Director – Compensation Incentive Strategy & Analytics

This role is a strategic advisor and influencer to our most senior leaders in the Wealth and Private Bank lines of business.  Responsible for supporting the development and execution of the Wealth and Private Bank strategic plan through the design, implementation, management and on-going monitoring of sales incentive programs and sales enablement reporting and analytics.  The incumbent will translate the executive vision into measurable objectives, develop initiatives to achieve them and implement a framework for measuring its performance.  Individuals in this role will be responsible for leading the management of our Wealth and Private Bank sales incentive programs which involves setting sales targets, determining appropriate plan design and structure, analyzing sales performance data and analytics, ensuring accurate and timely payout calculations for sales plan participants, monitoring plan effectiveness, and ensuring plan designs are properly aligned with incentive plan governance expectations. 

Key Responsibilities

Plan Design and Development:

• Partner with business line leadership to develop and implement effective sales incentive compensation plans aligned with business goals and strategic priorities. 
• Lead the plan design, plan risk and governance, and implementation of plan changes or new plan development for sales incentive plans within the Private Bank and Wealth Management.
• Exhibit though leadership and foster strong relationships within Sales Performance Management and across client and partner groups (e.g., HR business Partners, Rewards, Finance, Legal, Enterprise Risk and Compliance).
• Determine key performance indicators (KPIs) and metrics to measure sales performance and incentive eligibility. 
• Ensure plan designs are compliant with all Federal, State, Local and regulatory oversight agency guidance and regulation .

Data Analysis and Reporting:

• Lead the analysis of sales data to identify trends, performance gaps, and areas for improvement within the Private Bank and Wealth Management teams. 
• Lead the development and support of comprehensive analysis on sales incentive payouts, including breakdowns by salesperson, product line, and territory.

Compensation Calculation and Administration:

• Lead a team responsible for ensuring accurate calculation and timely payout of sales incentives based on established plan parameters. 
• Monitor and address any discrepancies or issues related to incentive calculations. 
• Maintain detailed records of sales incentive data, including plan details, payout calculations, and supporting documentation. 

Communication and Training:

• Lead discussions with C-suite leadership, inclusive of developing compelling meeting materials.
• Communicate sales incentive plan details clearly to Private Bank and Wealth Management incentive plan participants and sales leadership. 
• Lead the development of training materials designed to educate sales teams on the incentive plan structure, performance metrics, and eligibility criteria.

Market Research and Benchmarking:

• Stay updated on industry trends and best practices related to Private Bank and Wealth Management sales incentive compensation plans. 
• Benchmark company sales incentive plans against competitors to identify potential areas for optimization. 

Experience and Qualifications:

• Proven track record in a strategic Wealth Management compensation role, demonstrating a deep understanding of incentive program design, compliance, and administration across diverse business areas within banking/financial services.
• Deep subject matter expertise in sales compensation design, administration, and best practices with a proven ability to navigate complexities.
• Knowledge of financial services licensing requirements and associated plan design implications is critical. 
• Exceptional communication, collaboration, influencing, and project management skills, including excellent presentation skills to effectively communicate complex compensation plans.
• Demonstrated ability to drive change and transformation in a large financial institution.
• Strategic mindset and strong analytical capabilities to model, forecast, and assess program costs and monitor effectiveness.
• Willingness and desire to roll up sleeves and provide hands-on expertise where needed.
• Proficiency in Microsoft Excel and other data manipulation tools.
• Strong analytical skills with proficiency in data analysis tools and reporting software.
• The salary range for this position is $225k - $250k per year, plus an opportunity to earn additional incentive earnings. Actual pay is based on various factors including but not limited to the work location, and relevant skills and experience.  

We offer competitive pay, comprehensive medical, dental and vision coverage, retirement benefits, maternity/paternity leave, flexible work arrangements, education reimbursement, wellness programs and more. Note, Citizens’ paid time off policy exceeds the mandatory, paid sick or paid time-away policy of every local and state jurisdiction in the United States. For an overview of our benefits, visit https://jobs.citizensbank.com/benefits.

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