Compensation Analyst
Federal Reserve Bank of New York - New York, NY

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Compensation Analyst - 231283 Federal Reserve Bank of New York
Primary Location NY-New York City

Full-time / Part-time Full-time
Employee Status Regular
Overtime Status Exempt
Job Type Experienced

Travel No
Shift Day Job

The selected candidate will provide analytical expertise and guidance for assigned business areas on all matters related to compensation including; labor market trends, pay differentials and economic climate changes that impact specific skills; compensation guidelines, and policies and practices in support of the pay philosophies of the Federal Reserve Bank of New York.

  • Analyze compensation policies in relation to government wage and hour regulations, prevailing rates for similar jobs in comparable industries or geographic areas, and recommends changes as appropriate to establish and maintain competitive rates.
  • Analyze organizational pay practices and make recommendations for salary changes to ensure equity.
  • Participate in the development of tools to assist employees in understanding the pay philosophies of the Bank and to guide managers through compensation decisions.
  • Work with Human Resources Business Partners to ensure accurate job descriptions are in place throughout the organization. Conducts job analysis to determine appropriate salary level according to compensation guidelines and policy.
  • Prepare detailed job descriptions and classification system and define job levels and families in partnership with other managers.
  • Conduct regression and statistical analysis as well as utilize Excel to create trend, correlation and probability charts for use in presentations to senior management.
  • Interpret and report data to key survey tools including McLaughlin, Mercer and Towers.
  • Conducts performance review system audits to ensure compliance with salary administration guidelines.
  • Ensures compliance with federal and state laws, including IRS and department of labor regulations.
  • Conducts department level support in market trends analysis, benchmarking and survey submission.

  • Minimum BS/BA degree in Finance, Accounting, Labor Relations or Human Resources management with approximately 5-7 years of relevant experience.
  • Experience with salary administration systems, compensation and merit planning tools.
  • Demonstrated knowledge of employee compensation and federal and/or state regulations; Certified Compensation Professional preferred.
  • Proven ability to conduct regression and statistical analysis as well as utilize Excel for charts, pivots tables and correlation frequencies.
  • Ability to interface and communicate effectively in a clear and concise manner at all levels including experience making formal presentations.
  • Demonstrated knowledge of compensation administration including strong arithmetic skills. Familiarity with Paymix desired.
  • Proven experience consulting with clients and ability to advise on a full range of compensation programs.
  • Experience creating job descriptions and defining job levels for positions throughout an organization.
  • Proficient in MS Office (Excel, Word, PowerPoint,) and Visio.

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The Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to foster...