Compensation Specialist

Lake Michigan Credit Union; Grand Rapids (MI); Hybrid; USD 85,000 - 115,000; Full time

Benefits offered by this job

Weekly pay

Health coverage

Tuition reimbursement

Paid parental leave

HSA match

Job summary

Lake Michigan Credit Union is seeking a Compensation Specialist to administer compensation systems, conduct market research, and advise leaders on compensation best practices. The role emphasizes pay structures, compliance, and collaborating with HR and Finance to align compensation with budget.

The candidate should bring 3–5 years in compensation, strong data analysis, and the ability to present findings to leadership. Hybrid Michigan work arrangement with onsite presence required.

Qualifications

• Bachelor's degree in HR, Business, Finance or related field.
• 3-5 years of compensation administration or advisory experience.
• Knowledge of compensation practices, pay structures, market trends, and federal/state labor laws.

Responsibilities

• Lead job evaluation, job descriptions, and compensation grade structures.
• Advise leaders on compensation strategies aligned with objectives.
• Oversee annual merit process and salary administration program.

Skills

Data analysis

HR communication

Presentation skills

Education

Bachelor's degree in HR/Business/Finance

Tools

HRIS/Compensation software

Job description

General Information

Primary Location: Grand Rapids, MI

Employee Status: Full-Time

Workplace Type: Hybrid

Hybrid Expectations: This role is available to candidates in Michigan and requires an onsite presence at an LMCU corporate office or location approximately 75% of the time.

About this position

The Compensation Specialist will be responsible for administering the organizational compensation systems. Duties will include conducting research, analyzing compensation data, maintaining salary structures, and ensuring compliance with applicable laws and regulations. This role will also advise and educate leaders, HR and Talent Acquisition staff on compensation best practices to drive alignment with the organization's compensation philosophy.

What you’ll do

Job Evaluation and Job Descriptions: Primary owner of assessing job roles, responsibilities, and required competencies to determine appropriate pay grades, classifications, and exemption status. Develop and maintain compensation job architecture and compensation grade structures. Administer Compensation Programs: In partnership with LMCU leaders, advise on compensation strategies that align with organizational objectives and employee needs. Provide expert advice on compensation ensuring consistency across employee roles and departments. Oversee LMCU's salary administration program including annual merit process. Consult with LMCU leaders to improve and administer other compensation programs, including variable pay and incentive programs, and evaluate their effectiveness, recommending adjustments when necessary. Research and Data Analysis: Conduct market research to stay current on salary trends, industry standards, and geographical pay competitiveness. Participate in compensation surveys to collect and analyze industry data. Collaborate with the Finance Team to perform cost analysis of compensation programs to ensure alignment with budget and business objectives. Competitive and Equitable Pay: Ensure compensation programs are competitive within the industry and equitable across the organization. Monitor and analyze pay equity, conducting and sharing the results of regular audits to ensure fairness and compliance. Evaluate pay structures and salary grades, making recommendations for improvements as necessary. Compliance with Regulations: Stay informed of state and federal compensation laws, ensuring all compensation programs comply with relevant labor regulations. Ensure that pay practices adhere to legal standards and industry’s best practices. Additional Responsibilities: Develop processes to facilitate accurate job grading and department compensation calibration. Coordinate with external survey vendors and partners, ensuring alignment with LMCU goals, cost efficiency, and timely delivery of quality services. Assist with onboarding and compensation-related queries from managers and employees. Adhere to and champion our core values of curious minds, collaborative hearts, and continuous excellence. Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control. Other duties as assigned.

What you’ll bring

• Bachelor’s degree in Human Resources, Business, Finance or related field.
• 3- 5 years of compensation administration or advisory experience.
• Previous experience in the Financial Industry, Mortgage Industry, or working with commission plans preferred.
• Demonstrated ability to build trust and credibility while handling sensitive, confidential communications with stakeholders at all levels, including managers, employees, and external vendors.
• Strong knowledge of compensation practices, pay structures, market trends, and federal and state labor laws.
• Proficient in data analysis using HRIS or compensation management software.
• Ability to create and lead compelling presentations of findings with leaders and work collaboratively with cross-functional teams.
• Excellent oral and written communication and interpersonal skills with strong attention to detail and analytical abilities.
• Proven ability to maintain confidentiality and handle sensitive information appropriately in a corporate environment.

What you’ll get

• All Employees: weekly pay and retirement savings options.
• Full-Time Employees: comprehensive health coverage including medical (with prescription), dental, vision, HSA match, paid parental leave, and tuition reimbursement.

LMCU is an Equal Opportunity Employer Lake Michigan Credit Union is fundamentally different than a bank, both in our structure and mission. Our goal has always been to do what is best for our members. This approach guides every decision we make and every service we offer. As a credit union, our goal isn’t to generate profits for shareholders, it’s to improve the lives of our members. LMCU is consistently rated in the top ten in the nation for Return of the Member by Callahan & Associates, meaning we give back more to our members in the form of higher rates when they save and lower rates when they borrow. At LMCU, the emphasis on delivering real value to our members has been job one, since day one. As one of the largest credit unions in the nation for several years running, LMCU has earned many awards and accolades such as inclusion as one of the 101 Best and Brightest Companies to Work For Nationally and being recognized by Forbes as a Great Place to Work. As an employee, you'll enjoy a stimulating, professional atmosphere, supported by the latest technology, training, and development. We recognize that a healthy balance between work, home life, and play is essential to our employees and our success. We offer a friendly, respectful and inclusive work environment, fun employee activities and rewarding community involvement opportunities. You’ll love working here at Lake Michigan Credit Union!

LMCU is an Equal Opportunity Employer