Compensation Specialist - 501553
Compensation Specialist - 501553
The Compensation Specialist is responsible for the administration of the University's compensation programs for faculty and staff employees, including job evaluation, FLSA determination, maintenance of the job description database, and the annual merit increase process. Plans, develops and implements new programs and initiatives to maintain compensation competitiveness.
Classification and Compensation System Implementation and Maintenance
- Designs and maintains the compensation and classification system. Performs job analysis in order to determine position classification and reclassifications according to University leveling guide and FLSA standards.
- Provides guidance to HR Consulting Team to determine appropriate salary offers. Utilizes the pay policy as a guideline, in addition to considerations such as campus equity, market data, and candidate's experience and educational requirements.
- Provides compensation consulting expertise to HR Business Partners in regards to organizational restructurings and other departmental changes.
- Participates in various national salary surveys including CUPA-HR, Willis Towers Watson and Mercer, as well as specific salary surveys conducted by professional organizations for other divisions to assess the University's competitive pay position and alignment with its stated compensation objectives. Conducts special studies of salary and pay administration.
- Oversees the annual salary increase process for staff to ensure sound fiscal allocation of resources. Provides consultation, analysis and modeling on annual wage and salary budgets.
- Makes recommendations for salary structure changes on an annual basis to reflect appropriate market changes. Reviews market changes at the position level to ensure pay competitiveness.
- Monitors the effectiveness of existing compensation policies, guidelines and procedures. Makes recommendations to the Director of Compensation and Benefits and the Sr. AVP, Human Resources regarding strategic plan changes.
- Identifies sound and accurate metrics, which can improve existing HR pay practices. Conducts benchmarking and presents accurate staffing-related statistics.
- Analyzes competitive compensation and report findings and makes recommendations to senior management.
- Partners with HRIS Analysts on reports for management.
- Provides guidance to Compensation and Benefits Specialist on compensation related issues and works with HR Solution Center Team to ensure effective processing of salary transactions.
- Works closely with Budget and Planning Office to maintain position control module in Banner.
- Supports special projects and other duties as assigned.
- Comprehensive understanding of compensation practices, programs, and plans
- Thorough understanding of the University's HR policies and procedures
- Thorough understanding of federal and state laws and regulations
- Understanding of the University's strategy and infrastructure
- Ability to communicate both orally and in writing with tact and sensitivity while maintaining strict confidentiality
- Excellent analytical skills
- Accuracy and attention to detail
- Technical proficiency using a human resources information system and Microsoft Office Products
EDUCATION & EXPERIENCE:
- Bachelor's degree and 5-7 years relevant experience in compensation or a combination of education and experience from which comparable skills are acquired
- Competence in human resource principles and practices
- A working knowledge of classification/compensation theory and practice
- Full-time, exempt position
- Monday - Friday, 8:30 a.m. - 5:00 p.m.; 7.75 hrs./day; 38.75 hrs./week
Pay Grade 9
To see more detailed salary information please review the University of Richmond's Compensation Structure.