Total Rewards Manager

Total Rewards Manager

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

What it's like to work here

At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us. Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided an allocation of remote days to use as needed throughout the year.

What you'll do

The Total Rewards Manager is a senior individual contributor who helps shape and execute the Bank's Total Rewards strategy across compensation, benefits, and governance. This role operates as both a strategic partner and hands-on expert, driving programs that are competitive, compliant, and differentiated in the market.

This position is suited for a high-performing professional who brings strong analytical rigor, executive-level communication skills, and a high ownership mindset, with the ability to translate complex data into clear insights and high-quality deliverables that support leadership decision-making

How you'll make an impact

• Deliver data-driven insights that directly influence compensation, benefits, and workforce decisions
• Ensure Total Rewards remain competitive, innovative, and aligned to business strategy through clear, compelling analytics and executive-ready materials
• Drive continuous improvement by identifying opportunities to enhance programs, processes, and employee experience
• Build credibility as a trusted advisor through strong judgment, responsiveness, and high-quality execution
• Operate with a high degree of ownership—taking initiative, solving problems, and advancing work without direction

Total Rewards Strategy & Execution

• Support development and evolution of Total Rewards strategy aligned to business priorities and market trends
• Translate strategy into actionable programs, analyses, and recommendations

Compensation & Incentives

• Execute and enhance compensation programs, including salary structures, market alignment, and governance
• Lead analysis of internal equity, market competitiveness, and pay decisions
• Manage incentive programs (annual and long-term), including modeling, funding, and performance alignment

Benefits & Pension

• Support strategy and delivery of benefits programs, including a pension offering
• Analyze participation, cost, and effectiveness to inform benefit enhancements
• Partner with vendors to drive performance and employee experience

Executive Support & Governance

• Support executive compensation governance and develop board- and leadership-ready materials
• Ensure strong controls, documentation, and audit readiness across Total Rewards programs

Analytics & Insights

• Develop models and analyses to inform compensation and benefits decisions
• Translate complex data into clear, concise, and visually compelling presentations for leadership

Compliance & Advisory

• Ensure compliance with regulatory requirements, policies, and audit expectations
• Provide guidance on Total Rewards matters across the employee lifecycle, including complex situations

Operational Excellence

• Partner with HRIS to run the Bank's semi-monthly payroll and ensure accurate execution
• Support annual cycles (merit, incentives, Open Enrollment) with a focus on efficiency and experience

Strategic Projects

• Lead or contribute to high-impact Total Rewards initiatives
• Drive implementation, stakeholder alignment, and change management

What you'll bring

• Bachelor's degree in Human Resources, Business Administration, Finance, or related field required
• Master's degree in Human Resources or Business Administration preferred
• Certified Compensation Professional (CCP) or similar credential preferred
• 7+ years of progressive experience in Total Rewards, compensation, or benefits
• Experience supporting both the strategy and execution of compensation and/or benefits programs
• Experience with incentive compensation programs and/or complex pay structures
• Experience managing retirement programs including 401(k) and Pension
• Experience in financial services or other regulated industry preferred
• Experience with HR systems (e.g., Workday) preferred
• Strong Total Rewards expertise with solid understanding of market practices
• Advanced analytical skills
• Ability to translate data into actionable insights and executive-ready narratives
• Strong presentation skills, including development of polished leadership materials
• High ownership mindset with ability to operate independently and drive results
• Strong prioritization and ability to manage multiple deliverables
• Effective cross-functional partnership and influencing skills
• Sound judgment and discretion with sensitive information

The Perks

At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.

Salary Range:

$125,825.00 - $221,275.00

The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here.