Note: The job is a remote job and is open to candidates in USA. Munich Re is seeking a Senior Compensation Analyst to join its HR team. The role administers and analyzes compensation programs, conducts market research and job evaluations, maintains compensation data, supports salary and incentive decisions, and collaborates with HR stakeholders and management on compensation processes and projects.
Responsibilities
- Administer and independently manage assigned recurring compensation programs and processes, including incentive compensation, salary administration, accruals, surveys and related activities. May lead defined annual processes within established program parameters and timelines
- Participate in evaluating and classifying positions within the organization based on job content, market data, and organizational structure. Ensure job descriptions/profiles accurately reflect responsibilities and requirements and align with internal job grading framework. Escalate complex, unusual or highly sensitive job evaluations as appropriate
- Work closely with HR Business Partners, Talent Acquisition and hiring managers to review job descriptions, assign appropriate job levels, and ensure consistency in job classification
- Build relationships with internal stakeholders to understand their needs and address routine to moderately complex compensation-related concerns. Participate in communications for stakeholders on compensation matters and provide guidance and support to HR Business Partners, managers, and employees, escalating complex matters as appropriate
- Participate in administration of various compensation programs, including base pay, variable pay, and incentive plans. Provide guidance and recommendations on salary adjustments and promotions to ensure alignment with budgetary constraints and organizational goals. Administer salary adjustments, bonuses, and other compensation-related payments, ensuring accuracy and compliance with established policies and guidelines
- Maintain accurate and up-to-date compensation data in HRIS systems. Generate regular reports and presentations to provide insights into compensation trends, budget utilization, and compliance metrics. Present findings and recommendations to management, as needed
- Collect, evaluate, and interpret compensation data from internal and external sources to support decision-making processes. This includes conducting market research, benchmarking job roles, and analyzing and participating in salary surveys to ensure our compensation practices remain competitive
- Identify opportunities and recommend ways to streamline processes, improve efficiency, and enhance the effectiveness of compensation programs. Proactively seek feedback from stakeholders and implement changes as needed to drive continuous improvement
- May partner with finance to develop and maintain annual compensation budgets and forecasts/accruals
- Monitor to ensure compensation programs comply with relevant legislation, such as the Fair Labor Standards Act (FLSA), and Equal Pay Act. Participate in governance processes to ensure consistency and fairness in compensation practices. Stay abreast of regulatory changes and make recommendations to ensure the company’s compliance
- Participate in regional and global compensation projects and independently lead defined workstreams or recurring projects as assigned
Skills
- Bachelor's degree in human resources, Business Administration, Finance, or related field
- 5+ years of experience in compensation analysis, administration, or related field
- Demonstrated experience independently managing compensation processes or projects within established frameworks
- Strong analytical skills with proficiency in Excel and data analysis tools
- Knowledge of compensation principles, practices, and regulations
- Experience working with HRIS systems and compensation software (e.g., SuccessFactors, SAP, or similar)
- Excellent communication and interpersonal skills, with the ability to collaborate effectively with stakeholders at all levels
- Detail-oriented with a commitment to accuracy and confidentiality
- Experience working with CompAnalyst, MarketPay or similar survey data base preferred
Benefits
- Fully remote opportunity
- Opportunity for company bonus of up to a percentage of eligible pay
- Health insurance coverage
- An employee wellness program
- Life and disability insurance
- A retirement savings plan
- Paid holidays
- Paid time off (PTO)
Company Overview