Senior Manager, Incentive Comp Programs - Commercial

About Working at Commerce 

Building a career here is more than just steps on a ladder. It’s about helping people find financial safety and success, helping businesses thrive, and making sure people and their money are taken care of. And our commitment doesn’t stop there. Our culture is about our people, the ones in our communities and the ones that work with us.  

Here, you’ll find opportunities to grow and learn, to connect with others, and build relationships with the people around you. You’ll have the space and resources to grow into the best version of yourself. Because our number one investment is you.

Creating an award-winning culture doesn't come easy. And after 160 years, we know Commerce Bank is only at its best when our people are. If this sounds interesting to you, keep reading and let’s talk. 

Compensation Range

Annual Salary: $134,000.00 - $159,500.00 (Amount based on relevant experience, skills, and competencies.)

About This Job

The main purpose of this job is to lead a team that works with business leadership to design and manage incentive compensation programs that motivate employees to achieve specific performance results for the Commercial segment. This role oversees design, strategy, and the smooth operation of these programs, ensuring accuracy, compliance, and timely updates. This role also oversees the successful completion of projects that are related to enhancing and/or improving incentive compensation programs to help attract/retain top talent and drive business results that provide the desired ROI.

Essential Functions

• Understand the needs of the business and consult and advise with business leadership on incentive designs and strategies that promote the desired behaviors to drive business results, while adhering to our guiding principles on plan designs

• Perform regular analysis of incentive compensation payouts compared to business results to proactively identify areas for improvement. Utilize statistical and analytical tools to interpret data, identify trends, project future potential payouts, and provide valuable insights on incentive program performance and corresponding profit generation

• Foster innovation and a continuous improvement mindset, proactively staying abreast of market trends in incentive compensation and provide thought leadership on ways to improve organizational effectiveness

• Oversee routine maintenance of the data within the Commercial incentive system and ensure that proper operational controls are in place to provide accurate employee information, performance metrics, calculation of payouts, and monthly reporting to plan participants and management in a timely fashion. This includes ensuring that any system, plan design, or process changes are implemented effectively. This role will have frequent interactions with senior and executive management within the Commercial Line of Business, as well as other stakeholders.

• Monitor and report on key performance indicators (KPIs), continuously assessing and identify ways to streamline operations and maximize productivity, while maintaining a strong focus on data integrity and accuracy

• Oversee the creation and maintenance of accurate incentive documentation, including plan documents, reference/help guides, training materials, procedural documents, and other needed documentation. This includes conducting any needed training and responding timely to plan participant inquiries.

• Oversee incentive plan projects and lead the effort to present scenario-based projections and plan design recommendations to senior and executive leadership. Provide guidance to team members on effective project management tactics & strategies to stay organized and drive timely decisions, keeping stakeholders and senior leaders fully engaged and updated on progress.

• Oversee annual incentive budgeting process, and quarterly analysis and accrual adjustment recommendations to avoid any extreme over/under accrual occurrences

• Partner with business leadership, Compensation, Talent Management, and Incentive Plan Management & Systems teams to ensure that the designs are implemented effectively and are achieving the desired outcomes, making mid-course corrections if needed

• Ensure compliance with relevant regulations, internal policies, and industry best practices. Implement and maintain robust security measures to safeguard sensitive data

• Lead, mentor and motivate team members to implement the department strategy and manage department workflow with guidance on departmental projects/issues, and provide coaching and development opportunities appropriate to each direct report's individual needs

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