Boston Private is a leading provider of fully integrated wealth management, trust and private banking services. For more than 25 years, Boston Private has taken a highly personalized approach to serving the complex financial needs of individuals, families, business owners, private partnerships, nonprofits and community partners. Boston Private is also an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses.
Headquartered in Boston, Boston Private has offices across the U.S. including Boston, San Francisco, San Jose, Los Angeles and South Florida. Private banking and trust services are provided through Boston Private Bank & Trust Company. Wealth management services are provided through Boston Private Wealth LLC, an SEC registered investment adviser and a wholly owned subsidiary of Boston Private Bank & Trust Company.
This position is the subject matter expert in all areas of compensation including base pay, short and long-term incentives. The role is responsible for compensation programs and policies to ensure compensation alignment with the Company’s business strategy, goals and competitive practices. In partnership with HR Business Partners and business area managers, this position plans, develops, and implements compensation solutions to achieve business goals. Provides pro-active analyses of compensation programs and practices, and recommends solutions to ensure programs are competitively and consistently administered in compliance with all applicable regulations.
Broad-Based Employee Compensation
- Participate in the development of the Company’s overall compensation philosophy and related employee communications regarding compensation programs.
- Administer the broad-based compensation program for the Company including the development and maintenance of base salary ranges and incentive targets for the Company’s various business lines/market segments. Maintain competitive structures and conduct on-going analysis to ensure overall competitiveness and consistent approach to pay decisions for all levels across the organization.
- Participate in a number of annual compensation surveys and industry associations to stay abreast of market trends. Conduct proactive competitive analysis and recommend program updates as necessary in line with market trends and findings. Work with HRIS team to automate annual survey and compensation/budgeting processes and reporting.
- Work in partnership with line managers and HR Business Partners, responsible for ensuring complete inventory of job descriptions and position profiles and provide updates as necessary.
- Develop and oversee the Company’s job evaluation process to ensure the appropriate market benchmarking and evaluation of new and existing jobs to ensure appropriate targeted compensation levels.
- Develop on-going metrics and regular management reporting regarding salary and incentive programs.
- Evaluate and document all jobs for exempt and non-exempt status. Develop and maintain evaluation factors and process for reviewing as part of overall job evaluation process.
- Train managers and HR Business Partners and assist with all communications regarding salary and bonus programs.
- Oversee/administer the Company’s compensation policy with all affiliates and the annual incentive plan review with the Chief Human Resources Officer and Chief Risk Officer; maintain attestation process with affiliates for assessing risk.
- Participate in ongoing compensation initiatives, including benchmarking, ad hoc analyses, support of business issues, communications, and planning for the annual compensation cycle. In addition, participate on special project teams to support various HR initiatives.
- Provide consultative advice to the business with the review and development of sales compensation plans.
- Conduct annual risk review of incentive compensation plans.
- Liaise with finance and business areas related to sales compensation administration.
- Drive the process for the timely development and preparation of materials for the Compensation Governance & Executive Committee of the Board of Directors, in conjunction with the legal and finance teams – as well as external consultants - to deliver high quality meeting materials on time.
- Supports in the development of the Compensation Discussion & Analysis in conjunction with Legal, Finance and external consultants.
- Assist with development of market-based annual equity award guidelines, participation criteria and equity administration.
- Bachelor’s, and 7+ years of compensation experience ideally in the financial services industry.
- Certified Compensation Professional (CCP); Financial acumen, strong analytics, problem-solving and attention to detail. Excellent interpersonal, compensation advisory and communication skills.