Compensation Director is responsible for the design, implementation, and ongoing evaluation of the organization's compensation programs, including base pay, incentive pay, and performance management programs. Leads the compensation function and works with senior management to ensure that compensation strategy and programs support the organization's business objectives, meet all legal requirements, and deliver value and equitable pay. Being a Compensation Director develops compensation budget for assigned areas and manages budget after it is approved. Establishes data collection and analysis processes for market, pay equity, and other compensation studies. Additionally, Compensation Director may be responsible for entire organization or for one or more major segments of a larger organization. Requires a bachelor's degree. May require a Certified Compensation Professional (CCP) certification. Typically reports to a head of a unit/department. The Compensation Director typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. To be a Compensation Director typically requires 3+ years of managerial experience. Capable of resolving escalated issues arising from operations and requiring coordination with other departments. (Copyright 2024 Salary.com)
Job Summary:
The Director, Compensation is responsible for the formulation of strategy, design, communication, implementation and evaluation of compensation programs HR systems, HR data and payroll policies, programs, practices and procedures. The position has oversight of Compensation, , including vendor selection and management, program administration and department initiatives. Assesses the impact of current programs and proposes new programs to support achievement of strategic business initiatives and to meet corporate objectives. This position works with senior leadership on the creation, design, and planning of compensation structure, merit guidelines, performance management, organization structure, job roles and responsibilities across and throughout the enterprise.
Key Responsibilities and Accountabilities:
· Responsible to formulate strategy, design, manage and execute human resources and company programs related to effective compensation, organization design, HR analytics and reporting.
· Ensure payroll compliance to applicable regulations. Recommends and modifies programs to create appropriate value to employees, control costs, improve program service levels and improve employee engagement.
• Collaborate with senior leadership to ensure organizational effectiveness by defining roles and responsibilities to effective manage the company and achieve objectives.
• Develop salary structure, merit increase guidelines and performance plans in accordance the Company’s compensation philosophy.
• Provide analysis of company HR measurements and analytics to provide strategic review and planning of HR functions, results and direction.
• Ensure payroll function regularly and effectively pays all team members, and ensures files appropriate taxes and transfers funds as required.
• Perform other related duties as required.