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Compensation Consultant - Nationwide Insurance

08/28/2019 9:00 AM | Anonymous member


Compensation Consultant

Columbus, Ohio


If you’re passionate about becoming a Nationwide associate and believe you have the potential to be something great, let’s talk.

Number 57 on the Fortune Magazine 100 Best Places to Work.

Leads in the administration and implementation of compensation and rewards programs for multiple business units Provides strategic consultation and support to assigned HR partners and business unit leaders to develop and influence competitive compensation programs designed to attract and retain associates, motivate a highly skilled workforce, and drive performance and business results, while ensuring compliance with governmental and other regulatory bodies, internal equity and competitive pay structure. Plans, develops and implements the overall job evaluation, performance appraisal, and salary management programs for the assigned business units.

Job Description

Reporting Relationships: Reports to Director or Sr Consultant; may lead team members in a matrix reporting or project-based relationship. Serves as an internal subject matter expert and mentor to other compensation associates.

Core Duties and Responsibilities:

This job classification represents multiple compensation disciplines for executive, associate & sales compensation.  The disciplines include expertise and delivery of consultation in the areas of job classification, salary management, performance management, regulatory compliance, compensation training, organization design and variable compensation.   The duties and responsibilities include:

  • Base Salary-  Partners with HR to ensures that all salaried jobs are internally equitable and externally competitive.   Acts as a consultant to management in the design of creative solutions to specific compensation related issues.  Leads consultation and delivery of communication support for compensation and rewards administration programs to HR partners for the respective business unit customers.
  • Job Analysis and Evaluation-  Independently delivers job classification services for all banded jobs, including job design, job analysis, job description documentation, job consolidation, and job evaluation and pricing.   Leads one community job review efforts including job families, job structure. and related exhibits.
  • Regulatory Compliance -   - Directs and ensures compliance with all state and federal employee relations/compensation statutes and legislation, including: FLSA, determining exemption status of jobs and monitoring classification of associates; minimum wage (CA IT professionals); pay equity, etc.  Partners with General Counsel regarding compliance issues and strategies.
  • Salary Surveys-   As part of the job evaluation, analyzes and administers compensation salary survey database information comprised of external salary rates and programs.  Evaluates survey sources and designs new methods to increase efficiencies associated with obtaining and analyzing competitive data.
  • Market Trend Analysis- Leads the analysis and monitoring of competitive trends in total rewards.  Identifies impact and designs programs and policies that provide competitive positioning.  Delivers consultation regarding market trends.  Leads the development of annual salary policy guidelines. Conducts cost impact studies on base compensation.  Designs new trend analysis approaches and methods of delivering consultation regarding competitive analysis.
  • Salary Management-  Delivers strategic consultation to HR partners and business unit leaders regarding complex challenges associated with aligning business unit practices with company policy and enterprise compensation philosophy while meeting business requirements where necessary.  Develops and delivers salary management training and communications.
  • Structure – Participates and leads in the development of the annual associate job compensation recommendations pertaining to analysis of competitive position, expected actions in the forthcoming calendar year in the business community and salary schedule's and pay plans which permit continuation of competitive pay.
  • Executive Compensation-  Responsible for completing job evaluations for executive level roles  except for the OCEO and approximately 20 of the top selected executives. Has thorough knowledge of the executive program and structure, and maintains awareness of executive compensation principles and trends. Partners with Executive Recruiting to provide competitive job offers; including determining base and incentive pay mix, and LTI replacement value. 
  • Variable Rewards Design Support- May participate and/or provide customer consultation on the planning, designing and implementing of incentive/variable pay.  Collaborates with HR partners in the delivery of total rewards strategy consultation. When dedicated to non-broad based incentive plans, develop, tracks, consultant and analysis plans.
  • Project Management- Conducts special projects regarding highly complex and strategic compensation issues as directed.  Leads project teams and manages projects across departments and business units. May represent the company on task forces, committees and project assignments. 
  • Process Improvement- Makes recommendations to improve efficiencies and increase customer satisfaction.  Uses technology to increase efficiencies.  Designs new processes, enhances current products, and develops new products that add value to the customer. 
  • Relationship Management-  Leads in collaborating with HR partners in the delivery of timely and consistent results for the customer.  Establishes collaborative relationships with peers, HR partners and business unit customers.  Identifies optimal solutions that serve the needs of all involved parties.  Represents compensation interests and simultaneously responds to the needs of the business unit; resolves conflicts with minimum noise; is seen as a team player and is cooperative.  Gains trust and support of peers and customers through dedication to consistently delivering results, and encourages collaboration.Has clear understanding of all enterprise business unit strategies and performance metrics.  Able to clarify business strategy as necessary and identify compensation implications.  Applies knowledge of current and anticipated trends to create competitive and breakthrough strategies and plans that meet business unit requirements and drive organizational change. Leads the delivery of strategic consultation and assistance in the development and/or revisions of compensation policies, processes and programs that support the enterprise compensation philosophy and senior management's vision for the business unit.
  • Serves as Subject Matter Expert in merger and acquisition activities including reviewing compensation programs of newly acquired companies and creating strategy for integrating newly acquired employees into Nationwide’s compensation programs.
  • Performs other related duties as assigned.

