Compensation Business Partner

About Northern TrustAs a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. As a Compensation Business Partner at Northern Trust, you will serve as a strategic advisor to business leaders and HR partners, helping shape compensation decisions that attract, retain, and motivate top talent while supporting business objectives. This role combines deep compensation expertise with strong consulting, analytical, and influencing skills to provide market-informed, equitable, and governance-aligned solutions across a range of complex talent and organizational matters. You will partner closely with leaders to translate compensation philosophy into practical business outcomes, guide critical pay decisions, and deliver insights that drive effective workforce and talent strategies across the organization.Key ResponsibilitiesServe as a trusted compensation advisor to business leaders and HR partners, translating corporate compensation philosophy, programs, and governance requirements into practical solutions that support business objectives.Consult with leaders on compensation decisions including offers, promotions, internal mobility, retention actions, and organizational changes, balancing business needs with market competitiveness, internal equity, and corporate guidelines.Partner with business and HR stakeholders to navigate competing priorities, identifying when standard compensation programs appropriately address business needs and when unique business circumstances warrant consideration of alternative approaches supported by a clear business rationale.Influence and guide compensation-related decisions through data-driven insights and effective communication, helping leaders understand trade-offs, risks, and implications of various compensation strategies.Conduct job evaluations, market pricing, pay equity reviews, and competitive assessments to develop fair, market-aligned, and internally consistent compensation recommendations.Collaborate with HR Business Partners and business leaders on workforce planning, talent strategies, and organizational initiatives, providing compensation expertise to support talent attraction, retention, and engagement.Analyze market trends and participate in compensation survey submissions, translating external data into actionable insights and recommendations for leadership.Support enterprise compensation programs and annual compensation cycles, including salary structure reviews, merit planning, incentive programs, and governance processes.Contribute to the design, evaluation, and modeling of compensation and incentive programs, ensuring alignment with business objectives, talent strategies, and corporate compensation philosophy.Interpret and apply compensation policies and governance requirements, while exercising sound judgment to address complex business situations in a consistent and compliant manner.Develop and deliver compensation education, presentations, and training, translating complex compensation concepts into clear, actionable guidance for HR and business audiences.Build strong relationships across the organization, serving as a credible consultant who can effectively influence stakeholders, manage challenging conversations, and drive alignment between business objectives and compensation strategy.KnowledgeSkilled at translating complex compensation concepts into clear business recommendations and executive-level communicationsStrong and commercially sound understanding of compensation governance, regulatory requirements, and industry best practicesAbility to influence and partner with senior leaders, HR teams, and cross-functional stakeholdersAdvanced analytical, problem-solving, and decision-support capabilitiesProficiency in Microsoft Excel and HRIS/compensation systems (e.g., Workday)ExperienceBachelor's degree in Human Resources, Finance, Business, or a related field; CCP certification or advanced degree preferredMinimum 7 years of progressive compensation experience, including significant client-facing or consulting responsibilitiesDemonstrated ability to partner with senior business leaders and HR stakeholders on complex compensation mattersProven experience balancing enterprise compensation philosophy with evolving business needs while maintaining governance and consistencyStrong executive communication, stakeholder management, and influence skillsSalary Range:$137,400 - 240,400 USDSalary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.Work AuthorizationApplicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa). Working with UsAs a Northern Trust 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 committed to an inclusive workplace and assisting the communities we serve.Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities. Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at View email address on click.appcast.io, or alternatively you can discuss your individual requirements with the recruiter you are working with. SummaryLocation: Chicago, IL; New York, NYType: Full time