standards Act (FLSA), and Equal Pay Act. Participate in governance processes to ensure consistency and fairness in compensation practices. Stay abreast of regulatory changes and make recommendations to ensure the company’s compliance.

• Participate in regional and global compensation projects and independently lead defined workstreams or recurring projects as assigned.

Qualifications required:

• Bachelor’s degree in human resources, Business Administration, Finance, or related field
• 5+ years of experience in compensation analysis, administration, or related field
• Demonstrated experience independently managing compensation processes or projects within established frameworks
• Strong analytical skills with proficiency in Excel and data analysis tools
• Knowledge of compensation principles, practices, and regulations
• Experience working with HRIS systems and compensation software (e.g., SuccessFactors, SAP, or similar)
• Experience working with CompAnalyst, MarketPay or similar survey data base preferred
• Excellent communication and interpersonal skills, with the ability to collaborate effectively with stakeholders at all levels.
• Detail-oriented with a commitment to accuracy and confidentiality

The salary range for this position is $123,300-$192,800 plus opportunity for company bonus of up to a percentage of eligible pay.  In addition, the company provides a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, a retirement savings plan, paid holidays and paid time off (PTO). 

The salary estimate displayed represents the typical salary range of candidates hired. Factors that may be used to determine your actual salary may include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.