Compensation Analyst Federal Reserve Bank - Chicago

Compensation Analyst

Federal Reserve Bank - Chicago, US-IL (Greater Chicago Area)

Job Description

Assists in developing, implementing, and administering base and variable pay compensation programs. Studies and analyzes jobs and prepares job descriptions. Evaluates jobs using market pricing. Assists in administering the performance management and salary planning programs. Provides market competitive recommendations, guidance and solutions to Bank management. Conducts and participates in compensation surveys. The level of work is considered intermediate and staff work under general supervision. This position has no direct reports.

Principal Duties and Responsibilities:

• Assists in developing and implementing new compensation programs
  Conducts and participates in compensation surveys conducted by other organizations
• Evaluates new and existing positions using evaluation processes, determines market pricing and market value ranges
• Designs, evaluates, and maintains performance management systems
• Designs, evaluates, and maintains award programs
• Assists in administration of salary administration process 
• Assists in updating salary structure
• Analyzes salary liability in order to create and communicate cash award and merit pool information
• Interprets and applies Board of Governor policies
• Coordinates, conducts and documents small to medium HR projects
• Participates on ad-hoc project work-teams
• Performs other duties as assigned

Desired Skills & Experience

• Bachelor's degree or equivalent experience as noted below
• 3 to 5 years of professional work experience with 1 plus year(s) of experience in Compensation and/or training in related field
• Coursework in business, human resources, statistics, or related areas beneficial
• CCP desired 

Knowledge & Skills:

• Possesses and applies both broad and specific knowledge of principles, practices, and procedures of the field of specialization to the completion of difficult assignments
• Excellent analytical and problem solving skills
• Demonstrates independent thinking and decision-making abilities
• Proficient knowledge of PeopleSoft 

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