Incentive Compensation Manager
City National Bank
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Benefits offered by this job
Job summary
City National Bank seeks an experienced Incentive Compensation Manager to lead the HR COE’s incentive programs, ensuring accurate P&L payouts across lines. You will manage Varicent implementations, partner with HR, technology, and business teams, and drive plans from design to deployment.
The role emphasizes governance, risk management, data analytics, and continuous improvement in a complex financial services environment.
Qualifications
- Bachelor's degree or equivalent required.
- 10+ years supporting users, managing priorities, and resolving issues.
- 5+ years in compensation design/implementation in financial services.
Responsibilities
- Lead the incentive compensation management team and ensure accurate payouts.
- Oversee Varicent system design, configuration, onboarding of incentive plans.
- Provide analytics and reporting to assess plan performance and redesigns.
- Advise leadership on plan optimization aligning with business objectives.
- Ensure governance and risk management in compensation programs.
- Support testing and audit requirements with internal/external reviewers.
Skills
Education
Tools
Job description
Reporting to the MD, US Compensation & Governance, the Director, Incentive Compensation Management will lead a variable incentive program team within the HR Compensation Center of Excellence (COE) to centrally manage sales incentives, calculations and payment processes. Role includes managing the implementation, configuration, and development of incentive management systems used to manage monthly, quarterly, and annual incentive payments across multiple business lines. The player-coach will ensure accuracy of payout calculations, compliance with governance and business objectives, and reporting and analyses, while maintaining the system for new and changing business requirements.
- The leader will collaborate with HR, business, technology, and cross-functional teams to implement and manage the incentive compensation systems and processes. The manager will analyze plans and plan effectiveness, identify trends, and support the design, development, and documentation of new and enhanced plans and processes.
- The leader will ensure compensation programs, policies, initiatives and solutions reflect and are executed with good governance and sound risk management practices. While leading execution of current incentive plan programs, manager drives roadmap with forward looking vision focused on scale, process efficiencies and overall compliance.
- The candidate should be familiar with system implementation, testing and identifying system issues in a testing environment. Successful candidates will exhibit a proactive mindset, operate with a sense of urgency, and have a proven track record of collaboration and taking ownership in projects.
- Manages the compensation system and team responsible for sales-based incentive compensation management.
- Manages the implementation, design, build, configuration and development of the Varicent incentive compensation management (ICM) platform, including onboarding incentive plans.
- Manages the calculations of variable compensation programs, ensuring accurate and timely payments and reporting.
- Provides reporting and analytics to support incentive compensation program assessments and redesign projects.
- Provide data-driven recommendations to leadership for plan optimization, performance improvements and alignment with business objectives.
- Ensure compensation programs, policies, initiatives and solutions reflect and are executed with good governance and sound risk management practices.
- Analyze compensation-related data and performance metrics to identify plan performance, trends, discrepancies and opportunities.
- Provides support for all compensation testing and examinations executed by internal and external auditors including Regulatory agencies.
- Supports the development of materials, reports, and presentation to support systems status updates.
- Centralized management of the end-to-end processes involved in variable compensation.
- Coordinate periodic vendor risk management activities in support of Compensation Plans.
- Bachelor's Degree or equivalent
- Minimum 10+ years of experience supporting users, managing priorities, setting expectations and driving issues to resolution.
- 5+ years compensation experience in the design and implementation of compensation programs in a financial services environment .
- High proficiency with Incentive Compensation Management Systems, HR systems, configuring plans, dashboards and reporting.
- Proficiency with working with business users to understand and document business requirements, experience creating test plans and conducting testing.
- Excellent analytical and problem-solving skills.
- Strong communication skills including interpersonal, presentation, facilitation and written.
- Strong project management skills.
- Advanced level HRS skills and experience with Microsoft Excel, Access, and Word.
- Certified Compensation Profession ("CCP") designation preferred.
- Understanding of legal and regulatory requirements
Compensation
Starting base salary: $154,000 - $253,000 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:
- Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
- Generous 401(k) company matching contribution
- Career Development through Tuition Reimbursement and other internal upskilling and training resources
- Valued Time Away benefits including vacation, sick and volunteer time
- Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
- Career Mobility support from a dedicated recruitment team
- Colleague Resource Groups to support networking and community engagement
Get a more detailed look at our Benefits and Perks.
Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at About Us.
City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
Unless otherwise indicated as fully remote, reporting into a designated City National location is an essential function of the job.
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