OverviewThe Senior Compensation Analyst is responsible for the design, implementation, and administration of compensation programs for the Hackensack Meridian Health Advanced Practice Provider (APP) population. This role focuses on developing and managing market-competitive variable pay and incentive strategies to support recruitment, motivation, and retention of high-quality talent, while ensuring internal equity.
Responsibilities
A day in the life of a Senior Compensation Analyst at Hackensack Meridian Health includes:
- Develops strong partnerships and provides consultation and support to APP recruitment team and hospital and medical practice APP hiring officials.
- Administers all compensation programs for APPs, including, but not limited to base compensation, incentive plans, and annual increases.
- Evaluates and analyzes salary survey data from national, regional and healthcare-specific sources. Determines pay grades, and conducts or participates in compensation surveys; analyzes and recommends new surveys for participation and changes to sponsored surveys to remain market competitive.
- Designs, models, implements, and administers variable compensation programs for the APP population. This includes designing incentive plan structures, establishing performance metrics, and creating routine reporting on program performance and payouts. Analyzes program effectiveness and financial impact, and proposes enhancements as needed.
- Assigns base salaries to employees based on market data and the internal equity of the job. Assigns base salaries for new hires and existing employees based on job evaluation, internal equity analyses, and market benchmarking. Determines compensation placements within approved pay ranges. Recommends salary adjustments based on survey results, promotion or job changes, and performance.
- Makes recommendations for salary adjustments based on survey results and local and national market intelligence.
- Compiles statistical information and prepares reports relating to compensation and position management utilizing the HRIS system.
- Creates job descriptions reflecting appropriate title, essential functions, qualifications, and requirements.
- Maintains APP compensation expertise, stays abreast of market dynamics and changes.
- Staying abreast of relevant federal, state, and local regulations governing compensation practices, ensuring compliance with laws such as the Fair Labor Standards Act (FLSA) and other applicable statutes. Conducts analysis to ensure compliance with pay equity guidelines.
- Regularly reviews and updates compensation structures for APP roles to align with industry standards and internal compensation philosophy.
- Collaborates with finance and clinical leadership to ensure alignment between APP compensation structures and organizational strategic initiatives, ensuring that incentive plans support overall business objectives.
- Interacts with Executive leadership, providers, administrators and other key stakeholders to understand APP staffing needs.
- Demonstrate professionalism and composure in discussions related to APP compensation and supporting informed, respectful conversations with stakeholders.
- Researches and resolves compensation issues based on inquiries.
- Assists in budgeting and forecasting processes related to APP compensation expenses, providing insights and recommendations to optimize financial resources while attracting and retaining top talent.
- Provides expertise and/or acts as team lead for new HR Technology/Compensation upgrades/implementations/integrations and process improvements.
- Models the financial impact of proposed incentive plan designs to assess potential costs, return on investment (ROI), and alignment with business goals before implementation.
- Relies on experience and judgment to plan and accomplish goals.
- Performs a variety of complicated tasks.
- May lead and direct the work of others.
- Other duties and/or projects as assigned.
- Lifts a minimum of 5 lbs., pushes and pulls a minimum of 5 lbs., and stands a minimum of 1 hour a day.
- Adheres to the standards identified by the Medical Center's Organizational Competencies.
- Adheres to HMH Organizational competencies and standards of behavior.
Qualifications
Education, Knowledge, Skills and Abilities Required:
- Bachelor's degree in a related area.
- Minimum of four (4) years of experience in compensation, with a demonstrated focus on designing, modeling, and administering variable compensation or incentive programs.
- Knowledge of the field's concepts, practices, and procedures.
- Ability to translate complex compensation data into actionable insights and recommendations for HR and business stakeholders.
- Knowledge of HRIS systems.
- Wide degree of creativity and latitude.
- Excellent written and verbal communication skills.
- Proficient computer skills that include but are not limited to Microsoft Office and/or Google Suite platforms, with a focus on spreadsheets and financial modeling.
Education, Knowledge, Skills and Abilities Preferred:
- Strong analytical skills and experience with compensation modeling and ad hoc analyses.
- Familiarity with a variety of benchmarking tools and compensation surveys. Experience with healthcare-specific surveys (e.g., MGMA, SullivanCotter) is a plus.
- Knowledge of employment laws governing compensation and pay equity.
Licenses and Certifications Preferred:
- Certified Compensation Professional.
If you feel that the above description speaks directly to your strengths and capabilities, then please apply today!
Starting Minimum RateMinimum rate of $111,924.80 Annually
Job Posting DisclosureHMH is committed to pay equity and transparency for our team members. The posted rate of pay in this job posting is a reasonable good faith estimate of the minimum base pay for this role at the time of posting in accordance with the New Jersey Pay Transparency Act and does not reflect the full value of our market-competitive total rewards package. The starting rate of pay is provided for informational purposes only and is not a guarantee of a specific offer. Posted hourly rates may be stated as an annual salary in the offer and posted annual salaries may be stated as an hourly rate in the offer, depending on the level and nature of the job duties and credentials of the candidate. The base compensation determined at the time of the offer may be different than the posted rate of pay based on a number of non-discriminatory factors, including but not limited to: Labor Market Data: Compensation is benchmarked against market data to ensure competitiveness. Experience: Years of relevant work experience. Education and Certifications: Level of education attained, including specialized certifications, credentials, completed apprenticeship programs or advanced training. Skills: Demonstrated proficiency in relevant skills and competencies. Geographic Location: Cost of living and market rates for the specific location. Internal Equity: Compensation is determined in a manner consistent with compensation ranges for similar roles within the organization. Budget and Grant Funding: Departmental budgets and any grant funding associated with the job position may impact the pay that can be offered. Some jobs may also be eligible for performance-based incentives, bonuses, or commissions not reflected in the starting rate. Certain positions may also be eligible for shift differentials for work performed on evening, night, or weekend shifts. In addition to our compensation for full-time and part-time (20+ hours/week) job positions, HMH offers a comprehensive benefits package, including health, dental, vision, paid leave, tuition reimbursement, and retirement benefits.
