Bank of Canada
Compensation Specialist
Take a central role
The Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment.
Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.
With our defined-benefit pension plan, benefits, and high flexibility for work life balance – find out more about why we are annually ranked as one of Canada’s top employers: Working Here – Bank of Canada
Find out more about the next steps in our Recruitment process.
Our HR – Compensation Team
We are seeking interested candidates to apply to join our collaborative Compensation team with Human Resources (HR)!
Reporting to the Director of Compensation and Pay Equity, you will join a team of 4-5 members with the mandate to ensure the Bank’s compensation program (for approximately 2,000 employees across Canada) remains relevant and competitive, reflecting the Bank’s vision and anticipating future business needs. To achieve this, we work with colleagues across HR, including Recruitment, Benefits, Payroll, and People Analytics.
We offer many opportunities for career development and mentorship – both within and outside of HR. You will have the full support of your leader and teammates to enhance your skills, experiment, and drive our compensation program forward!
What you will do
As a Compensation Specialist, you provide support for the design and implementation of a strategic compensation program. With guidance from the Director and the Senior Compensation Specialist, you will lead projects to manage and enhance compensation practices.
More specifically, you will:
- Identify and assess potential changes for the Bank’s compensation framework, considering research, best practices, and business objectives. Leverage digital solutions and ensure that legislated requirements are met
- Build cost models to support annual compensation processes, off-cycle initiatives, and framework updates Contribute to environmental monitoring, including the analysis of market data and other indicators of market competitiveness
- Participate in activities related to the development and enhancement of the compensation module of the HRIS (e.g., functional design workshops, user acceptance testing)
- Facilitate the annual performance and salary review (APSR) and contribute to the research, analysis and management review that precedes each APSR
- Draft briefing notes for senior HR and business leaders to gain management buy-in and approval
- Develop and deliver training and communication materials to help management, your HR colleagues, and employees fully understand the Bank’s compensation program
- Provide guidance and advice to colleagues, internal clients and managers about compensation practices and policies
- Maintain strong relationships with colleagues, internal clients, managers, and external networks
What you need to succeed:
You have a passion for solving multi-dimensional problems with the desire and drive to explore new technology. You are a strategic thinker that questions the status quo and when you face a system or process problem, you consider the impacts for other teams/stakeholders as you seek and identify potential solutions.
Further, you are a great team player who can communicate and work effectively with leaders and employees across all levels.
In addition, you have:
- Experience in compensation analysis, design, and/or administration, with an understanding of industry best practices and current trends.
- Experience working with the compensation module of a HRIS (SAP SuccessFactors preferred) and how it interfaces with related systems.
- Advanced ability with MS Excel for complex data manipulation
- Experience in planning, and organizing small to medium sized projects with varied complexity
- Experience with other Microsoft tools (e.g., Power BI, Word, PowerPoint) to successfully communicate your analyses and recommendations
Nice to have:
- Certified Compensation Professional (or other relevant compensation certifications)
- Certified Human Resources Professional or Certified Human Resources Leader
- Experience in job evaluation
Your education and experience
Your combined education and work experience demonstrate that you have the competencies for the position and are effective at learning and applying new skills.
What you need to know
- Language requirement: English and French essential (bilingual) with a minimum starting level of functional (level 4) in second official language. Training may be provided to help reach the required level of fully functional (level 5) in second official language.
- Priority will be given to Canadian citizens and permanent residents
- Security level required: Be eligible to obtain Reliability
- Relocation assistance may be provided, if required
- Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
Hybrid Work Model #LI-Hybrid
The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.
What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider.
- Salaries are based on qualifications and experience and typically range from $88,505 to $110,630 (job grade 17)
- Depending on performance, you may be eligible for performance pay. The first tier of performance pay is for successfully meeting expectation, at 7 to 10% of your base salary. The Bank offers additional performance pay for those who exceed expectations (15% of your base salary).. Exceptional performers who far exceed expectations may be eligible for higher performance pay.
- Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
- Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
- Indexed, defined-benefit pension #LI-POST
We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.