Sr. Manager, Compensation

Date:  Jul 14, 2024
Req ID:  3236

Somerset, NJ, US, 08873

Company:  Terumo Medical Corporation
Department:  TMC Human Resources

Terumo Medical Corporation (TMC) develops, manufactures, and markets a complete, solutions-based portfolio of high-quality medical devices used in a broad range of applications for numerous areas of the healthcare industry. TMC places a premium on providing customers with world-class products, training and education programs that drive clear economic value, better clinical outcomes and improved quality of life for patients. TMC is part of Tokyo-based Terumo Corporation; one of the world’s leading medical device manufacturers with $5+ billion in sales, 20,000+ employees worldwide and operations in more than 160 nations. Terumo Medical Corporation is comprised of two strategic business divisions: Terumo Interventional Systems and Terumo Medical Products.

Job Summary

Job Summary:

The Sr. Manager Compensation will be responsible for the design, implementation and on-going administration of Terumo’s compensation programs.  This role will be instrumental in leading and implementing the formal Job Architecture process to include career paths and furthering the job leveling/grading system across the entire organization.  The Sr. Manager Compensation will play an instrumental role in supporting the HR department’s successful implementation of strategic and operational initiatives and oversee daily, annual compensation and other reward processes.

Job Details/Responsibilities

  • Participate in the development and lead implementation of Terumo’s total rewards compensation and incentive programs to ensure organizational alignment.
  • Conduct regular reviews and analyses of Terumo’s programs and packages, to ensure competitiveness with the external marketplace, internal equity, and compliance with relevant labor laws and regulation.
  • Continuously evaluate the effectiveness of existing policies, guidelines, architecture and procedures.
  • Recommend and implement plan revisions as well as new plans which are cost effective and consistent with market trends, best practices and company objectives; coordinates implementation and provides guidance to constituents.
  • Manage the benchmarking, design and implementation of all compensation programs, including base pay, incentives, sales compensation and long term incentive plans and ensures they align with company strategy and best in class practices.
  • Ensure the administrative aspects of compensation are efficient, effective and scalable as the organization continues to grow.
  • Participate in and review market benchmark surveys, analyzes competitive market data and develops recommendations for updates to job architecture, salary structures and incentive targets to ensure market competitiveness. Analyze and calculate costs and proposes salary increase budgets.
  • Provide expertise and guidance to other members of the HR team; advises on pay decisions, policy and guideline interpretations, and job evaluations. 
  • Stay current on State and Federal regulation relevant to compensation and ensure recommendation and policies comply.
  • Assist in managing the existing HRIS system, ensuring optimal functionality, data maintenance and integrity, and the ongoing monitoring, evaluation, and update of the system’s capabilities and operations to ensure relevance, and its capability to meet Terumo’s long term needs/requirements. 
  • Provide technical support, trouble-shooting and guidance to HRIS users to ensure system proficiency and resolve user or system problems. Work closely with the Human Resources Team, HRIS and other relevant vendors, Payroll, Information Technology, and as needed other users. to ensure that systems are aligned and effectively meeting the needs of the HR team and organization. 
  • Manage and develop compensation and/or HRIS team members.

Knowledge, Skills and Abilities (KSA)

  • The desire and ability to understand the business and to conceptualize and design compensation frameworks which facilitate the attainment of company objectives.
  • The ability to focus on driving the right results while maintaining a focus on what is important and timely.
  • Strong project management, organizational and analytical skills to support data analysis and reporting.
  • Strong communication skills and the ability to effectively convey messages throughout the organization to ensure constituents understand both the purpose of our compensation elements as well as their roles in it.
  • A very pragmatic, common-sense approach to understanding, communicating and enrolling constituents in our compensation philosophy. 

Qualifications/ Background Experiences

  • Requires a bachelor’s degree and a minimum of 15+ years of human resources experience in the areas of compensation, and HRIS/HR technology with three years’ experience team or project management or equivalent combination of education and experience.
  • Experience with market-based pricing, short and long term incentive administration and other compensation frameworks is required.
  • Experience implementing, utilizing and improving HRIS tools and systems to manage compensation and related processes.
  • Experience with ADP EV6, SuccessFactors, CompAnalyst and Varicent is strongly preferred. 
  • CCP and/or PMP certifications are preferred. 
  • Experience managing and developing staff required.

It is Terumo’s policy to provide equal employment opportunity to all its employees and applicants for employment regardless of their race, creed, color, national origin, age, ancestry, nationality, marital or domestic partnership or civil union status, sex, pregnancy, gender identity or expression, disability status, liability for military service, protected veteran status, sexual orientation, atypical cellular or blood trait, genetic information (including the refusal to submit to genetic testing), or any other category protected by law. As a Company, we value diversity of background and opinion, and prohibit discrimination or harassment on the basis of any legally protected class in the areas of hiring, recruitment, promotion, transfer, demotion, training, compensation, pay, fringe benefits, layoff, termination or any other terms and conditions of employment.

Nearest Major Market: New Jersey