Compensation Manager

Company Overview:

Peapack Private Bank & Trust is a leader in wealth, lending and deposit solutions. At Peapack Private, our clients are cared for by a single point of contact and are served by empowered employees who consistently go above and beyond to provide exceptional service and offer a boutique private banking experience.

What makes Peapack Private different? We are an institution that has always believed in putting the well-being and needs of our employees and our clients first. We are proud to be recognized for the seventh consecutive year by American Banker as one of the "Best Banks to Work For" across the nation. In addition, we were selected as Crain's Best Places to work in NYC for our inaugural year, 2024. Our secret sauce in one word is our 'culture'.

At Peapack Private, we value a diverse and inclusive workspace, deeply committed to growing leaders at all levels of the organization thorough mentorship, career pathing, and professional development. There are multiple ways to build relationships and get involved - from joining our Cultural Ambassador Committee focused on areas like Wellness, Fun, Inclusion, or Environmental Awareness - to involvement in community service activities through Volunteerism. Said quite simply, the culture and the people who work here are amazing!

Position Overview:

The Compensation Manager will play a critical role in designing, implementing, and managing compensation programs that support the bank's strategic goals and growth trajectory. This role will ensure our compensation practices are competitive, equitable, and aligned with regulatory requirements, while also supporting the unique needs of our diverse business lines.

Key Responsibilities:

Compensation Strategy and Design

• Support the development and management of base, variable, and incentive compensation programs across all business units.
• Partner with HR Business Partners and senior leadership to align compensation strategies with business objectives.
• Lead annual compensation planning cycles, including merit increases, bonus programs, and market benchmarking.
• Design and integrate compensation communications, ensuring HR Partners, People Managers and employees receive timely and easy-to-understand information on their compensation programs.

Market Analysis and Pricing

• Conduct market pricing and benchmarking using industry surveys and tools (e.g., Aon, Radford, ERI).
• Provide insights and recommendations on pay competitiveness and trends in financial services.

Regulatory Compliance

• Ensure compensation programs comply with federal and state regulations, including Dodd-Frank, EEO, and pay transparency laws.
• Support internal and external audits and regulatory reviews.

Executive and Incentive Compensation

• Support the administration of executive compensation and long-term incentive plans as needed.
• Collaborate with Finance and Legal on incentive plan governance and risk alignment.

Analytics and Reporting

• Develop dashboards and reports to monitor compensation metrics, pay equity, and program effectiveness.
• Present findings and recommendations to senior leadership and the Compensation Committee as needed.

Requirements:

• Bachelor's degree in Human Resources, Finance, Business, or related field or additional work experience; CCP certification preferred.
• 5-8 years of progressive compensation experience, preferably in banking or financial services.
• Strong knowledge in equity (e.g., restricted stock units, phantom shares).
• Strong knowledge of compensation regulations and best practices.
• Experience supporting multiple business lines, including Wealth Management and Commercial Banking.
• Advanced Excel skills; experience with HRIS and compensation tools (e.g., UKG, Workday, Payfactors, MarketPay).
• Ability to communicate effectively with all levels of management.
• Excellent analytical and stakeholder management skills.

Candidate must be within reasonable commute to Bedminster, NJ. No relocation will be provided.

Benefits Overview:

We offer a competitive compensation package, a generous paid time off program, comprehensive medical, dental and vision coverage, maternity/paternity leave, education reimbursement, wellness programs and more. We also offer participation in an Employee Stock Purchase Program and a 401K with a generous match.

The approximate pay range for this position is $97,692 to $130,000 plus an opportunity to earn performance-based incentives. Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location.

Note: Incentives and/or benefits packages may vary depending on the position.