Senior Compensation Consultant

Company

Federal Reserve Bank of Richmond

When you join the Federal Reserve—the nation's central bank—you’ll play a key role, collaborating with a dynamic team of mission-driven professionals to strengthen and protect our economy and our communities.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth—along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a work environment where you can truly find balance.

About the Opportunity

The People, Culture, and Wellness team has an immediate opening for a Senior Compensation Consultant, reporting to the Total Rewards Senior Manager. This is a full-time, in-office opportunity.

Compensation Consultants deliver innovative, data-driven solutions with a focus on our compensation practices and total rewards programs by designing, developing, implementing and administering programs to meet current and future business needs. These individuals also serve as strategic partners to Bank management on the implementation and execution of HR policy. 

What You Will Do:

• Lead and own the development and ongoing administration of high impact HR programs and services such as but no limited to merit, equity, promotions, salary structure and pricing analysis, etc.... Achieve buy-in and lead implementation efforts across the organization.

• Administer comprehensive suite of compensation programs including annual base-pay salary and variable pay administration.

• Provide strategic consultation on escalated and highly complex requests for information on policy interpretation.

• Perform complex compensation research and investigations and provide ad hoc analytical reports and recommendations.

• Operate with a continuous process improvement mindset to streamline processes, track compensation program performance and identify opportunities for automation.

• Conduct internal and external research and analysis on market competitiveness, pay equity, and compensation trends.

• Develop and maintain job architecture, including job descriptions and market-based salary ranges.

• Administer annual market-based salary structure review to determine salary range movement.

• Proactively engage with HR business partners and business line leaders to identify and better understand organizational needs.

• Create and maintain compensation related spreadsheets and provide general data modeling for compensation programs.

• May direct and provide leadership support to cross-functional project teams as necessary.

Qualifications:

• 5-7+ years of HR Compensation experience

• Acute analytical ability and attention to detail with a high level of data integrity and accuracy

• Broad and deep technical knowledge of the principles of Human Resource Management including best practices, market trends, and relevant laws and regulations

• Outstanding oral and written communication skills, including the ability to interact with people at all levels of the organization

• Advanced computer skills including:

  • Excel (Pivot tables, VLOOKUP, conditional formatting, etc)

  • WorkDay or similar ERP

  • Microsoft Office

  • MarketPay or other related compensation software

• Bachelor’s degree or equivalent work experience; CCP preferred but not required

Discover the Reason Why So Many People Love It Here!  

When you join the Richmond Fed, not only will you find a challenging and purposeful career, you’ll also have access to a wide range of benefits and perks that support your health and wealth, including:  

• Great medical benefits 

• Pension and 401(k) with employer match 

• Generous paid time off 

• Tuition reimbursement 

• Paid volunteer leave 

• Onsite amenities that make working here fun 

Other Requirements and Considerations:

• Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.