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Job Description
At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business. Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community! About Your Role
The Compensation Analyst performs various duties to help ensure current compensation practices are in line with the Bank's compensation philosophy. Responsibilities include the effective development and implementation of compensation programs including annual market benchmarking, annual merit-based increases, short-term incentives, base pay structure administration and other departmental initiatives.
The Compensation Analyst's responsibilities include turning data into knowledge, and further analyzing and interpreting trends and results. As a member of the HR Team, this position will also provide ongoing service and support to the entire HR Department, as well as Management and the employee population.
What You Will Do
- Assists in the analysis, design, and administration of employer compensation programs, including base pay, incentive pay, and performance management programs.
- Maintains all job descriptions including pay grades, position titles and business structure. Ensures job descriptions are written and/or updated according to established format. Maintains centralized JobArchitect job description library.
- Maintains/updates salary ranges, job codes, grades, and bonus targets and guidelines; partner with HR Business Partners and HRIS to ensure accuracy of compensation data in ADP. Extracts, analyzes and reports wage and salary information from electronic database systems.
- Serves as a subject-matter expert on compensation-related projects and provides support to HR colleagues on compensation philosophy, policies, programs, and processes.
- Partner with Payroll, Benefits and HRIS and serve as a subject matter expert on compensation and cross-functional projects.
- Participates in applicable salary surveys ensuring accurate and timely data submission.
- Analyzes salary survey data evaluates market trends and makes recommendations regarding organizational salary adjustments, merit budgets, and structure adjustments (including geographic structures)
- Identifies and recommends improvements and efficiencies around compensation processes and programs in conjunction with the Assistant Corporate Secretary prepare CD&A and reporting for the annual Proxy.
- Assists with requests for pay adjustments ensuring requests comply with current compensation policy. Assists in the Annual Budget -- gathering and manipulating data for Bank-wide salary budget and the HR Department budget.
- Builds a consultative and collaborative relationship with HR Business Partners and business leaders to build understanding and effective delivery of OFB's compensation programs and processes.
- Provides ongoing job benchmarking, compensation survey assessment and analysis, and competitive market intelligence and insight to Talent Acquisition and HR Business Partners.
- Partners with HR colleagues and internal clients to understand business needs, job requirements, and organizational design to evaluate jobs.
- Assists in annual audit procedures -- both internal and external. Manages the annual incentive process including tracking employee transfers, salary adjustments, performance scores all integrated into the overall incentive calculation through bonus payment.
- Serves as the expert on all Equity matters, including managing entire LTI process within ETRADE from annual grant awards, distribution of award agreements, vesting processes, and stock option exercises.
- Tracks Bank's shares available, calculate quarterly dividends and payments post vesting.
- Ensures overall project quality control from beginning to end.
- Assists with the automation of manual processes to increase operational efficiency, reduce financial and management reporting risk, and increase financial and management reporting accuracy.
- Coordinates with vendors if necessary.
Requirements
What We Expect of You
- Aptitude for data manipulation and analysis with the capability to translate large amounts of data into insightful information that is consumable at an executive level.
- Strong analytical and technical skills with superior aptitude for numbers.
- Strong technological/computer-based skills. Advanced MS Suite experience required, especially utilization and manipulation of MS Excel.
- Professional writing skills are valuable; position will assist in writing job descriptions.
- Demonstrated ability to work effectively in a team environment, including interaction with senior management and collaboration with peers, is essential to success in this role.
- Excellent interpersonal and influencing skills to establish trust, credibility, and rapport at all levels of the organization
- Ability to handle sensitive and confidential information appropriately.
- Highly detailed and organized.
- Proven ability to handle multiple competing priorities while maintaining attention to detail in a rapidly changing business environment.
- Reliable, dependable and maintains a high degree of flexibility.
Your Qualifications
- Bachelor's Degree or equivalent; education in Business Administration, Accounting or Finance preferred.
- 2 to 4 years' experience in related field and/or Accounting or Finance.
- Experience with compensation modeling tools.
- Experience in banking environment is strongly preferred.
INTERNAL AND EXTERNAL CONTACTS
Internal contact with all levels within the Bank.
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
Office environment. Ability to operate a computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint. |
OceanFirst Bank
tuition assistance
Jan 10, 2025