Head of Global Compensation & North America Benefits, Senior Vice President
Apply NowCompany: State Street Corporation
Location: Boston, MA 02115
Description:
Job Summary
The Head of Global Compensation and North America Benefits is responsible for leading the design, development, and implementation of the bank's compensation and benefits strategy. This role ensures that compensation structures are competitive, and aligned with the company's strategic goals while adhering to regulatory requirements. The Head of Global Compensation and North America Benefits will work closely with senior leadership, HR, legal, and external partners to ensure that the bank's pay and benefits offerings attract, motivate, and retain top talent in a highly competitive financial services environment.
Key Responsibilities
Compensation Strategy, Design and Consulting
Benefits Strategy & Administration
Regulatory Compliance & Risk Management
Qualifications
Salary Range:
$225,000 - $337,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Job Application Disclosure:
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.
State Street's Speak Up Line
The Head of Global Compensation and North America Benefits is responsible for leading the design, development, and implementation of the bank's compensation and benefits strategy. This role ensures that compensation structures are competitive, and aligned with the company's strategic goals while adhering to regulatory requirements. The Head of Global Compensation and North America Benefits will work closely with senior leadership, HR, legal, and external partners to ensure that the bank's pay and benefits offerings attract, motivate, and retain top talent in a highly competitive financial services environment.
Key Responsibilities
Compensation Strategy, Design and Consulting
- Lead the development and implementation of compensation programs for all employee levels, including base pay, and incentive programs.
- Drive a strong linkage between pay-for-performance and the company's strategic goals through carefully structured compensation plans.
- Ensure that compensation structures are aligned with business objectives, competitive in the marketplace, and compliant with all regulatory requirements.
- Regularly benchmark compensation data to ensure pay structures remain competitive.
- Provide strategic advice to senior leadership on the effectiveness of current compensation and benefits programs and recommend changes as needed.
Benefits Strategy & Administration
- Oversee the bank's employee benefits programs, including health, wellness, retirement, and other perks, ensuring they are comprehensive, competitive, and cost-effective.
- Work with insurance brokers, benefits providers, and legal advisors to structure and manage employee benefits offerings.
- Ensure the bank's benefits programs comply with regulatory requirements (e.g., ERISA, HIPAA, etc.) and align with industry best practices.
- Responsible for supporting the US Benefits Committee.
Regulatory Compliance & Risk Management
- Stay current on compensation and benefits regulations, ensuring the company's programs are in compliance with federal, state, and local laws.
- Focus on strategies to mitigate the risk of non-compliant vendors.
- Ensure the accurate and timely filing of regulatory reports and documents, such as Form 5500, and other required filings.
Qualifications
- 10+ years of experience in compensation and benefits management, with at least 5 years in a leadership role, preferably within the banking or financial services industry.
- Strong knowledge of compensation and benefits best practices, including regulatory compliance, pay-for-performance, and executive compensation.
- Experience managing reward programs for a large, complex organization.
- Proven ability to build relationships and work cross-functionally with senior leadership, Human Resources, Legal, Finance, and external consultants.
- Bachelor's degree in Human Resources, Business Administration, Finance, or related field; MBA or advanced degree preferred.
Salary Range:
$225,000 - $337,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Job Application Disclosure:
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.
State Street's Speak Up Line