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Sales Compensation Analyst, Senior

Employer
Alerus Financial
Location
Shorewood, Minnesota
Salary
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Industry
Financial Services and Banking
Role
Sales
Job Type
Long-Term
Hours
Full Time
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Job Details

Position Summary:
This position has the primary responsibility for providing compensation expertise to the organization by developing, implementing, and administering sales incentive compensation policies and programs. The position requires deep knowledge of sales incentive compensation models and practices, and the ability to collaborate with leadership to create and manage effective plans. The individual in this role will develop, administer, and process incentive calculations for consumer segment employees with incentive or referral program opportunities for mortgage, consumer and small business loans, deposit, and wealth management products.

Essential Responsibilities:
Job Function 1: Incentive Plan Administration - 60%
  • Calculate and process for review and approval the incentive, guarantees, and referral payments based on sales reporting and plan agreements for the consumer segment employees; includes validation and data quality checks on both system data and compensation calculations.
  • Coordinate process for sales tracking and reporting to ensure all new business opportunities are recorded appropriately for monthly and quarterly incentive payment calculations.
  • Drive issue resolution process for responding to issues and questions concerning incentive plans, payments, and policies for the sales and sales management teams, escalating to management as appropriate.
  • Provide payment totals and updates to accounting team for quarterly accruals.
  • Execute monthly, quarterly, and annual processes to pay, track, analyze and report on plan components and results to understand the effectiveness of the plan and policies.
  • Identify and recommend improvements to existing processes and procedures for calculating and submitting payments for review and approval.
  • Manage and assist with the administration and maintenance of various compensation audits and controls, and accounting data requests, to include monthly and quarterly accruals, budget analysis and reconciliation.

Job Function 2: Incentive Plan Development - 25%
  • Assist business leaders with development and annual maintenance of incentive plans to remain competitive and drive the desired behaviors in alignment with company strategies and goals.
  • Participate in compensation planning meetings; make recommendations where needed to drive continued sales growth.
  • Provide modeling and analysis of potential plan design changes.
  • Ensure the accuracy and timeliness of the creation, distribution, and signed return of sales compensation plan agreements.
  • Assist with develop and dissemination of effective communication and training materials that improve the understanding of the incentive plan and total compensation components.
  • Develop and distribute annual plans for signatures for the next calendar year at least 30 days prior to year-end.
  • Collaborate with business leaders and Human Resources regarding offer letters with incentive guarantees and bonus structures. Provide and/or review incentive plan agreements prior to distribution to new employees.
  • Ensure programs comply with federal and state laws, and regulatory compliance requirements. Monitor regulations related to pay practices and keep leadership informed of any new developments that may come from audits or changing regulations. Work with the legal and compliance teams as needed.

Job Function 3: Performance Measurement and Incentive Reporting - 15%
  • Utilize and become a subject matter expert with Axiom, Salesforce and other systems as need to provide data and reporting. Keep informed of enhancements with the technology to make full use of the system functionality.
  • Maintain reporting of monthly attainment and earned commissions to analyze and evaluate effectiveness of incentive plans.
  • Develop incentive plan and performance reporting for leadership as needed.
  • Create incentive modeling reports to assist business leaders with budget process.
  • Assist with annual risk assessments performed on plans to ensure appropriate mitigation and controls are in place to balance risk and reward.

Position Requirements:
Qualifications:
  • Accounting Degree or similar experience.
  • 5 or more years of experience in compensation plan development and analysis.
  • 3 or more years of experience working with incentive compensation plans.
  • Incentive calculation and payroll experience, along with strong understanding of sales compensation practices.
  • Advanced proficiency of Microsoft Excel.
  • Proficient with Microsoft products.
  • Working knowledge of Salesforce or similar CRM programs.

Personal Characteristics:
  • Strong communication skills, with ability to collaborate and influence across a wide spectrum of functions that are part of the incentive compensation process, including senior leadership.
  • Detail oriented.
  • Ability to work under pressure and deadlines.
  • Ability to preserve confidential information.
  • Superior organization skills.
  • Personal initiative.

Physical Demands - Must be met with or without a reasonable accommodation:
  • Extended periods of time sitting at a desk and using office equipment.
  • Ability to operate a personal computer/laptop for approximately 8 hours per day.
  • Extended time is spent reviewing physical and electronic documents.
  • The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
  • Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
  • Will spend most of time in an indoor environment.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Company

Alerus is a company that will challenge you to be at your best and where your efforts have real, tangible effects. Our culture is one of collaboration, innovation, forward-thinking, and giving back. And, as a growing company with a presence in markets from New Hampshire to Arizona, we offer a broad range of opportunities for you to travel the career path that matches your abilities, interests, and goals.

What is the current company culture like?

While our footprint spans North Dakota, Minnesota, Arizona, New Hampshire, and Michigan, we still operate like a small company. In other words, every single person on our team matters. Our employees create our culture.

What skills, education, and experiences does your ideal candidate(s) have? Each position has their own specific requirements and qualifications. In addition to those, Alerus seeks people who live out our fundamental beliefs every day: do the right thing, cherish people, empower with knowledge, respect everyone, serve with passion, and embrace change.

How would you describe the company leadership/team management? Alerus has a diverse executive and leadership team. Each leader comes with a wealth of experience and knowledge within their field to help their teams succeed. Alerus leaders, including our C*Suite executives, maintain regular communication with employees on company updates and goals.

Where do you see the company/organization in the upcoming years? Alerus has bank and office locations in North Dakota, Minnesota, Michigan, New Hampshire and Arizona. While we continue to serve our clients in these states we also look to grow our national footprint to best serve clients wherever they may live.

What do you feel candidates need to know about the company before applying? Alerus is more than just a bank and offers many products for our clients including personal & business banking, mortgages, wealth management and retirement savings. We continue to grow and expand but still maintain and operate with a small business feel. We would not have continued success without our employees and all the hard work they do to serve our clients with passion.

See the current Alerus job openings below!

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