Compensation Analyst

Flagstar Bank

  • Troy, MI
  • Permanent
  • Full-time
  • 2 months ago
Position Title Compensation Analyst

Location Headquarters-Troy, MI

Job Summary The Compensation Analyst assists in the design and implementation of the organization’s compensation programs following established standards and policies to ensure the programs are administered effectively in accordance with the organization’s reward strategy. Responsible for job analysis and evaluation against market, salary administration, audit and review of incentives and personnel payroll changes, collects and prepares data for company participation in external surveys, configures and maintain compensation components within the HRIS system, administers stock grant and vesting process, point of contact for internal/external audit requests. The Compensation team interacts with all areas of Human Resources and collaborates with all of Flagstar’s lines of business.

Job Responsibilities:

INCENTIVE AND PAYROLL CALCULATIONS AND AUDIT: Perform incentive calculations. Audit incentive calculations for accuracy, completeness and compliance according to specified program documents. Interact with business units to address inquiries regarding audits and calculations of incentives. Ensures the incentive payouts are in compliance in the incentive program documents and pay practices. Handle all inquiries regarding incentive payouts and calculations. Maintain incentive system (ICM-Incentive Compensation Management) and keep system updated on incentive program changes and calculations. Troubleshoot the system as needed and serve as subject matter expert for system calculations and design.

ANALYSIS AND REPORTING: Provide analytical compensation support as requested to ensure timely and accurate data is provided for review and decision making.. Reports and analysis will also be used as an insight to various components of compensation for different areas of the bank, including/but not limited to: total payouts of incentives, active employee roster, competitive pay, proposals for base and/or incentive programs Utilize the HRIS system to build and run reports specific for compensation. Provides reports and internal processes in response to internal/external audit requests.

JOB DESIGN: Perform job analysis, job description and design support. Conduct market evaluations, analyze market survey results, configure pay grades, evaluate employee titles, and classification. Provide job design leadership and support in responding to business unit requests and inquiries for new and existing position market evaluation.

PROJECTS: Assists with project coordinating and planning process across multiple HR functions, data validation and audits, education sessions around the tools and process, and creating and coordinating communications. Collects and prepares data for company participation in external surveys. Administers and serves as the point of employee contact for stock grant and vesting process. Compensation point of contact for companywide record retention project. Assist Compensation Analysts with annual compensation process for the administration of annual increases, bonuses and long-term incentives. May administer fundamental salary administration and compensation programs, policies and practices.. Ensure the accuracy and effectiveness of compensation information (including communications, tools and education), and act as liaison to Human Resources Partners, HR management and client groups. Role also involves administration, development and explanation of compensation, policies, practices, procedures and regulatory compliance issues. Develop and document procedures to streamline the compensation processes to ensure compliance with regulatory requirements, and work with Human Resources Partners to educate line management on pay administration practices.

COMPLIANCE; Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.

Job Requirements:

Bachelors Degree or Comparable Work Experience

2+ years’ work experience in analytics, preferably in Human Resources or Compensation.

Experience specific to incentive/commission audits and calculation, process improvement and documentation and/or experience in a financial/analytical role.

2+ years recent advanced experience in Microsoft Excel.

Strong verbal and written communication skills.

Demonstrated ability to work on multiple tasks and projects at once

Collaborative and team-oriented attitude working with Payroll, Finance and Lines of Business.

Flagstar Bank