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Compensation Director – Wholesale Banking

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Truist Bank

3mo ago

  • Job
    Full-time
    Expert Level
  • Consulting
    People, HR & Administration
  • Charlotte

AI generated summary

  • You need a bachelor's degree, 10+ years in compensation, design experience, people management skills, and knowledge of financial services, with a desire to influence senior leadership effectively.
  • You will develop and execute compensation strategies, design incentive programs, manage annual compensation events, lead projects, and guide a team while ensuring compliance with regulations.

Requirements

  • 1. Bachelor’s degree or equivalent combination of education and experience.
  • 2. 10 years of experience in Compensation, Total Rewards, or related field.
  • 3. Demonstrated proficiency developing Total Rewards/Compensation strategies to achieve operational and financial results.
  • 4. Extensive experience in design and management of compensation (such as functional incentive plan design, executive compensation, etc.) tied to business and organizational strategies and management objectives.
  • 5. Ability to lead large, highly complex projects of notable risk exposure.
  • 6. Ability to influence others at senior levels to adopt a new perspective. Knowledge of the industry's competitive landscape and an understanding of the market and regulatory factors that shape the industry.
  • 7. 12 years of experience as a compensation professional.
  • 8. Prior compensation experience supporting one or more wholesale businesses (e.g. commercial banking, corporate and investment banking, wealth).
  • 9. Experience working in the financial services industry; professional certification in HR related discipline (PHR, SPHR, CCP, assessments, etc.).
  • 10. People management experience.
  • 11. Sitting Constantly (More than 50% of the time)
  • 12. Standing Occasionally (Less than 25% of the time)
  • 13. Walking Occasionally (Less than 25% of the time)
  • 14. Bending Occasionally (Less than 25% of the time)
  • 15. Lifting Up to 10 lbs.
  • 16. Visual / Audio / Speaking Able to access and interpret client information received from the computer and able to hear and speak with individuals in person and on the phone.
  • 17. Manual Dexterity / Keyboarding Able to work standard office equipment, including PC keyboard and mouse, copy/fax machines, and printers.
  • 18. Availability Able to work all hours scheduled, including overtime as directed by manager/supervisor and required by business need.
  • 19. Travel Up to 25%

Responsibilities

  • Responsible for developing and executing the organization’s compensation and rewards strategies to ensure that the organization has competitive compensation programs, policies and practices that meet the needs of the business.
  • Lead the design and development of incentive plan programs, ensuring alignment to business strategy and appropriate risk balancing.
  • Provide for a collaborative approach to influence shared services compensation work through a strong partnership with Executive Leaders and business partners.
  • Identify, design and lead large, complex compensation related programs and projects (e.g. merger, salary structure, geographic differentials, internal equity, vendor selection and management) while completing in a timely, efficient and effective manner.
  • Responsible for managing annual compensation event for assigned business units. Ensure groups remain within budget and demonstrate a pay for performance approach to award allocations.
  • Partner closely with Executive Compensation, other areas of compensation and HR partners to deliver on the full suite of Rewards available to the organization.
  • Provide ongoing leadership, guidance, and empowerment to compensation consultants by providing the team with tools, knowledge and resources needed to perform as one team.
  • Develop, communicate and interpret compensation policies, procedures and regulations (e.g. Fair Labor Standards Act, Consumer Financial Protection Bureau, Interagency Guidance on Sound Incentive Compensation Policies) to establish and maintain uniform understanding and application within each Line of Business.

FAQs

What is the job title for this position?

The job title for this position is Compensation Director – Wholesale Banking.

What are the primary responsibilities of the Compensation Director?

The primary responsibilities include developing and executing the organization's compensation and rewards strategies, designing incentive plan programs, managing annual compensation events, and ensuring compliance with compensation-related policies and regulations.

What qualifications are required for the Compensation Director role?

Required qualifications include a Bachelor’s degree or equivalent experience, 10 years of experience in Compensation or Total Rewards, and demonstrated proficiency in developing compensation strategies.

Is prior experience in wholesale banking necessary for this role?

While not required, prior compensation experience supporting one or more wholesale businesses (e.g., commercial banking, corporate and investment banking, wealth) is preferred.

What is the work schedule for this position?

The work schedule is the 1st shift, typically during standard business hours in the United States.

How many years of experience is preferred for this position?

The preferred qualifications include 12 years of experience as a compensation professional.

Are there any specific certifications that are favored for this position?

Yes, professional certifications in HR-related disciplines such as PHR, SPHR, or CCP are preferred.

What are the travel requirements for this role?

The position may require up to 25% travel.

Does this position include benefits?

Yes, eligible employees receive a range of benefits including medical, dental, vision, and a 401k plan, among others.

Is this position open to candidates with disabilities?

Yes, Truist provides reasonable accommodations for individuals with disabilities during the application process.

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Truist Bank

Finance
Industry
10,001+
Employees

Mission & Purpose

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $535 billion as of March 31, 2024. Truist Bank, Member FDIC.

Benefits

  • Medical

    Develop a medical benefits package that meets your individual needs.

  • 401(k)

    Save now for a better tomorrow.

  • Time off

    Recharge your work/life balance with time off benefits.