Typical Skills and Experiences:

  • EducationUndergraduate studies in areas such as business administration, human resource management, psychology, or related areas.  Graduate studies and/or World at Work CCP certification preferred.
  • Knowledge: Proven knowledge in insurance operations, including revenue, expense, reserving and organizational characteristics as well as demonstrated knowledge in compensation theory and practices, including job analysis, design, evaluation, salary administration and incentive plan design.  Must have a thorough understanding of market measures including impact, assessment, measurement and application.  Proven knowledge in human resources disciplines, e.g., recruitment and selection, training and development, performance management, change management, organization design and legal compliance.  Must have an understanding of statistical concepts and analysis used in making compensation decisions and competitor analysis.
  • ExperienceTypically, eight or more years of related experience in compensation.  Project management experience. Prefer business/insurance experience as well.

Skills

Technical Analysis- Must understand and apply advanced statistical methods to identify competitive and internal  trends and analyze data.  Must have sound understanding of financial concepts to understand business units' principal financial statements and financial measures.  Applies analytical techniques to forecast and model compensation program impact on short and long term business performance.  Must have the ability to operate a personal computer and effectively use business software to analyze compensation data and market trends.

  • Problem Solving- Must be able to conceptualize a business problem, define relevant issues, determine a methodology for exploring the problem, define alternatives and develop recommendations.   Forecasts and models compensation programs as necessary to identify alternatives solutions.  Must have strong decision-making skills as well as possess analytical skills.  Uses rigorous logic and methods to solve difficult problems with effective solutions; probes all available sources for answers; can see hidden problems;  looks beyond the obvious and doesn't stop at the first answers.
  • Communication Must have ability to write clearly and succinctly in a variety of communication settings and styles regarding complex compensation information; presents messages in a manner that achieves a desired effect.  Commands attention and can manage group processes during meetings and presentations; can change tactics midstream when a communication approach isn't working.  Negotiates skillfully in tough situations with both internal and external groups.  Deals comfortably with all levels of management. 
  • Compensation Technical Skills-  Applies expert level technical knowledge regarding total rewards strategies to the delivery of strategic consultation to HR partners and business unit customers.
  • Values:  Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors

Staffing exceptions to the above Minimum Job Requirements must be approved by: Compensation AVP/VP and Human Resources.

Job Conditions:

  • Overtime Eligibility (FLSA): Not Eligible (Exempt).
  • Working Conditions: Normal office environment,  Occasional travel. Overtime as needed based on work needs, especially during 4th quarter/1st quarter activities.
  • ADAThe above statements cover what are generally believed to be principal and essential functions of this job.  Specific circumstances may allow or require some associates assigned to the job to perform a somewhat different combination of duties.

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© Columbus Compensation Association
P.O. Box 164022
Columbus, OH 43216
info@columbuscomp.org

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