AVP Compensation

Overview

As a key member of the Navy Federal Compensation Leadership Team and strategic subject-matter expert and advisor, you will lead and inspire the Compensation Delivery Team, partnering to develop best-in-class compensation strategies and practices that attract, reward, recognize, and motivate a diverse workforce. You will oversee the execution of strategic delivery objectives, ensuring alignment with Navy Federal's overall goals, strategies, mission, and vision. You will manage and evolve the operations of compensation consulting and delivery, leading a team of Compensation Managers and professionals who collaborate with key stakeholders and business leaders across the enterprise. Drawing on your extensive compensation expertise, you will ensure that programs, activities, and initiatives align with enterprise strategic goals, drive efficiencies, remain externally competitive and internally equitable, while complying with federal, state, and local laws and regulations.

Responsibilities

• Provide senior-level compensation guidance, consulting, and expert advice to key stakeholders across the enterprise, up to and including senior executive leadership.
• Partner with key stakeholders to develop and build support of the long-term strategic direction and multi-year roadmap for compensation strategies, programs, and initiatives for the enterprise in alignment with the NFCU Total Rewards philosophy. Establish, communicate, and monitor short- and longer-term goals to support the strategic direction, while regularly updating and reprioritizing the roadmap to reflect a changing, agile landscape.
• Exhibit thought leadership and foster strong, collaborative relationships both within HR and across client and partner groups (e.g., HR Business Partners, Talent Acquisition, Strategic Workforce Planning, Benefits, DI&B, Finance, Legal, Enterprise Risk, Compliance, Audit, etc.) including approaching work with a "One Team" mentality.
• Lead the Compensation Team's annual goal setting process, to include ongoing tracking of progress throughout the year. Ensure goals and supporting initiatives are on track and on time for successful completion. Partners with other leaders to ensure adequate prioritization and resourcing is maintained throughout the year for ultimate successful execution and delivery of goals. Ensure expectations are communicated clearly and effectively across the Compensation team to ensure optimal performance results.
• Acts as the Compensation lead for the HR prioritization portfolio and dashboard activities. Partners with other leaders across HR to determine cross-functional prioritization of activities and initiatives. Able to connect the dots for downstream and horizontal impacts, while identifying variables that my influence outcomes.
• Develop and maintain the Compensation Team's departmental annual budgeting process, to include ongoing tracking throughout the fiscal year. Works closely with Finance partners to ensure variances are tracked and information is kept up to date.
• Oversee the development, maintenance and implementation of compensation related employee policies, procedures, and practices and is accountable for ensuring the policies, procedures, and compensation guidelines are applied fairly, equitably, and consistently.
• Lead the Compensation consulting and delivery function, primarily accountable for partnering with HR Business Partners, Finance and senior business leaders to create and benchmark roles, recommend pay packages, evaluate and consult leaders on job and pay changes, provide consultation on job architecture and restructuring, facilitate the development of business unit incentive plans, monitor trends, and ensure the successful execution of cyclical compensation review cycles. Strategize efficiencies and implement best practices. Lead, coach, and develop team members so they can successfully design, deliver, and manage compensation solutions for their assigned client groups and workstream effectively. Ensure business support needs are met with proper staff resourcing and alignment. Establish and effectively communicate team performance expectations and foster career development opportunities.
• Oversight of ad hoc pay and job recommendations, facilitating approval routing of executive pay actions for Assistant Vice Presidents and above, ensuring internal equity reviews are conducted and compliance with documented audit procedures is adhered to. Function as the primary connector with the CHRO, CEO and COO on ad hoc executive job and pay actions and approval related inquiries. Responsible for process efficiencies and related audits initiated by internal risk and audit liaisons.
• Responsible for approving designated vendor invoices and acts as the escalation point of contact for Compensation with Procurement and Vendor Management (PVM), as needed.
• Lead, coach, and develop team members to ensure they have a thorough understanding of the enterprise compensation strategy. Inform and aid in the development of training and educational resources. Partner closely with Enterprise Change Management and L&TD to design and deliver training resources to ready people leaders in the execution of compensation activities.
• Act in the role of project lead or sponsor on enterprise-wide compensation initiatives and cyclical activities, ensuring successful planning, pacing, rollout, and execution. Apply proven experience and demonstrated methods to influence and inform successful change management and communication efforts.
• From time to time, function as the lead or be assigned a key role in cross-functional enterprise-wide initiatives across multiple disciplines, representing the compensation function and/or HR. May lead Mission Based Teams (MBTs) or task teams to solve critical business challenges or opportunities.
• Leverage and interpret data, market analytics, and trends to influence, inform and formulate strategies. Strong familiarity of key economic and labor market indicators in support of formulating and influencing compensation methodologies. Proactively stays up to date on industry and emerging market trends.
• Lead and coach teammates on business acumen, best practices, and ideal ways of working, creating an environment of collaboration, experimentation, continuous learning, and efficiency.
• Encourage a culture of belonging and collaboration through actively mentoring, developing, and supporting talent across the Compensation function.
• Leverage technology to drive outcomes and partner on identifying additional tools and practices to elevate processes and experiences. Able to solve moderate to complex methodologies related to HRIS / HCM solutioning, tapping into experience with a variety of methodologies and practices.
• As a member of the HR Extended Leadership Team, partner with a diverse group of senior HR partners and key stakeholders to codesign solutions and enhance program and processes across HR functions.
• Assist in the development and implementation of internal controls; determine adequacy and effectiveness of applicable policies and practices.
• Guide others to ensure policies, procedures, and related laws and regulations are applied fairly, equitably, and consistently.
• Acts as a primary escalation point for critical, confidential, and urgent compensation matters, including executive inquiries, legal inquiries, executive offers, ad-hoc pay adjustments, and retention strategies.
• In the absence of the VP, Compensation, may function as the lead of Compensation and be responsible for solutioning, decision making and approval routing. Serve as an escalation point, owning resolution with partners and senior business leaders (e.g., aligning expectations on priorities, scope, timing, and limitations).
• Lead monthly staff meetings for the Compensation function. Guide and direct area and project leads in the formation of content and identifying subject matter and topics to be addressed.
• Lead meetings with C-Suite leaders, inclusive of developing compelling meeting materials, challenging, and debating respectfully, and influencing outcomes.
• Manage and direct the work of external vendors and consultants, as necessary. Offers cost-effective solutions and statements of work.
• For the entire Compensation function, leads cross-functional engagement and team building activities, fostering a cohesive and collaborative one-team approach. Ensures remote and hybrid dispersed employees are integrated into cross functional activities. Encourages recognition of milestones and key accomplishments.
• Performs other duties as assigned.

