The Principal Compensation Analyst will be responsible for specialized and complex analysis and administration of compensation program.  This position will plan, recommend, and implement changes to programs to ensure the organization maintains its objectives, stays competitive in the marketplace, and remains in compliance. 

Duties and Responsibilities: 

• Design, analyze, recommend, and implement various broad-based compensation programs, including salary structures, job evaluation, and incentive plan programs
• Develop creative, effective, engaging and cost-effective compensation solutions in alignment with the overall Human Resources and business strategy

• Participate in the development of the total rewards strategy and ensure excellence in the execution of the compensation strategy
• Consult with various levels of management and human resources business partners; provide benchmark data and make recommendations regarding a variety of pay decisions
• Develop and/or revise job descriptions and conduct job evaluations 
• Monitor federal, state, and local laws regulating compliance for company salary and pay policies, guideline interpretation, and job evaluation
• Stay abreast of best practices and trends through participation in webinars, conferences, and external total rewards presentations; identify opportunities for Inovalon to improve the overall efficiency and effectiveness of its compensation programs, procedures, and processes

• Analyze the effectiveness of existing compensation policies, guidelines, and procedures and research design of creative solutions for special programs of incentive compensation and alternative options for compensation procedures; recommend plan revisions as well as new plans
• In collaboration with the department leader, develops compensation proposals and estimated budget including compensation survey and vendor costs; coordinate with the finance department to ensure data consistency
• Manage merit and variable pay processes as well as rewards and recognition programs
• Ensures the integrity and compliance of compensation plans and timely reporting by conducting regular audits and analysis of data; take appropriate actions to ensure compliance
• Collaborate with internal stakeholders to ensure appropriate system configurations to capture necessary, defined data elements aligned to federal, local, and state laws as well as Company philosophy, processes, procedures, and business practices allowing for accurate data analyses to be used in business decisions

• Maintain compliance with Inovalon’s policies, procedures and mission statement
• Adhere to all confidentiality and HIPAA requirements as outlined within Inovalon’s Operating Policies and Procedures in all ways and at all times with respect to any aspect of the data handled or services rendered in the undertaking of the position
• Fulfill those responsibilities and/or duties that may be reasonably provided by Inovalon for the purpose of achieving operational and financial success of the Employer

Job Requirements: 

• Minimum eight (8) years’ related experience 
• Strong working knowledge of legal perspectives on wages, pay equity ,and benefits
• Proven ability to apply strategies for attracting, assessing and retaining the best employees through a total rewards approach
• In depth knowledge of EEO, DOL, FLSA, quantitative and qualitative compensation principles
• Ability to generate and analyze reports and spreadsheets i.e. identify and correct errors, evaluate and resolve compliance issues
• Excellent verbal and written communication skills
• Advanced Microsoft Excel skills (VLOOKUPS, Pivot Tables, Chart creation and graphs) and proficient Word and Power Point skills

 
Education: 

• Bachelor’s degree in related field or equivalent experience required

 
Physical Demands and Work Environment: 

• Sedentary work (i.e. sitting for long periods of time)
• Exerting up to 10 pounds of force occasionally and/or negligible amount of force
• Frequently or constantly to lift, carry push, pull or otherwise move objects and repetitive motions
• Subject to inside environmental conditions
• Travel for this position will include less than 5% locally usually for training purposes