Certified Compensation Professional (CCP) preferred
Advanced knowledge of compensation principles and federal regulations
Expertise in market analysis and benchmarking
Responsibilities
Support design and administration of compensation programs
Conduct market analyses to ensure competitive pay
Assist in the annual compensation planning process
Develop compensation models and job evaluation systems
Prepare reports on compensation trends and effectiveness
Advise HR Business Partners on compensation matters
Participate in audits related to compensation practices
Benefits
Comprehensive health benefits
Retirement savings plans
Professional development opportunities
Work-life balance initiatives
Access to employee assistance programs
Full Job Description
The Senior Compensation Analyst is responsible for supporting the design, implementation, and administration of the Bank's compensation programs that support the Federal Reserve Bank's mission and strategic objectives. This position requires advanced analytical skills and compensation expertise to ensure the organization attracts, retains, and motivates top talent while maintaining internal equity and external competitiveness with relevant labor markets.
Essential Accountabilities
Support the design, development, and administration of compensation programs, policies, and practices in alignment with Federal Reserve System guidelines and bank-specific strategies as well as federal regulations and employment laws
Conduct sophisticated market analyses and benchmarking studies to ensure competitive positioning for various job families and levels
Support the annual compensation planning process
Develop and maintain compensation models, salary structures, and job evaluation systems
Prepare comprehensive reports and presentations for leadership on compensation trends, competitiveness, and program effectiveness
Participate in compensation surveys and analyze market data from multiple sources
Serve as a compensation subject matter expert and advisor to HR Business Partners and business leaders. Provide guidance on complex compensation decisions, including offers, promotions, adjustments, and organizational changes
Support internal and external audits related to compensation practices.
Maintain documentation of compensation decisions and program rationale.
Continually seeks new and innovative methods and process improvement solutions.
Education and Experience
Bachelor's degree and 5+ years of related work experience within Compensation required
Certified Compensation Professional (CCP) preferred
Knowledge Areas - Advanced Level
Ability to perform independent research
Knowledge of compensation principles, theories, practices, and methodologies
Thorough understanding of federal compensation regulations
Understanding of compensation survey methodologies
Project management
Skill Areas - Advanced Level
Analytical capabilities to conduct compensation and job analyses
Problem solving
Communication (written, verbal and speaking to groups)
The expected starting salary range for the Senior Compensation Analyst is between $90,500 and $113,100 annually. Final salary and offer will be determined by the applicant's background, experience, skills, internal equity, and market data.
The Cleveland Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.clevelandfed.org/careers
Physical Demands and General Working Conditions
This is not necessarily an exhaustive list of all responsibilities, duties, standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, the Federal Reserve Bank of Cleveland reserves the right to revise this or any job description at any time.
