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Incentive Compensation Lead

JOB SNAPSHOT: 
Employee Type:  Full-Time
Location: 

Chicago, IL, US, 60606

Job Type:  Administrative
Secondary Location: 
Years of Experience: 

Position Summary:

The Incentive Compensation Professional works to centralize Incentive Compensation Plan (ICP) Design and Governance under the direction of the Vice President, Total Rewards and Compensation Committee. The position will own the execution and continuous improvement of our Incentive Compensation Program. We approach our work by considering the big picture and utilizing our expertise and savvy data management to optimize our workflows to increase efficiencies. Ryan Specialty has been named one of America’s Most Loved Workplaces by Newsweek and a top Insurance Employer by Insurance Business America every year since 2021. 

Essential Functions:

  • Collaborating with Human Resources and senior sales leadership, designs sales incentive compensation programs that provide market-competitive pay, reinforce sales organization strategy, and align with business and sales objectives   
  • Modeling support, including in-depth analytics to form insightful conclusions, incorporating complex concepts to launch assumptions and recommendations to the business. 
  • Build and maintain annual compensation plan models within the Workday. 
  • Create modeling analytics and IC programming for sales incentives for the various sales teams across the different regions where we have offices. 
  • Makes recommendations for system enhancements based on strategic objectives and changing business needs.  
  • Participate as asked in the sales incentive design and modeling process, partnering closely with the Manager, Incentive Compensation to the business, Finance, Legal, and HR Business Partners 
  • Create compensation and performance analytics by synthesizing information from needed sources for varied business leaders. 
  • Find opportunities to simplify and standardize programs and processes. 
  • Provide strategic and operational support to business unit leadership while supporting Human Capital initiatives. 
  • Sales incentive reporting and metrics, as well as sales communication and plan documentation to inform Ryan’s SIB 
  • Promotes a culture of continuous process improvement using best-in-class technology and maximized automated processes 
  • Proficient in identifying, formulating, and monitoring key performance initiative, track and analyze these indicators to evaluate and improve (make recommendations) for organizational performance 
  • Research effectiveness of current sales compensation metrics and review for potential areas of improvement 
  • Research and benchmark market data for sales compensation programs to evaluate the competitiveness of sales compensation plans and Incentive Compensation Targets 
  • Partner with internal risk department and HR risk leader to evaluate and report on any potential risks with the incentive plans 
  • Lead the development of quarterly presentation materials for the Incentive Compensation Committee, which includes executive management 
  • Manage the Incentive Compensation guiding principles and philosophy and their application to incentive eligible role structures 
  • Lead special projects such as process improvements, data analysis/compilation, presentations, report building, etc. 

Education/Experience/Skills:

  • Minimum of seven years of experience in Compensation/Rewards  
  • Experience with Workday 
  • Sales/incentive compensation experience 
  • The ability to collaborate with cross-functional teams is necessary 
  • Preferred are candidates with insurance or financial services industry experience. 
  • Knowledge of Microsoft including SharePoint, Excel, Office 365, PowerBI 
  • Exceptional analytical and problem-solving skills, with accuracy and attention to detail 
  • CCP certification a plus 

Disclaimer

Ryan Specialty is an Equal Opportunity Employer


Nearest Major Market: Chicago

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