Compensation Analyst - Elevations Credit Union

05/03/2022 8:42 AM | Holly Mertens (Administrator)

Salary range $85k - $106k


The Compensation Analyst will shape policies that reward employee contributions. Knowledge of Elevations goals and analysis of data will be used to guide every aspect of our compensation programs ensuring our pay plans are equitable, competitive, fiscally viable, and in accordance with state and federal laws. This role evaluates base salary, variable compensation, recognition and other rewards for use and deployment throughout the organization. The role will collaborate directly with leaders and HRBPs to determine consistent and fair compensation approach. This role directly impacts our ability to attract and retain the best talent and therefore help our organization to flourish.

Essential Functions Include:

Lead the design, implementation and execution of compensation structures including base pay, variable pay, merit-based pay increases.

Works with HRBPs to ensure job descriptions for each position in the organization accurately reflect the work being performed by incumbents while ensuring regulatory compliance.

Leads annual salary planning, budgeting and merit processes

Evaluates jobs and their respective duties to determine classification as exempt or nonexempt and appropriate salary range.

Benchmarks jobs against survey data and other market intelligence to determine competitive compensation ranges for each position.

Creates data models to perform statistical analysis of salary ranges against benchmarks to stay ahead of compensation trends and retain a competitive market position.

Evaluates internal pay equity and provides leadership with observations and any recommended actions.

Classify job descriptions for all current and open positions, working in conjunction with hiring managers to define duties and responsibilities

Conduct annual and ad-hoc surveys, evaluate data integrity, summarize results, produce reports and present findings to decision makers

Keep up with pending changes that will affect hiring, earnings and benefits, such as adjustments to minimum or living wage

Evaluate payment change requests from department heads and provide final approval or denial within standard time frames

Partners with Finance and Business Intelligence teams to create models and projections for variable compensation programs, showing annual and fiscal impact for each alternative

Maintains variable compensation program documents and participant eligibility

Researches total reward trends in similar industries; based on findings, recommends changes or updates to the company’s existing Total Rewards strategy.

Develops and presents compensation training for managers and employees to understand organization pay practices and pay transparency.

Performs other related duties as assigned.

Manages the maintenance and updating of our internal Compensation Tool (payFactors).


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