Compensation & Benefits Specialist (Total Reward)
The Consultant, Compensation and Benefits is based in Luxembourg and reports to the Regional Head of Compensation EMEA, based in the London office. This role will have primary responsibility for the development, communication, and administration of compensation and benefits programs for Northern Trust's operations across Continental Europe (CE) - Countries include, Luxembourg, Switzerland, Sweden, Netherlands and Germany. COMPENSATION PRINCIPAL RESPONSIBILITIES:
• Partners with HR Country Manager, HR Consultants, Business Managers, and Finance to address internal salary management, market data, salary policy, job structure, incentive target setting and compensation guidelines.
• Analyzes local market data to determine appropriate pay levels for new offers, pay adjustments and internal equity reviews.
• Develop manager and employee communications to facilitate the understanding of compensation philosophy and processes.
• Keeping abreast of and ensuring compliance with jurisdictional legislative requirements such as ABBL in Luxembourg and submission of required legislative and regulatory reporting for CE locations.
• Works on special projects as needed including M&A projects. Represents specific local area requirements on global compensation projects to ensure compatibility and compliance.
• Monitor regulatory requirements established by the CSSF and EBA and ensure NT's compensation philosophy and practices are in line with regulatory requirements in CE locations.
• Support compensation governance, including effective running of the local Compensation Committee. BENEFITS PRINCIPAL RESPONSIBILITIES:
• Analyse local markets to determine mandatory/statutory requirements, market benefit levels and market trends.
• Serve as an expert resource or "go to person" for general pension and benefits queries related to Continental Europe locations.
• With oversight and input from the Snr Benefits Consultant EMEA,
- Ensure Northern's Benefit Plans comply with local mandatory/statutory requirements
- Conduct Benefit Plan and Policy reviews and make recommendations to the Regional Head of Benefits EMEA.
- Design end to end benefit delivery to improve practices and procedures
- Manage outsourced vendors in accordance with corporate vendor management policies and resolve escalated issues
- Produce communications and materials for meetings with representative bodies Undertake Benefit Budgeting and forecasting and cost allocation.
- Undertake Benefit Budgeting and forecasting and cost allocation. The successful candidate will benefit from having:
• Knowledge of Continental Europe Compensation and benefits practices
• Understanding of elements of compensation, including long-term incentives
• Sound project management skills
• Experience with senior management level presentations (preparation and delivery)
• Experience of working in matrix structure such as global teams
• Risk Management awareness
• Advanced level Excel skills
• Strong analytical skills
• Strong research and interpretation skills The competencies that would be valuable for this role include:
• Knowledge of the broader EMEA regulatory environment relating to remuneration
• Ability to interpret and apply regulatory legislation to applicable Compensation policies and procedures
• Ability to interpret and apply legislative changes to Benefit policies and plans
• Consulting and client servicing skills, ability to influence senior management
• Excellent oral and written communication skills and strong judgement
• Ability to synthesise data/complex messages About Northern Trust
For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally. We serve the world's most-sophisticated clients - from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.
We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.
Northern Trust proudly cultivates a diverse workforce, to serve our diverse client base. We strongly believe that diversity of experience contributes to a broader collective perspective that will consistently lead to a better company. We encourage applications from the best regardless of ethnicity, gender, gender identity, age, nationality, disability, sexual orientation, education, socio-economic background, parental and caring status, or religion.
As of December 31, 2018, Northern Trust Corporation had:
• $10.1 trillion in assets under custody/administration
• $7.6 trillion in assets under custody
• $1.1 trillion in assets under management
• $132 billion in banking assets
As Northern Trust is a financial organisation; all new employees will be required to undergo a criminal record check.