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Senior Compensation Consultant

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Richmond, VA, USA
Posted on Thursday, September 7, 2023

Company

Federal Reserve Bank of RichmondWhen you join the Federal Reserve—the nation's central bank—you’ll play a key role, collaborating with a dynamic and diverse team of mission-driven professionals to strengthen and protect our economy and our communities.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth—along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.

About the Opportunity

The People, Culture, and Wellness team has an immediate opening for a Compensation Consultant, reporting to the Total Rewards Senior Manager.

Compensation Consultants deliver innovative human resources services with a focus in our compensation program and total rewards. Consultants interpret and enforce human resources policy; research, develop, and analyze human resources programs; monitor outcomes and implement improvements and prepare reports and recommendations. Consultants provide guidance to employees on the rights and responsibilities of employment and serve as a consultant to management on the implementation and execution of HR policy.

What You Will Do:

  • Lead and own the development and operation of high impact compensation programs and services.
  • Use broad knowledge of HR concepts, policies, best practices, and trends to lead development of key compensation policies, procedures and services
  • Participates in compensation surveys, conducts research and analysis on market competitiveness, pay equity, and compensation trends
  • Evaluates jobs and develops and maintains job descriptions and job architecture
  • Manages salary structure creation and maintenance
  • Serve as a compensation subject matter expert and consults with management of dedicated client groups to identify and understand their business needs
  • Track and measure compensation program performance, streamlines processes, resolves highly complex issues, and introduces enhancements
  • May maintain responsibility for budget and procurement activities related to compensation program areas
  • Create and maintain compensation related spreadsheets and provides general data modeling for compensation programs.
  • Complete highly complex compensation research, investigations, and ad hoc analytical reports
  • May direct and provide leadership support to cross-functional project teams as necessary

Qualifications:

  • 6+ years of Compensation/Human Resources experience
  • Bachelor’s degree or equivalent experience; CCP preferred
  • Acute analytical ability and attention to detail with a high level of data integrity and accuracy
  • Advanced computer skills including:
    • Microsoft Office
    • Excel (Pivot tables, VLOOKUP, conditional formatting, macros, etc)
    • WorkDay or similar ERP
    • Various other software applications
  • Outstanding oral and written communication, ability to interact on required information and concepts with people at all levels of the organization providing clear and concise information and/or instruction to key internal and external stakeholders including Federal Reserve System staff
  • Broad and deep technical knowledge of the principles of Human Resource Management including best practices and relevant laws and regulations.

Other Requirements and Considerations:

  • Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
  • Employees who work at and/or visit another Federal Reserve entity or outside business as part of their job duties are required to comply with any onsite safety and health protocols of those organizations (including, but not limited to, requirements to vaccinate or test, mask, social distance, etc.).
  • Sponsorship is not available for this role. Selected candidate is subject to special background check procedures.
  • The hiring range of the POSITION is $83,400 – $110,000 annually. Salary reflects Senior level, based on skills and experience, may be higher for Advanced.
  • Salary offered will be based on the job responsibilities and the individual’s knowledge, skills, and experience as defined in the job qualifications.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Human Resources

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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