Compensation Analyst

Munich Re Group; Hartford (CT); On-site; USD 100,000 - 150,000; Full time

Benefits offered by this job

Health insurance

401k match

Paid time off (PTO)

Tuition assistance

Life and disability insurance

Job summary

Munich Re Group is seeking a Compensation Analyst on the HR team tasked with administering and analyzing compensation programs, collaborating with HR Partners and managers, and leading defined processes within established frameworks.

The role involves market data, job evaluations, and providing compensation recommendations to ensure alignment with budgets and policy guidance. Strong analytical skills and HRIS experience are required.

Qualifications

• Bachelor's degree in HR, business, finance, or related field.
• 5+ years of experience in compensation analysis or related field.
• Experience managing compensation processes or projects within established frameworks.
• Strong Excel and data analysis skills.
• Knowledge of compensation principles, practices, and regulations.
• Experience with HRIS and compensation software (e.g., SuccessFactors, SAP, or similar).
• Experience with CompAnalyst, MarketPay or similar survey data base preferred.
• Excellent communication and interpersonal skills, with the ability to collaborate with stakeholders at all levels.
• Detail-oriented with a commitment to confidentiality.

Responsibilities

• Administer and independently manage assigned recurring compensation programs and processes.
• Participate in evaluating and classifying positions based on job content, market data, and organizational structure.
• Work with HR Business Partners, Talent Acquisition and hiring managers to review job descriptions and levels.
• Build relationships with stakeholders to understand needs and address compensation concerns.
• Participate in administration of base pay, variable pay, and incentive plans; provide guidance on salary adjustments.
• Maintain accurate compensation data in HRIS; generate reports and present findings to management.
• Collect, evaluate, and interpret compensation data from internal and external sources; conduct market research and surveys.
• Identify opportunities to streamline processes and drive continuous improvement.
• Partner with finance to develop annual compensation budgets and forecasts.
• Monitor compliance with FLSA and Equal Pay Act; participate in governance processes.
• Participate in regional/global compensation projects and lead defined workstreams.

Skills

Compensation analysis

Excel

Data analysis

HRIS

Education

Bachelor's degree in HR/Business/Finance

Tools

SuccessFactors

SAP

MarketPay

CompAnalyst

Job description

All locations Hartford, United States; New York, United States; Princeton, United States;

Munich Re America Services (MRAS) is a shared service organization that delivers services to all Munich Re US P&C Companies and other group entities.

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive - from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

The Opportunity

We have a great opportunity on the HR team for a Compensation Analyst.

The Compensation Analyst participates in the administration, analysis and delivery of compensation programs and processes. The role works collaboratively with Compensation Consultants and/or HR Business Partners, colleagues, and people managers to provide data analysis, market insights, job evaluations, and compensation recommendations in accordance with established compensation programs, policies and guidance. The role may independently lead defined recurring or annual compensation processes and projects within established frameworks.

Functions:

• Administer and independently manage assigned recurring compensation programs and processes, including incentive compensation, salary administration, accruals, surveys and related activities. May lead defined annual processes within established program parameters and timelines.
• Participate in evaluating and classifying positions within the organization based on job content, market data, and organizational structure. Ensure job descriptions/profiles accurately reflect responsibilities and requirements and align with internal job grading framework. Escalate complex, unusual or highly sensitive job evaluations as appropriate.
• Work closely with HR Business Partners, Talent Acquisition and hiring managers to review job descriptions, assign appropriate job levels, and ensure consistency in job classification.
• Build relationships with internal stakeholders to understand their needs and address routine to moderately complex compensation-related concerns. Participate in communications for stakeholders on compensation matters and provide guidance and support to HR Business Partners, managers, and employees, escalating complex matters as appropriate.
• Participate in administration of various compensation programs, including base pay, variable pay, and incentive plans. Provide guidance and recommendations on salary adjustments and promotions to ensure alignment with budgetary constraints and organizational goals. Administer salary adjustments, bonuses, and other compensation-related payments, ensuring accuracy and compliance with established policies and guidelines.
• Maintain accurate and up-to-date compensation data in HRIS systems. Generate regular reports and presentations to provide insights into compensation trends, budget utilization, and compliance metrics. Present findings and recommendations to management, as needed.
• Collect, evaluate, and interpret compensation data from internal and external sources to support decision-making processes. This includes conducting market research, benchmarking job roles, and analyzing and participating in salary surveys to ensure our compensation practices remain competitive.
• Identify opportunities and recommend ways to streamline processes, improve efficiency, and enhance the effectiveness of compensation programs. Proactively seek feedback from stakeholders and implement changes as needed to drive continuous improvement.
• May partner with finance to develop and maintain annual compensation budgets and forecasts/accruals.
• Monitor to ensure compensation programs comply with relevant legislation, such as the Fair Labor Standards Act (FLSA), and Equal Pay Act. Participate in governance processes to ensure consistency and fairness in compensation practices. Stay abreast of regulatory changes and make recommendations to ensure the company's compliance.
• Participate in regional and global compensation projects and independently lead defined workstreams or recurring projects as assigned.

Qualifications:

• Bachelor's degree in human resources, Business Administration, Finance, or related field
• 5+ years of experience in compensation analysis, administration, or related field
• Demonstrated experience independently managing compensation processes or projects within established frameworks
• Strong analytical skills with proficiency in Excel and data analysis tools
• Knowledge of compensation principles, practices, and regulations
• Experience working with HRIS systems and compensation software (e.g., SuccessFactors, SAP, or similar)
• Experience working with CompAnalyst, MarketPay or similar survey data base preferred
• Excellent communication and interpersonal skills, with the ability to collaborate effectively with stakeholders at all levels.
• Detail-oriented with a commitment to accuracy and confidentiality

The base salary range anticipated for this position is $100,000 - $150,000, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate is adjusted to reflect the varying market conditions across different locations. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

• Two options for your health insurance plan (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

• A robust 401k plan with up to a 5% employer match
• A retirement savings plan that is 100% company funded.
• Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
• Eligibility to receive a yearly bonus as a Munich Re employee.
• A variety of health and wellness programs provided at no cost.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• Corporate matching gifts program that further enhances your charitable donation.
• Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we, live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus use to providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabled to perform the essential functions.