Qualifications

• Expert, proven knowledge of employee compensation practices, standards, and systems, as well as a wide breadth of knowledge of federal, state, and local regulations covering employee compensation (e.g., FLSA, minimum wage, pay transparency regulations, etc.
• Proven experience in leading, developing, guiding, and mentoring others.
• Ability to deal tactfully with all levels of Navy Federal's workforce and efficiently manage complex situations.
• Experience in presenting findings, conclusions, alternatives, and information clearly and concisely.
• Expert skills in research, analysis, decision making, and critical thinking skills.
• Advanced skills in results-oriented leadership in a challenging environment.
• Advanced interpersonal, verbal, and written communication skills.
• Expert skill to influence, negotiate, and persuade to reach an agreeable exchange and positive outcomes.
• Expert skill exercising initiative, attention to detail, and using good judgment to make sound decisions.
• Strong mathematical acumen.
• Advanced skill using Microsoft suite products such as Excel, PowerPoint, and Word.
• Extensive experience utilizing salary survey participation and market-pricing products such as MarketPay, Reward, etc.
• Extensive experience with cloud-based HCM/HRIS product suites like Oracle, Workday, etc.
• Advanced skill in monitoring regulations and compliance as it relates to employee compensation and labor practices.
• Bachelor's Degree in Human Resources Management or related field, or equivalent combination of training, education, and experience.

Desired Qualifications

• Master's Degree in Human Resources Management.
• Certified Compensation Professional (CCP) certification.
• Experience in leading a Total Rewards Compensation department, or sub-department supporting a large, diverse workforce. Banking or Financial Services industry experience a plus.

Hours: Monday - Friday, 8:00AM - 4:30PM Hybrid

Location: 820 Follin Lane, Vienna, VA 22180

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