Compensation and Benefits Specialist (12 month contract)Location: London/Limerick/Luxembourg About Northern Trust: Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With 130 years of financial experience and nearly 20,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service. As a Northern Trust employee ( Partner), you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve. We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why Forbes ranked us the top employer for Diversity in 2018. Role/ Department: The Compensation and Benefits Specialist role will have primary responsibility for the implementation, administration and communication of compensation and benefits programs for Northern Trust's operations across Continental Europe (Countries include, Luxembourg, Switzerland, Sweden and Netherlands). Reporting to the Regional Head of Compensation EMEA, who is based in the London office , this role can be based with our HR team in London, Limerick or Luxembourg.
The key responsibilities of the role include: Compensation
Partners with Head of HR Luxembourg, HR Consultants, and Managers to implement annual review cycle and presents insights such as market data, incentive target review and compensation guidelines to senior stakeholders.
Analyses local market data to determine appropriate pay levels for new offers, pay adjustments and internal equity reviews. Coordinates participation in various compensation surveys.
Keeps abreast of and ensuring compliance with jurisdictional legislative requirements such as ABBL in Luxembourg.
Monitors the regulatory requirements established by the local regulators to ensure our compensation philosophy and practices are in line with regulatory requirements in Continental Europe locations.
Support compensation governance, including effective running of the local Compensation Committee(s).
Works with Legal Counsel, Staff Delegation, Risk Management, HR colleagues, and the business units to support implementation of compensation programs and regulations;
Prepare and submit all required legislative and regulatory reporting required for the region.
Works on special projects as needed including M&A projects and global compensation projects to ensure compatibility and compliance with local legislation / regulations.
Analyses local markets to determine statutory requirements, market benefit levels and market trends and, in conjunction with Snr Benefits Consultant EMEA, conduct reviews of pension and benefit plan competitiveness.
Review policies and procedures, and make recommendations based on knowledge of daily plan operation and of benefits requirements.
Serves as an expert resource for more complex Benefits queries
Undertake project work including Benefits integration and implementation exercises as part of M&A activity
In conjunction with the Snr Benefits Consultant for EMEA:
Update and validate written and website communication materials, summary plan descriptions, and other plan-related materials.
Develop and present materials for consultation meetings with senior management and local representative bodies.
Draft/manage/issue employee communications to ensure compliance with local requirements and to facilitate understanding and engagement.
Direct and oversee outsourced vendor activities in accordance with corporate vendor management policies and requirements. Work with vendors to resolve escalated issues and/or obtain clarification for employees.
Assist with the annual Benefits Budgeting process and quarterly budget reviews to ensure Benefits costs are planned and reported.
Provide input and support in managing EMEA Wellness initiatives.
Knowledge of Continental Europe Compensation and benefits practices (preferably Luxembourg)
Understanding of all elements of compensation and interpreting market data
Experience with senior management level presentations (preparation and delivery)
Experience of working in matrix structure such as global teams
Advanced level Excel skills and strong analytical skills
Knowledge of the broader EMEA regulatory environment relating to remuneration preferred
Ability to interpret and apply legislation to applicable Compensation and Benefits policies and plans
Consulting and client servicing skills, ability to influence senior management
Excellent oral and written communication skills and strong judgement
Working with us: We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and ethical companies. In return, we will support you with your personal and career goals in a number of ways: Financial - Life Assurance, Disability Plan, Pension/ Gratuity, Annual Pay Review Work Life Balance - Flexible Work Options, Incremental Annual Leave, Community Volunteer Days Health & Wellbeing - Private Medical Insurance, Active Sports & Social clubs (lunchtime and after-work groups), Employee Assistance Program Professional Development - Clear Career Path, Education Assistance, Recognition Programme, NT University (wide range of online, virtual & in-house training options) and employee-led Business Resource Councils dedicated to diversity and inclusion initiatives.
And Finally: We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people. Apply today and talk to us about your flexible working requirements and together we can achieve greater.