Compensation Specialist

Main purpose of the role:

Duties include, but are not limited to:

• Prepare/Coordinate/Manage key reward activities for all employees and Risk Takers, including identification of Risk Takers, ComShare, variable pay reviews, salary reviews, deferred compensation, salary benchmarking and annual compensation survey submissions while being aligned with the overall Compensation products and guidelines of the bank. This includes letter preparation and generation and working with the HR BP team regarding distribution as required.

• To be a source of expert information and advice in the area of Compensation in the region. Prepare materials for and present at/attend London Compensation Committee meetings. To report any issues, risks and problems within the Compensation area and to provide potential solutions.

• Be familiar with and ensure compliance with the regulatory and legal framework of Compensation and GM-HR topics. Pro-actively monitor relevant changes to the existing framework, advise Management on needed actions and actively manage the implementation thereof within the existing set of frameworks regionally and globally. Ensure all processes are reviewed and up to date.

• Attend the London Regulatory Forum and ComCo on behalf of GM-HR. Act as ABC Champion for London HR. Ensure all relevant RICO controls are in place and executed in a timely manner within GM-HR London. Complete key controls related to compensation and development dialogue.

• Run Development Dialogue reports for Target Achievement/Interim/Agreement completion, as well as any ad hoc reporting, including variable compensation pay out reconciliation. Fulfil completion steps of leavers forms within success factors, saving previous year documents to the drive and attend multiplier call.

• To maintain excellent relationships with the Compensation & Benefits Department in Frankfurt to ensure consistent application of Compensation initiatives within the bank.

• Manage any projects in the area of Compensation for the region and complete any ad hoc HR related tasks.

• To undertake research and analysis and report on internal and external trends in the areas of Compensation along with third parties like McLagan.

• Engage with external forums on a regular basis and stay on top of Compensation and Regulated changes affecting Commerzbank London.

• Assist with checking and processing invoices raised by external reward service providers.

Key requirements:

• University degree or similar (preferable)
• Compensation analysis experience of at least 5 years preferably within Financial Services/Banking environment.
• Excellent understanding of compensation products and practices within the London Financial Services/ Banking environment.
• Knowledge and understanding of the regulatory requirements and legislative changes affecting Banking industry in Germany and UK.
• Excellent ability to use/analyse standard salary and labour market benchmarking tools such as McLagan salary surveys.
• Familiarity with Success factors (preferable) and MS office, with excellent knowledge of Excel.
• Excellent communication skills – ability to explain complex compensation matters in basic terms to employees and relevant teams/colleagues. Able to deal effectively and appropriately with staff at all levels of seniority on a wide range of topics and with the Global Functional Lead and other international HR colleagues.
• Ability to remain calm under pressure, prioritize and focus.
• Excellent attention to detail.
• Excellent organisational skills - must be able to manage a varied and fluid workload in a timely and conscientious manner.
• Ability to act in confidential and sensitive manner.
• A pro-active approach always striving to generate new ideas, look for efficiencies and add value.