Senior Compensation Analyst

Senior Compensation Analyst

The Federal Reserve Bank of Cleveland's mission is to foster the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems while representing the Fourth District perspectives. As part of the nation's central bank, we are a team of mission-driven professionals who are committed to serving with excellence. Our core values are: Build Trust Every Day, Own Our Actions, Collaborate with Intention, and Be Open to Change. For twenty-six years in a row, we've been named "One of Northeast Ohio's Best Places to Work" by North Coast 99. This prestigious award honors organizations with outstanding employment practices, including compensation, benefits, training, recruitment, retention, community services, and employee communications.

The Senior Compensation Analyst is responsible for supporting the design, implementation, and administration of the Bank's compensation programs that support the Federal Reserve Bank's mission and strategic objectives. This position requires advanced analytical skills and compensation expertise to ensure the organization attracts, retains, and motivates top talent while maintaining internal equity and external competitiveness with relevant labor markets.

Essential Accountabilities

• Support the design, development, and administration of compensation programs, policies, and practices in alignment with Federal Reserve System guidelines and bank-specific strategies as well as federal regulations and employment laws
• Conduct sophisticated market analyses and benchmarking studies to ensure competitive positioning for various job families and levels
• Support the annual compensation planning process
• Develop and maintain compensation models, salary structures, and job evaluation systems
• Prepare comprehensive reports and presentations for leadership on compensation trends, competitiveness, and program effectiveness
• Participate in compensation surveys and analyze market data from multiple sources
• Serve as a compensation subject matter expert and advisor to HR Business Partners and business leaders. Provide guidance on complex compensation decisions, including offers, promotions, adjustments, and organizational changes
• Support internal and external audits related to compensation practices.
• Maintain documentation of compensation decisions and program rationale.
• Continually seeks new and innovative methods and process improvement solutions.

Education and Experience

• Bachelor's degree and 5+ years of related work experience within Compensation, Data Analysis or Finance required.
• Certified Compensation Professional (CCP) preferred

Knowledge Areas – Advanced Level

• Ability to perform independent research
• Knowledge of compensation principles, theories, practices, and methodologies
• Thorough understanding of federal compensation regulations
• Understanding of compensation survey methodologies
• Project management

Skill Areas – Advanced Level

• Analytical capabilities to conduct compensation and job analyses
• Problem solving
• Communication (written, verbal and speaking to groups)

The expected starting salary range for the Senior Compensation Analyst is between ​$90,500 and $113,100 annually. Final salary and offer will be determined by the applicant's background, experience, skills, internal equity, and market data.

The Cleveland Fed offers benefits to support overall health and financial security. Learn more about our benefits here:

Physical Demands and General Working Conditions

This is not necessarily an exhaustive list of all responsibilities, duties, standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, the Federal Reserve Bank of Cleveland reserves the right to revise this or any job description at any time.

Reasonable Accommodation Statement - The Federal Reserve Bank of Cleveland is committed to ensuring that individuals with disabilities are provided with reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. To request a reasonable accommodation for any part of the employment process, please send an email to View email address on click.appcast.io.

Bank's Ethics Rules and Drug Testing:

As a condition of employment, Federal Reserve Bank of Cleveland employees must comply with the Bank's ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning or controlling, directly or indirectly, any debt or equity interest in a depository institution or an affiliate of a depository institution. A "depository institution" means a bank, a trust company, or any institution that accepts deposits, including a bank chartered under the laws of a foreign country. In addition, employees (and their spouses/domestic partners, and minor children) may not own shares of mutual funds, unit investment trusts or ETFs that have a policy, as stated in the prospectus, of concentrating in the financial services industry and that have underlying investments in banks or other depository institutions. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting.

In addition, as a condition of employment, candidates must undergo a background check and will be tested for all controlled substances prohibited by federal law, to include marijuana, prior to hire and for certain safety sensitive positions during employment.  

Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels.