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Incentive Compensation Administrator I

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Truist Bank

1mo ago

  • Job
    Full-time
    Junior Level
  • People, HR & Administration
    Banking & Finance
  • Richmond

AI generated summary

  • You need a bachelor’s degree, 2 years in financial services, proficiency in Microsoft Office, strong analytical and organizational skills, plus experience with incentive plans and Varicent.
  • You will manage brokerage incentive payments, support LOB inquiries, test system changes, resolve issues, document processes, and collaborate with key partners on automated solutions.

Requirements

  • 1. Bachelor’s degree or equivalent education, training, and work-related experience
  • 2. Two years of financial services experience, including exposure to technology applications
  • 3. Demonstrated proficiency in basic computer applications, such as Microsoft Office software products
  • 4. Excellent organizational skills
  • 5. Excellent interpersonal skills
  • 6. Strong analytical skills
  • 7. Strong process orientation
  • 1. Professional in Human Resources designation (PHR).
  • 2. Brokerage/commissioned incentive plan experience.
  • 3. Varicent Incentive System experience.
  • 4. Root cause analysis experience.
  • 5. Graduate of the Truist School of Banking or similar program.
  • 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.
  • Able to work standard office equipment, including PC keyboard and mouse, copy/fax machines, and printers.
  • Able to work all hours scheduled, including overtime as directed by manager/supervisor and required by business need.
  • Minimal and up to 10%

Responsibilities

  • Independently manage and drive the processing, correction, and administration of brokerage incentive payments from automated incentive compensation systems. Assist with brokerage teammate questions and corrections to production and pay. Manage the development and execution incentive compensation system projects within the specified line of business (LOB) timelines. Provide subject matter expertise, advisory services, and support to the LOB and other key stakeholders.
  • Administer incentive compensation plans via automated solutions that may or may not include manual adjustments, calculation support, source data validation and upload of data from source systems.
  • Support assigned Lines of Business (LOBs) by providing accurate and timely responses to data/award adjustments and research requests, meeting all Service Level Agreements (SLAs) with minimal guidance.
  • Perform functional testing of new and revised business requirements that are configured in the automated incentive compensation system. Ensure expected results are achieved and provide feedback to the configuration team if issues are found.
  • Provide accurate and meaningful responses to questions and presents solutions to the field and system partners for systematic issues. Present key observations and/or data analysis in a professional manner, with follow-up occurring based on established SLAs to LOB partners through solid communication and service, without sacrificing Compliance standards or established procedures.
  • Proactively identify issues; form a working group to address items; implement solutions. Escalate more complex issues to other members of the ICA team.
  • Identify manual processes and participate in or deliver automated solutions and/or eliminate non-value or low value activities. Develop and maintain thorough documentation of processes and procedures specific to area of administration.
  • Deliver solutions to LOBs through engagement with various key partners, such as the Consumer Data Office, HR Business Partners, and Enterprise Technology.

FAQs

Do we support remote work?

This position is office-centric, requiring four days in the office.

What are the essential duties and responsibilities of the Incentive Compensation Administrator I?

The essential duties include administering incentive compensation plans, supporting assigned Lines of Business, performing functional testing, providing accurate responses to inquiries, proactively identifying and addressing issues, developing automated solutions, and delivering solutions through engagement with key partners.

What qualifications are required for this position?

Required qualifications include a Bachelor's degree or equivalent experience, two years of financial services experience, proficiency in Microsoft Office, excellent organizational and interpersonal skills, strong analytical skills, and a strong process orientation.

Are there any preferred qualifications for this role?

Preferred qualifications include a Professional in Human Resources designation (PHR), brokerage/commissioned incentive plan experience, Varicent Incentive System experience, root cause analysis experience, and graduation from the Truist School of Banking or a similar program.

What are the typical working conditions for this job?

The working conditions include the ability to access and interpret client information, manual dexterity for working with standard office equipment, availability to work scheduled hours including overtime, and minimal travel of up to 10%.

What is the benefit package for this position?

The benefit package includes medical, dental, vision, life insurance, disability, a 401k plan, vacation days, sick days, and paid holidays. Specific benefits may vary based on full-time or part-time status.

What is the application process for this job?

Interested applicants can apply by clicking the Apply Now button, completing an application, and creating a profile to track application status and communications.

Is this position eligible for overtime?

Yes, this position may require working overtime as directed by the manager/supervisor depending on business needs.

What should I do if I need assistance with the application process?

If you have a disability and need assistance with the application, you can request a reasonable accommodation by sending an email to Accessibility (accommodation requests only).

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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.