Compensation Analyst

Are you passionate about analyzing and evaluating employee compensation? Do you have a strong understanding of human resources principles and experience with compensation management? If so, we have an exciting opportunity for you to join our team at Henry Ford Health System as a Compensation Analyst. As a key member of our HR department, you will play a critical role in ensuring our organization's compensation plans are competitive and aligned with our business objectives. We are looking for a detail-oriented, analytical thinker with excellent communication skills to join our team. If this sounds like you, read on for more information on the qualifications and responsibilities of this role.

1. Conduct research and analysis on current employee compensation plans, including salary, benefits, and incentives, to ensure competitiveness in the market and alignment with organizational goals.
2. Collaborate with HR and finance teams to develop and implement new compensation strategies and programs, taking into account market trends, industry standards, and company budget.
3. Evaluate job positions and their corresponding responsibilities to determine appropriate compensation levels.
4. Conduct job analysis and job evaluations to accurately determine job classifications and pay grades.
5. Review and approve employee salary adjustments, promotions, and bonuses, ensuring they are in line with company policies and guidelines.
6. Monitor and maintain compensation data and records, ensuring accuracy and confidentiality.
7. Prepare and present reports and recommendations to management on compensation trends, issues, and potential solutions.
8. Stay updated on federal, state, and local laws and regulations related to compensation and make necessary adjustments to company policies and practices.
9. Collaborate with HR team to ensure effective communication and understanding of compensation plans and policies by employees.
10. Assist with the development and delivery of compensation training and education programs for HR and management staff.
11. Provide guidance and support to HR team and managers on individual employee compensation-related inquiries and concerns.
12. Conduct regular audits and analysis of compensation data to identify and address any discrepancies or issues.
13. Participate in salary surveys and benchmarking studies to gather market data and ensure competitiveness.
14. Maintain knowledge of best practices and industry trends in compensation management and make recommendations for continuous improvement.
15. Serve as a subject matter expert on compensation matters and provide guidance and support to other team members as needed.

According to JobzMall, the average salary range for a Compensation Analyst in Detroit, MI, USA is between $60,000 and $90,000 per year. However, this can vary depending on the specific company, industry, and level of experience of the individual. Compensation analysts typically have a bachelor's degree in human resources, business, or a related field and may also have certifications in compensation or human resources management. They are responsible for conducting salary research, creating and administering compensation plans, and ensuring compliance with laws and regulations related to compensation and benefits.

The Henry Ford Health System is a comprehensive, integrated, non-profit health care organization in Metro Detroit. The corporate office is at One Ford Place, Detroit, Michigan. Henry Ford established the health system in 1915, and it is currently run by a 15-member board of trustees.