Incentive Compensation Specialists are responsible for completing all of the tasks involved with administering the Incentive Compensation Plans for the Bank, including design and modeling, eligibility management and payment calculation, reporting and analysis, plan auditing, and governance control. Specialists work closely with the Lending Origination Officers, Deposit Relationship Managers, Business Development Officers and business unit managers to process incentive compensation payment requests, review evidence and information regarding disputed eligibility and calculation errors, and communicate plan details to new employees.
They serves as liaison to many key stakeholders, including Executive Management, Risk & Compliance, HR Business Partners, Legal, Finance, and IT to ensure proper incentive plan design, delivery, execution, analysis and reporting. Specialists participate in audit and risk review to ensure plans meet regulatory and compliance requirements
Processes incentive compensation payment requests prepared by Lending Origination Officers, Deposit Relationship Managers, Business Development Officers and business unit managers; reviews submissions for plan eligibility; completes data entry to register the requests with payment system, and executes processing cycles to generate payment calculation. Reviews disputed eligibility and calculation errors. Prepares payment memo for review and audit.
Assists Executive Management with the design and modeling of incentive compensation plans. Contributes to the development of software and processes for eligibility and payment calculation. Develops trend analyses and other quantitative reports to determine business trends that impact compensation.
Ensures incentive payment submissions comply with bank policies and procedures, and that documentation is accurate and properly maintained. Prepares and analyzes monthly reports. Investigates and documents unusual items. Documents plan payouts and presents materials during audit and risk review process. Develops recommendations and action plans to support growth and eliminate or mitigate observed risks.
Associate’s Degree or equivalent from a college or university and 2-3 years of related experience. Bachelor's degree preferred.
Intermediate to Advanced computer operational skills required. Advanced Excel skills; beginning SQL or database query writing skills desired
Basic to intermediate knowledge of banking operations and compensation fundamentals
Effective oral, written and interpersonal communication skills with the ability to apply common sense to carry out instructions, interpret documents, understand procedures, write correspondence, and speak clearly to customers. Ability to professionally respond to customer complaints and urgent requests.