What are the responsibilities and job description for the Senior Compensation Analyst, Advanced Practice Provider position at Hackensack Meridian Health?
Description
Our team members are the heart of what makes us better.
At Hackensack Meridian Health we help our patients live better, healthier lives — and we help one another to succeed. With a culture rooted in connection and collaboration, our employees are team members. Here, competitive benefits are just the beginning. It’s also about how we support one another and how we show up for our community.
Together, we keep getting better - advancing our mission to transform healthcare and serve as a leader of positive change.
The Senior Compensation Analyst is responsible for the design, implementation, and administration of compensation programs for the Hackensack Meridian Health Advanced Practice Provider (APP) population. This role focuses on developing and managing market-competitive variable pay and incentive strategies to support recruitment, motivation, and retention of high-quality talent, while ensuring internal equity.
Responsibilties
A day in the life of a Senior Compensation Analyst at Hackensack Meridian Health includes:
Education, Knowledge, Skills and Abilities Required:
Our team members are the heart of what makes us better.
At Hackensack Meridian Health we help our patients live better, healthier lives — and we help one another to succeed. With a culture rooted in connection and collaboration, our employees are team members. Here, competitive benefits are just the beginning. It’s also about how we support one another and how we show up for our community.
Together, we keep getting better - advancing our mission to transform healthcare and serve as a leader of positive change.
The Senior Compensation Analyst is responsible for the design, implementation, and administration of compensation programs for the Hackensack Meridian Health Advanced Practice Provider (APP) population. This role focuses on developing and managing market-competitive variable pay and incentive strategies to support recruitment, motivation, and retention of high-quality talent, while ensuring internal equity.
Responsibilties
A day in the life of a Senior Compensation Analyst at Hackensack Meridian Health includes:
- Develops strong partnerships and provides consultation and support to APP recruitment team and hospital and medical practice APP hiring officials.
- Administers all compensation programs for APPs, including, but not limited to base compensation, incentive plans, and annual increases.
- Evaluates and analyzes salary survey data from national, regional and healthcare-specific sources. Determines pay grades, and conducts or participates in compensation surveys; analyzes and recommends new surveys for participation and changes to sponsored surveys to remain market competitive.
- Designs, models, implements, and administers variable compensation programs for the APP population. This includes designing incentive plan structures, establishing performance metrics, and creating routine reporting on program performance and payouts. Analyzes program effectiveness and financial impact, and proposes enhancements as needed.
- Assigns base salaries to employees based on market data and the internal equity of the job. Assigns base salaries for new hires and existing employees based on job evaluation, internal equity analyses, and market benchmarking. Determines compensation placements within approved pay ranges. Recommends salary adjustments based on survey results, promotion or job changes, and performance.
- Makes recommendations for salary adjustments based on survey results and local and national market intelligence.
- Compiles statistical information and prepares reports relating to compensation and position management utilizing the HRIS system.
- Creates job descriptions reflecting appropriate title, essential functions, qualifications, and requirements.
- Maintains APP compensation expertise, stays abreast of market dynamics and changes.
- Staying abreast of relevant federal, state, and local regulations governing compensation practices, ensuring compliance with laws such as the Fair Labor Standards Act (FLSA) and other applicable statutes. Conducts analysis to ensure compliance with pay equity guidelines.
- Regularly reviews and updates compensation structures for APP roles to align with industry standards and internal compensation philosophy.
- Collaborates with finance and clinical leadership to ensure alignment between APP compensation structures and organizational strategic initiatives, ensuring that incentive plans support overall business objectives.
- Interacts with Executive leadership, providers, administrators and other key stakeholders to understand APP staffing needs.
- Demonstrate professionalism and composure in discussions related to APP compensation and supporting informed, respectful conversations with stakeholders.
- Researches and resolves compensation issues based on inquiries.
- Assists in budgeting and forecasting processes related to APP compensation expenses, providing insights and recommendations to optimize financial resources while attracting and retaining top talent.
- Provides expertise and/or acts as team lead for new HR Technology/Compensation upgrades/implementations/integrations and process improvements.
- Models the financial impact of proposed incentive plan designs to assess potential costs, return on investment (ROI), and alignment with business goals before implementation.
- Relies on experience and judgment to plan and accomplish goals.
- Performs a variety of complicated tasks.
- May lead and direct the work of others.
- Other duties and/or projects as assigned.
- Lifts a minimum of 5 lbs., pushes and pulls a minimum of 5 lbs., and stands a minimum of 1 hour a day.
- Adheres to the standards identified by the Medical Center's Organizational Competencies.
- Adheres to HMH Organizational competencies and standards of behavior.
Education, Knowledge, Skills and Abilities Required:
- Bachelor's degree in a related area.
- Minimum of four (4) years of experience in compensation, with a demonstrated focus on designing, modeling, and administering variable compensation or incentive programs.
- Knowledge of the field's concepts, practices, and procedures.
- Ability to translate complex compensation data into actionable insights and recommendations for HR and business stakeholders.
- Knowledge of HRIS systems.
- Wide degree of creativity and latitude.
- Excellent written and verbal communication skills.
- Proficient computer skills that include but are not limited to Microsoft Office and/or Google Suite platforms, with a focus on spreadsheets and financial modeling.
- Strong analytical skills and experience with compensation modeling and ad hoc analyses.
- Familiarity with a variety of benchmarking tools and compensation surveys. Experience with healthcare-specific surveys (e.g., MGMA, SullivanCotter) is a plus.
- Knowledge of employment laws governing compensation and pay equity.
- Certified Compensation Professional.