Compensation, Benefits & Payroll Manager

Company: Island Finance

With over 66 years of service, Island Finance LLC is the largest financial institution in Puerto Rico. It serves over 70,000 clients, with consumer loans and a variety of financial products and services. Also, it has a comprehensive distribution network with 46 branches, a call center, and an advanced Internet banking service available through www.islandfinance.com.

Island Finance is not only a Financial Company committed to the future of Puerto Rico, but also works every day to offer the highest quality of service and is the one who has reached out to thousands of clients when they have needed it most, in addition to maintaining a positive and dynamic work environment with a team committed to offering the best.

We are the Financial Company of the 21st century, with over five decades helping you realize your dreams. Because there is one thing that does not change, and that is that sixty-five years later we are here...

We deeply appreciate your support and reaffirm our commitment. That's why with us... ¡¡Yes, you can!!

General Job Summary

• Managerial professional and subject matter expert in compensation, benefits, and payroll who contributes to the organization by working closely with the Human Resources Director and senior leadership (CEO and Compensation Committee) in managing the company's total rewards strategy. This includes compensation, benefits, incentive programs, wellness initiatives, leave administration, and direct payroll-related matters. All efforts are focused on attracting, motivating, and retaining top talent while ensuring financial sustainability and regulatory compliance.

Essential Functions

• Responsible for the company's compensation programs, including but not limited to developing and managing compensation strategies through the design of competitive salary structures, implementation of internal equity plans aligned with organizational objectives, and monitoring market trends to balance internal equity with external competitiveness.

• Serves as the company's payroll subject matter expert, ensuring execution, monitoring, regulatory compliance, and operational efficiencies through systems such as Workday (WD) and ADP SmartCompliance. All activities are focused on attracting, motivating, and retaining talent while maintaining financial sustainability and compliance with applicable regulations.

• Expert in all phases of payroll processing and ensures regulatory compliance and operational efficiency through HRIS platforms such as Workday and ADP SmartCompliance. Audits and manages payroll processes in accordance with company policies and federal and state regulations, ensuring accurate and timely payroll processing for all employees.

• Ensures compliance with all local and federal regulatory reporting requirements, including quarterly and annual filings. Responsibilities include payroll reporting, quarterly and annual tax filings, SINOT reports, local and federal unemployment filings, Driver's Insurance reporting, tax returns, and other required submissions. Oversees annual regulatory requirements such as W-2 issuance, Social Security reporting, and related compliance obligations.

• Manages the company's leave administration program in full compliance with local and federal laws and regulations, including but not limited to OSHA local and federal annual reporting requirements (ITA submissions).

• Manages the Human Resources budget, allocates funds, and provides expense justifications for HR-related accounts. Identifies financial trends and compiles monthly accrual data related to salary and benefits accounts. Responsible for preparing absenteeism statistics and monitoring attendance trends for presentation to HRIS and leadership for appropriate action. Oversees vacation accrual monitoring, payroll reserves, payroll trends, annual statutory renewals (e.g., SUI, FUTA, SINOT, FSE), and quarterly and annual tax filing processes. ​

• Administers employee benefit programs in full compliance with local and federal regulations, including the company's 401(k) Savings Plan, ERISA compliance, benefit audits, and employee benefit orientation. Participates in the 401(k) Plan Committee and quarterly reviews of the company's retirement and investment plans. Oversees nondiscrimination testing, true-up calculations, annual audits, Form 5500 filings, and Summary Annual Report (SAR) communications. Coordinates and submits Form 5500 and SAR filings for employee benefit plans.

• Participates in quarterly medical plan reviews, benefit contract renewals, and annual enrollment processes. Manages the company's Wellness Program in partnership with the medical plan provider and Fulcro, focusing on the development and execution of annual employee wellness initiatives.

• Leads community engagement programs such as Back-to-School initiatives, Annual Health Awareness Campaigns, and activities supporting senior citizens.

Other Duties and Responsibilities

• Serves as back-up for payroll processing within Workday.

• Performs other related duties as assigned.

Position Requirements

Education

• Bachelor's degree in Human Resources, Business Administration, Finance, or a related field.

• Advanced degrees preferred (MBA, Master's in Human Resources, or related disciplines).

• Professional certifications preferred, including SHRM-SCP (Senior Certified Professional) and/or Certified Compensation and Benefits Professional (CCBP).

Experience

• 5 to 10+ years of progressive experience in compensation, benefits, payroll administration, and regulatory compliance.

• Extensive knowledge of applicable local and federal employment laws and regulations.

Technical Knowledge and Skills

• Training and/or certifications in compensation, benefits, and payroll administration.

• Experience with Human Resources Information Systems (HRIS), preferably Workday and ADP SmartCompliance.

• Experience managing external vendor platforms and portals (e.g., COBRA, Triple-S, Delta Dental, State Insurance Fund, Inspira, Empower).

• Ability to communicate both complex and non-complex financial information to diverse audiences.

• Strong knowledge of local and federal laws affecting payroll, benefits, and human resources.

• Advanced proficiency in Microsoft Office Suite, particularly Excel.

• Extensive knowledge of labor and employment laws.

• Fully bilingual in English and Spanish, both written and verbal.

• Compensation, payroll, and/or benefits certifications are highly desirable.

Competencies

• Strong analytical and strategic thinking skills.

• Advanced knowledge of HRIS systems and Microsoft Office applications, particularly Excel.

• Practical knowledge of statistical analysis.

• Thorough understanding of compensation systems and methodologies.

• Strong organizational and project management skills.

• Ability to clearly understand and support the company's strategic objectives.

• Exceptional attention to detail.

• Excellent verbal and written communication skills.

• Ability to analyze complex financial data and translate findings into compensation and rewards strategies.

• Ability to balance cost efficiency with employee satisfaction.

• Strong understanding of labor market trends, macroeconomic data, and workforce analytics.

• Data-driven problem-solving approach.

• Effective leadership skills.

• Strong negotiation and influencing abilities.

• Sound decision-making capabilities.

• Flexibility and adaptability.

• High ethical standards, confidentiality, discretion, and professionalism in handling sensitive information.

Island Finance is an Equal Opportunity Employer.

Learn more about Island Finance and stay updated on our latest career opportunities at Island Finance Careers.

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