What are the responsibilities and job description for the Sales Compensation Strategist position at Chubb Benefits?
The Sales Compensation Strategist is responsible for managing and administering Sales Incentive Compensation plans across Chubb Workplace Benefits distribution channels. This position leads compensation plan design, modeling, reporting, process improvement, automation, bonus plan administration, and debt management strategy (including advance rates and bonus debt recoupment).
Responsibilities:
Compensation Plan Design & Modeling
- Lead annual sales incentive compensation design for the Chubb Workplace Benefits distribution channels.
- Design, manage, and administer compensation plans for independent contractor and employee sales personnel, ensuring compliance and alignment with business objectives.
- Develop and model compensation plan designs using advanced Excel techniques.
- Analyze plan scenarios to forecast financial impact and optimize effectiveness.
- Present modeling results and recommendations to sales leadership and finance.
- Collaborate with sales leadership, finance, and HR to align plans with business goals.
- Analyze market trends and benchmark data for competitive compensation structures.
Plan Administration & Management
- Oversee monthly management of compensation plans, including eligibility, calculations, and payouts.
- Manage projects related to Bonus Plan administration, ensuring timely and accurate execution.
- Ensure compliance with company policies and regulatory requirements.
- Address and resolve compensation-related inquiries from sales teams.
Reporting & Analytics
- Prepare and deliver regular reports on plan expenses, effectiveness, and success metrics.
- Provide actionable insights to sales leadership and finance based on data analysis.
- Maintain accurate records and documentation for audit purposes.
Stakeholder Engagement
- Conduct quarterly reviews with sales leadership and finance to assess plan performance and recommend adjustments.
- Communicate plan changes and updates to relevant stakeholders.
Process Improvement & Automation
- Evaluate current bonus calculation and payment processes for inefficiencies.
- Lead initiatives to streamline and automate bonus administration workflows.
- Collaborate with IT and stakeholders to implement automation solutions.
- Monitor and assess effectiveness of process improvements.
Presentation Design & Delivery
- Create clear, compelling presentations to communicate compensation plan designs and recommendations.
- Deliver presentations to sales leadership, finance, and other stakeholders.
- Tailor presentation content and format to suit audience needs.
Debt Management Strategy & Process
- Design and implement debt management strategy for sales compensation, including tracking, reconciliation, and recovery of overpayments, advances, and bonus debt.
- Develop and manage processes for monitoring and recouping compensation-related debts.
- Establish controls and reporting mechanisms for accurate tracking and recovery.
- Collaborate with finance and sales leadership for effective debt resolution.
- Report on debt balances, advance rates, bonus debt recoupment, and recovery efforts.
Continuous Improvement
- Identify opportunities for process improvement and automation in compensation administration.
- Stay current with Industry best practices and regulatory changes.
Skills:
- Attention to detail
- Problem-solving skills
- Ability to work independently and collaboratively
- Strong organizational skills
Education & Experience:
- Bachelor’s degree in Business, Finance, HR, or related field (required)
- 5-7 years of experience in sales compensation, finance, or HR (preferred)
- Advanced proficiency in Excel (complex formulas, pivot tables, data analysis tools)
- Strong data manipulation and modeling skills for compensation plan design
- Experience in designing and delivering professional presentations
- Proficiency in compensation management software
- Excellent communication and stakeholder management abilities
- Demonstrated knowledge of independent contractor and employee compensation plan design and administration
- Experience designing and managing debt management strategies/processes (preferred)
- Strong analytical and problem-solving skills related to compensation and financial reconciliation
About Us
Chubb is a world leader in insurance. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.