Compensation Consultant

  • Competitive
  • Boston, MA, USA
  • Permanent, Full time
  • MFS Investment Management
  • 22 Apr 19

Using discretion and judgment, provides a wide variety of business-focused compensation expertise to help MFS meet its short and long term business goals. Provides consultative expertise and guidance to managers regarding compensation related situations. Assists with the annual compensation cycle, administers existing compensation programs and develops and implements new programs. Leads communication initiatives for compensation related needs.

PRINCIPAL RESPONSIBILITIES:
1. Provides professional consultation and guidance to client base regarding a variety of compensation issues. Responds to manager's questions regarding compensation philosophy, grade level, salary range, current salary, increase amounts, the performance appraisal process and other related compensation policies and procedures. Leverages HR Business Partners where appropriate.

2. Assists with the annual compensation cycle and salary planning process. Provides on-going instruction and training on the use of related tools. Works closely with managers during the process to ensure allocations are within business guidelines. Creates and disseminates communications throughout the process.

3. Leads Compensation related projects. Develops and maintains project plans, provides updates on progress, creates and updates communications and coordinates with other areas of HR and/or MFS as needed.

4. Develops and implements compensation programs for departments, divisions, and company use. Assesses effectiveness of existing programs and makes recommendations for improvements or changes. Develops communication materials and updates intranet to ensure a consistent application of compensation methodologies and strategies.

5. Participates in the compensation survey process; ensures market match validations are accurate, compiles and submits data to multiple vendors, analyzes and summarizes results and makes recommendations to maintain market competitiveness.

6. Administers salary programs; reviews changes in salaries, job descriptions and position levels for conformance to policy. Independently resolves questions and makes recommendations to resolve issues.

7. Partners with Talent Acquisition team on offers to external and internal candidates. Performs market pricing, researches internal equity and makes recommendations based on analysis results.

8. Assists with drafting and validating RFP responses regarding compensation programs, policies and pay practices.

9. Ensures mangers provide job descriptions that articulate an accurate depiction of job responsibilities and requirements. Conducts job evaluations for new and revised descriptions to determine appropriate job grade. Determines FLSA status and maintains appropriate documentation. 

10. Works with HRIS team to design and develop compensation reports. Participates in creating test plans, performing testing and documenting results of processes, enhancements and upgrades to HR systems.

11. Develops compensation procedures and processes. Ensures policies and procedures are up to date and adhered to by MFS managers. Ensures compliance with state, federal and local laws governing compensation practices.

12. Designs and develops training materials and conducts individual and group training for managers related to compensation philosophy, selecting talent and the year-end process.

13. Performs additional duties as requested.

JOB REQUIREMENTS:


1. Bachelor’s degree in a related area such as Business, Human Resources or similar field.  Professional certification a plus, but not required.
 
2. 6 to 8 years’ compensation experience, with strong knowledge of base pay, cash and long-term incentives, sales and executive compensation programs. Experience conducting complex competitive analyses required. Investment Management experience preferred.
 
3. Advanced Excel skills including ability to manipulate spreadsheets, create pivot tables and summarize data from multiple sources.  Experience with database systems such as Access and Human Resource Information Systems.

4. Experience in organizing and analyzing data into actionable conclusions and recommendations for presentation to business owners in a clear, concise, and easily understandable manner.

5. Excellent consultation, communication, organizational and interpersonal skills and the ability to work in a collaborative environment.

6. Highly detail oriented with emphasis on accuracy, coupled with the ability to see the broader corporate picture.
 
7. Strong knowledge of FLSA and other relevant laws and regulations in the US and outside the US is required.
 
8. Strong working knowledge of internal job evaluation systems and external market pricing practices.

9. Must be solution driven, flexible, proactive, responsive and customer-focused.
 
10. Ability to handle confidential information in a way which protects MFS.