Payroll and Compensation Specialist

Job Summary:The Payroll and Compensation Specialist is responsible for managing all aspects of payroll processing, compensation administration, and compliance with applicable regulations. This role ensures accurate and timely salary disbursement, maintains employee records, and collaborates with HR and finance to align payroll practices with organizational goals.
Key Responsibilities:Payroll Processing:

• Prepare and process bi-weekly or monthly payroll, ensuring precise calculations.
• Verify employee hours, overtime, and leave data for accurate payroll entry.
• Ensure timely salary disbursement in compliance with company policies and legal standards.

Compensation Management:

• Administer salary adjustments, bonuses, and incentive programs.
• Conduct market research to maintain competitive compensation practices and recommend adjustments.
• Collaborate with HR to develop and maintain job descriptions and salary structures.

Compliance and Reporting:

• Ensure adherence to federal, state, and local payroll regulations and tax laws.
• Generate and submit payroll-related reports to management and regulatory authorities.
• Stay updated on payroll regulations and industry best practices.

Employee Records Management:

• Maintain accurate and confidential payroll records, including deductions, benefits, and tax details.
• Process changes in employment status, new hires, and terminations in the payroll system.
• Address employee inquiries about payroll, compensation, and benefits.

Audit and Reconciliation:

• Conduct regular audits of payroll data for accuracy and compliance.
• Reconcile payroll discrepancies and prepare necessary adjustments.
• Work with the finance team to ensure proper accounting of payroll expenses.

System Management:

• Manage and troubleshoot payroll software, ensuring functionality and data integrity.
• Assist in implementing new payroll technologies and system enhancements.

Communication and Support:

• Provide guidance to employees on payroll-related queries.
• Conduct training sessions on payroll processes and compensation policies.
• Partner with HR and finance to align payroll practices with organizational objectives.

Requirements:

• Bachelor’s degree in Human Resources, Finance, Accounting, or a related field.
• Proven experience in payroll processing and compensation management.
• Strong knowledge of payroll laws and regulations.
• Proficiency in payroll software and Microsoft Office Suite.
• Excellent attention to detail and analytical skills.
• Strong communication and interpersonal abilities.