Compensation Strategist

4 weeks ago


Toronto, Ontario, Canada BMO Full time

Job Summary

The Compensation Strategist will be responsible for designing, analyzing, and executing North American strategies to comply with pay equity legislation and voluntary initiatives to ensure fair pay for all employees.

This role is well-suited for someone with excellent organization and attention to detail who enjoys being responsible for managing longer-term projects and change management, program management, and stakeholder collaboration.

The ideal candidate will be able to keep track of multiple priorities over longer horizons and ensure sufficient time has been built in to meet deadlines.

They will also enjoy navigating complex multi-faceted problems and becoming a deep subject matter expert.

The Compensation Strategist will provide compensation expert advice and counsel through various business/group and leadership engagements to execute BMO's strategy and support the business/group strategy.

They will support/define the strategic direction, governance design, program design, and execution of compensation programs at BMO.

The ideal candidate will understand and align to regulatory requirements in applicable jurisdictions.

They will complete specific strategic & operational work to deliver program objectives and/or minimize risk.

Key Responsibilities

  • Provides strategic input into business decisions as a trusted advisor.
  • Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
  • Provides expert advice, and support regarding employee and executive compensation issues including internal/external program effectiveness assessment, and governance.
  • Conducts independent analysis to resolve strategic issues.
  • Acts as a subject matter expert on relevant regulations and policies.
  • Influences and negotiates to achieve business objectives.
  • Manages day-to-day regulatory requests and reporting requirements to ensure BMO meets regulatory requirements in applicable jurisdictions.
  • Identifies internal and/or external emerging issues, trends, and needs to inform business strategies & decisions.
  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
  • Recommends changes on policy decisions.
  • Enhances subject matter expertise and keeps abreast of trends by reading journals and articles.
  • Develops the business case by identifying needs, analyzing potential options, and assessing expected return on investment.
  • Recommends business priorities, advises on resource requirements, and develops a roadmap for strategic execution.
  • Provides design requirements to help define & advance compensation strategy.
  • Assists in the development of strategic plans.
  • Acts as the prime subject matter expert for internal/external stakeholders.
  • Manages relationships with outside service providers for programs and ensures all required activities are completed.
  • Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
  • Provides advanced analytical and other project support in the design, development, implementation, and evaluation of policies and programs.
  • Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
  • Leads the development of the communication strategy focusing on positively influencing or changing behavior.
  • Collaborates across BMO to develop communications strategies and ensures consistency of messaging, in order to positively influence or change behavior.
  • Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
  • Directs the planning and implementation of operational programs.
  • Ensures governance review of compensation programs, including assessing if programs comply with principles & policies and legislative requirements and confirming that incentive pool funding is accurately forecast.
  • Develops compensation programs/solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.
  • Provides input into the planning & implementation of operational programs.
  • Supports the design, development, and implementation of multi-year strategy for compensation that improves employee productivity, engagement, and advocacy in alignment with BMO's overall business strategy.
  • Breaks down strategic problems, and analyzes data and information to provide insights and recommendations.
  • Gathers and formats data into regular and ad-hoc reports, and dashboards.
  • Supports regulatory requests, including regulatory reporting, to ensure BMO meets regulatory requirements in applicable jurisdictions.
  • Participates in / coordinates industry benchmarking processes that allow for better understanding of BMO's program in relation to comparators.
  • Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
  • Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
  • Implements changes in response to shifting trends.
  • Broad work or accountabilities may be assigned as needed.

Qualifications

  • Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • Expert knowledge of compensation theory and program design methodology.
  • Seasoned professional with a combination of education, experience, and industry knowledge.
  • Verbal & written communication skills - In-depth / Expert.
  • Analytical and problem-solving skills - In-depth / Expert.
  • Influence skills - In-depth / Expert.
  • Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
  • Able to manage ambiguity.
  • Data-driven decision making - In-depth / Expert.

Salary

$92,400.00 - $171,600.00

Pay Type

Salaried

The above represents BMO Financial Group's pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure.

Salaries for part-time roles will be pro-rated based on the number of hours regularly worked.

For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.

BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards.

BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.

To view more details of our benefits, please visit:

We're here to help

At BMO, we are driven by a shared Purpose: Boldly Grow the Good in business and life.

It calls on us to create lasting, positive change for our customers, our communities, and our people.

By working together, innovating, and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team, you are valued, respected, and heard, and you have more ways to grow and make an impact.

We strive to help you make an impact from day one – for yourself and our customers.

We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs.

From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

To find out more, visit us at:

BMO is committed to an inclusive, equitable, and accessible workplace.

By learning from each other's differences, we gain strength through our people and our perspectives.

Accommodations are available on request for candidates taking part in all aspects of the selection process.

To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate.

Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property.

BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume.

A recruiting agency must first have a valid, written, and fully executed agency agreement contract for service to submit resumes.



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