Job Description
Job Summary
The Total Rewards Specialist is responsible for assisting in the development and implementation of Total Rewards Strategies within the organization. This role serves as a subject matter expert on Total Rewards Programs and undertakes various responsibilities, including conducting job evaluations, market benchmarking, salary analysis, cost modeling, and analytics. The Total Rewards Specialist also plays a key role in recommending improvements to Total Rewards processes, practices, and policies.
Job Responsibilities 1
- Support the design, development, and execution of Total Rewards plans and programs, including the establishment of salary and benefits policies and structures, salary planning, bonus and incentive schemes, recognition programs, and benefits costing.
- Conduct salary analysis and ensure the consistency and effectiveness of compensation policies, guidelines, and procedures.
- Identify, recommend, and implement revisions to ensure internal equity and alignment with organizational objectives, while maintaining the affordability and cost-effectiveness of the salary program.
- Conduct market research, interpret market data, and perform analysis to ensure the organization’s competitive positioning. Propose market adjustments and updates to salary ranges, incentive structures, benefits, policies, and guidelines based on market trends and best practices.
- Ensure compliance with Total Rewards Strategy, policies, and practices by identifying risks, developing audit methodologies, evaluating audit results, and implementing corrective actions.
- Provide expert guidance and support to key stakeholders on Total Rewards programs, variable pay, job evaluations, pay equity, rewards and recognition, and benefits plans.
- Evaluate positions at all levels of the organization using external market data and internal position comparisons.
Job Responsibilities 2
- Monitor trends that affect pay and benefits, assessing their impact on the organization. Stay updated on market conditions and changes in governmental regulations to ensure compliance. Keep leadership informed and recommend necessary changes.
- Perform qualitative and quantitative analysis using spreadsheets, modeling, and statistical tools to develop and support conclusions and recommendations.
- Apply knowledge of total rewards theories and practices when identifying issues, developing solutions, and making recommendations.
Please note that this job description is a general overview and may not encompass all the tasks and responsibilities required for the Total Rewards Specialist role. Additional duties may be assigned as needed.
