What is a Compensation Solutions Partner doing? Job description and responsibilities

What does a Compensation Solutions Partner do?

The Compensation Solutions Partner is a newly created role in our organization. This position will be responsible for developing and executing strategies for designing, implementing, and managing our global compensation solutions. The successful candidate will bring a passion for problem-solving and have a deep understanding of the compensation function and its relationship to the organization’s overall strategy. This individual must possess excellent communication skills and have a proven track record of developing strong relationships with stakeholders and business partners. The ideal candidate for this role will have a strong background in compensation consulting, have a comprehensive understanding of global compensation policies and procedures, and

Responsibilities of Compensation Solutions Partner

1. Develop a comprehensive compensation strategy aligned with organizational goals.
2. Monitor and analyze external compensation trends, and develop innovative solutions to ensure market competitiveness.
3. Design and implement total rewards systems to ensure market competitiveness and reward high performance.
4. Participate in salary surveys and analyze results to ensure compensation programs remain competitive.
5. Establish job descriptions and job evaluation systems to ensure fair and equitable pay practices.
6. Administer employee merit and bonus plans, ensuring compliance with internal and external regulations.
7. Analyze and recommend changes to existing salary structures, policies and procedures.
8. Provide advice, guidance and support to all levels of management on compensation-related issues.
9. Develop and present compensation-related training programs to managers and staff.
10. Stay current on the latest trends and developments in the field of compensation.