Compensation Analyst — Data-Driven Pay Strategy

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

Benefits offered by this job

Health insurance

401k match

PTO

Tuition assistance

Job summary

Munich Re Group in Princeton, NJ seeks a Compensation Analyst to administer and analyze compensation programs and processes. You will partner with HR Business Partners and managers to provide data insights, market benchmarks, and recommendations within established policies.

You will lead recurring compensation processes, evaluate positions, maintain HRIS data, and support budgets and governance to ensure compliance and fairness across the organization.

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.

Responsibilities

• Administer and independently manage assigned recurring compensation programs and processes, including incentive compensation, salary administration, accruals, surveys and related activities.
• Participate in evaluating and classifying positions within the organization based on job content, market data, and organizational structure.
• Work closely with HR Business Partners, Talent Acquisition and hiring managers to review job descriptions and ensure consistency in job classification.
• Build relationships with internal stakeholders to understand needs and address compensation-related concerns.
• Participate in administration of compensation programs, including base pay, variable pay, and incentive plans.
• Maintain accurate and up-to-date compensation data in HRIS systems and generate reports.
• Collect, evaluate, and interpret compensation data from internal and external sources for decision making.
• Identify opportunities to streamline processes and drive continuous improvement.
• May partner with finance to develop annual compensation budgets and forecasts.
• Monitor compliance with relevant legislation (FLSA, Equal Pay Act) and governance processes.
• Participate in regional and global compensation projects and lead defined workstreams.

Skills

Analytical skills

Excel

Communication

Attention to detail

Confidentiality

Collaboration

Project management

HRIS experience

Education

Bachelor's degree in human resources, Business Administration, Finance, or related field

Tools

SuccessFactors

SAP

CompAnalyst

MarketPay

Job description

Munich Re Group in Princeton, NJ seeks a Compensation Analyst to administer and analyze compensation programs and processes. You will partner with HR Business Partners and managers to provide data insights, market benchmarks, and recommendations within established policies.

You will lead recurring compensation processes, evaluate positions, maintain HRIS data, and support budgets and governance to ensure compliance and fairness across the organization.