Senior Compensation Analyst

Cambridge Savings Bank; Waltham (MA); Hybrid; USD 95,000 - 125,000; Full time

Job summary

Cambridge Savings Bank is seeking a Senior Compensation Analyst in Massachusetts to lead compensation programs, pricing, and governance. You will partner with HR, Finance, and Payroll to deliver market-based recommendations and drive the annual compensation cycle.

The ideal candidate has 5–7 years of compensation experience, strong Excel skills, and expertise in market pricing, job evaluation, and pay equity analyses. This role emphasizes governance, compliance, and data accuracy within UKG.

Qualifications

• Bachelor's degree in Human Resources, Business Administration, Finance, Economics, Accounting, or related field.
• CCP certification preferred or willingness to pursue certification.
• 5-7 years of progressive compensation experience.
• Experience with market pricing, salary administration, job evaluation, and compensation analysis.
• Experience supporting annual merit and compensation planning cycles.
• Experience with incentive compensation or bonus administration preferred.
• Banking, financial services, or regulated industry experience preferred.
• UKG experience strongly preferred.
• Advanced Excel skills including pivot tables, lookups, modeling, and data analysis.
• Experience with compensation reporting and workforce analytics.
• Knowledge of FLSA, pay transparency, and pay equity regulations.
• Strong communication, presentation, and consulting skills.
• Ability to manage multiple priorities while maintaining accuracy and confidentiality.
• Demonstrated expertise in compensation analytics, modeling, and reporting.

Responsibilities

• Serve as compensation expert and advisor for compensation-related matters.
• Drive planning, administration, and execution of the annual compensation cycle.
• Maintain compensation programs, salary structures, pay grades, and guidelines.
• Conduct market pricing and benchmarking analyses.
• Prepare compensation recommendations for hires, promotions, transfers, and changes.
• Conduct job evaluations and determine classifications and salary grades.
• Develop compensation planning models, budgets, and cost-impact analyses.
• Present analyses and recommendations to leadership and governance committees.
• Maintain data in UKG and resolve compensation data issues with HRIS/Payroll.
• Lead testing and optimization of UKG compensation functionality.
• Maintain controls, documentation, and audit trails for compensation data.

Skills

Advanced Excel

Data analysis

Market pricing

Pay equity analysis

Financial analysis

Education

Bachelor's degree in related field

CCP certification preferred

Tools

UKG

HRIS

Job description

POSITION:Senior Compensation Analyst

Summary:

At Cambridge Savings Bank, our purpose is to have a positive impact on our clients, employees, and communities by supporting their financial well-being. We are committed to exceeding expectations through a relationship-centric approach while fostering collaboration, inclusion, and continuous improvement.

The Senior Compensation Analyst is responsible for the administration, analysis, and operational support of the Bank's compensation programs. The role partners with Human Resources, Finance, Payroll, and business leaders to provide market-based compensation recommendations, support annual compensation planning, maintain salary structures, conduct job evaluations, and deliver compensation reporting and analytics.

The Senior Compensation Analyst serves as the lead analyst for compensation-related activities and provides subject matter expertise on compensation programs, market pricing, salary administration, pay equity analyses, and compliance. This role plays a critical role in the annual compensation cycle and supports compensation governance and regulatory requirements.

Key Result Areas:

• Serve as one of the Bank's compensation experts and advisor for compensation related matters.
• Drive the planning, administration, communication, and execution of the annual compensation cycle, including merit increases, market adjustments, promotions, bonuses, and incentive programs.
• Maintain compensation programs, salary structures, pay grades, and compensation guidelines aligned with market practices and organizational objectives.
• Conduct market pricing and benchmarking analyses.
• Prepare compensation recommendations for new hires, promotions, transfers, retention requests, and organizational changes.
• Conduct job evaluations and determine appropriate job classifications, salary grades, exemption status, and organizational leveling.
• Develop compensation planning models, budget forecasts, and cost-impact analyses for salary increase and incentive programs.
• Present compensation analyses and recommendations to leadership teams and compensation governance committees, as applicable.
• Maintain accurate compensation, position, job, and salary structure data within UKG.
• Partner with HRIS and Payroll to resolve compensation-related system, reporting, and data issues.
• Lead testing, implementation, and optimization of UKG compensation functionality, enhancements, and process improvements.
• Establish and maintain appropriate controls, documentation, and audit trails related to compensation data and transactions.
• Participate in banking, financial services, and general industry compensation surveys.
• Analyze market data and provide recommendations regarding salary structures, pay ranges, and compensation program design to ensure market competitiveness.
• Ensure compensation programs comply with applicable federal, state, and local laws and regulations, including FLSA, wage and hour requirements, pay transparency laws, and pay equity regulations.
• Administer periodic pay equity, pay fairness, and internal equity analyses and recommend corrective actions when appropriate.
• Support internal audits, external audits, regulatory examinations, and compensation-related reporting requirements.
• Partner with HR Business Partners and business leaders to provide strategic compensation guidance and recommendations.
• Consult with leaders regarding organizational design, job leveling, workforce planning, promotions, retention strategies, and compensation decisions.

Qualifications:

• Bachelor's degree in Human Resources, Business Administration, Finance, Economics, Accounting, or related field.
• CCP certification preferred or willingness to pursue certification.
• 5-7 years of progressive compensation experience.
• Experience with market pricing, salary administration, job evaluation, and compensation analysis required.
• Experience supporting annual merit and compensation planning cycles required.
• Experience with incentive compensation or bonus administration preferred.
• Banking, financial services, or regulated industry experience preferred.
• UKG experience strongly preferred.
• Strong analytical and quantitative skills.
• Advanced Excel skills including pivot tables, lookups, modeling, and data analysis.
• Experience with compensation reporting and workforce analytics.
• Knowledge of FLSA, pay transparency, and pay equity regulations.
• Strong communication, presentation, and consulting skills.
• Ability to manage multiple priorities while maintaining accuracy and confidentiality.
• Demonstrated expertise in compensation analytics, modeling, and reporting.
• Knowledge of FLSA, pay transparency, pay equity, wage and hour requirements, and related employment regulations.
• Advanced proficiency in Microsoft Excel, including modeling, data analysis, and reporting.

The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities, the inclusion of which would be in conformity with the major purpose of this job.

Location:

Hybrid/Waltham, Massachusetts

About Cambridge Savings Bank:

Cambridge Savings Bank is a full-service banking institution with over $7 billionin assets. As a mutual bank, CSB is committed to improving the quality of life of our employees,customers,and the communities we serve.One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency affirmed CSB's investment-grade rating, reinforcing the bank's position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.Member FDIC.Equal Housing Lender. NMLS # 543370

Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.