Senior Compensation Analyst

Company
Munich Re America Services
Location
Hartford , United States

We have a great opportunity on the HR team for a Senior Compensation Analyst in our Hartford, CT Office.

 

The Senior Compensation Analyst partners with HR Business Partners, colleagues, and people managers to consult and provide guidance on compensation-related matters. This position is responsible to analyze and implement compensation programs that align to business strategy and objectives and make sound recommendations on compensation topics.

 

This position will work in a direct and proactive manner to deliver results and build trusting relationships with colleagues and internal business clients.

 

Evaluate and classify 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.

 

Work closely with HR Business Partners, Talent Acquisition and hiring managers to consult and review job descriptions, assign appropriate job levels, and ensure consistency in job classification.

 

Build relationships with internal stakeholders to understand their needs and address any compensation-related concerns. Participate in communications for stakeholders on compensation matters and provide guidance and support to HR Business Partners, managers, and employees.

 

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.

 

Partner with finance 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. 

 

Qualifications required:

• Bachelor’s degree in human resources, Business Administration, Finance, or related field
• 5+ years of experience in compensation analysis, administration, or related field
• 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

 

 

At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.