Benefits, Compensation, Compensation-Executive, Compensation-Sales, Total Rewards, Work-Life
4 Year Degree
At First Midwest Bank, our mission is to help clients achieve financial success, no matter where they are in their financial journey. Each one of our colleagues – those dealing directly with clients, as well as those who support client contact people – assumes personal responsibility for the financial success of every client we serve.
As a growing organization, First Midwest is seeking a business savvy, accomplished Senior Vice President, Head of Total Rewards to help us redefine our human capital vision and craft the compensation and benefits philosophy in support of our continued business growth.
Reporting to the EVP & Chief Human Resources Officer, and as part of a team of 40+ HR professionals supporting approximately 3,000 colleagues, the Senior Vice President, Head of Total Rewards is responsible for the design, development, implementation, communication and maintenance of First Midwest’s rewards programs, including executive and broad-based compensation, equity, benefits and wellbeing. In addition, as part of the HR Leadership Team, you will be a key partner and strategic advisor in building our overall human capital vision.
The Senior Vice President, Head of Total Rewards will work closely with the CHRO, CEO, CFO, General Counsel and will be expected to interact regularly with the Board of Directors Compensation Committee.
This is an ideal role for experienced and business savvy leader who is looking for their next opportunity in building a premier total rewards function in an environment where we are investing in our people and people practices.
Lead and craft the vision for Total Rewards, working in partnership with other members of the business and HR leadership teams.
Help reshape, establish and drive the HR model moving forward.
Lead and run all compensation and benefits programs to attract, retain and motivate a high-performing workforce, and continuously improve incentive and bonus plan designs that support our culture, priorities and business model.
Partner with executive leadership to ensure that all programs support the organization’s strategic objectives and are competitive, cost effective and in compliance with legal requirements.
Work closely with HR Shared Services and IT to drive the total rewards systems strategy and priorities; continue to evolve the use of HR Analytics.
Lead, develop and mentor a team in the functional areas of Compensation, Benefits, Equity Design and Administration and Well-being.
Support project management of HR initiatives including project plan development, financial, technical and or resource requirements, for implementation of standard methodologies and creative solutions.
Support M&A and reorganization activities as required
Specific responsibilities by functional area include
Work with external compensation consultant and Compensation Committee on the strategy, design and implementation of executive compensation programs.
Participate in meetings of the Compensation Committee of the Board of Directors.
Lead the preparation and distribution of the First Midwest Bancorp annual proxy. Responsible for the development of the Compensation Discussion and Analysis and related tables.
Direct the design and development of our broad-based wage and salary programs and structures including short and long-term incentive plans for management, frontline and sales staff as appropriate per business unit and/or at corporate level.
Lead job evaluation and the application of existing job classifications, job grade assignment, salary ranges and FLSA status to positions.
Direct annual market survey and recommendations regarding changes in salary plans; lead all activity related to published compensation surveys throughout the year and audit survey output, market trends and competitive pay positions to ensure salary plans meet overall company goals and objectives.
Ensure that compensation plans stay in sync with federal, state and local laws and regulations. Partner with Finance and Legal organizations on SEC filing related matters.
Identify and develop electronic compensation tools for efficient program management.
Design, implement and routinely assess our benefits competitiveness relative to market and ensure program compliance. Develop population health programs to encourage a focus on healthy lifestyles.
Monitor the changing US healthcare landscape and assess benefit design with an eye toward ensuring market competitive plans that drive a wellness culture.
Contract with and actively lead the benefit plan vendors, auditors and consultants for services, premiums and plan administration.
Analyze and evaluate services, coverage and options available through insurance and investment companies to identify programs that best align with our needs.
Execute processes and controls to ensure total compliance with regulatory agencies and organizations.
Equity Plan Design and Administration
Own plan documents, plan design, implementation, administration and compliance of equity programs.
Prepare the Company’s Annual Proxy Statement including shareholder proposals, SEC required disclosure tables as well as calculation and proposal of share replenishment.
Forecast, monitor and report ongoing share utilization and stock compensation.
Partner with Legal to follow company and/or individual trading blackout requirements.
Select and manage equity vendor relationships.
Qualifications, Experience and Skills
A minimum of 15 years of executive, broad-based and dynamic experience crafting and leading compensation, benefits and equity programs.
Bachelor’s degree in business-related major required, master’s degree preferred.
Validated experience in working closely with Board of Directors’ Compensation Committee on all matters related to BOD and Executive Compensation in a public company, including overall competitive compensation positioning, short and long-term incentive design, equity management, tax compliance, SEC regulations, executive agreement design and compliance (409A/280g).
Strong leadership, people and organizational skills to lead, build and develop a highly effective team and elevate the total rewards delivery model.
Demonstrated ability to prepare and present materials in a clear and concise manner providing experiential value.
Demonstrated history designing, developing, communicating and administering compensation strategies and plans, including bonuses, equity, incentives, profit sharing and other compensation vehicles.
Creative state of the art thinking and practices in total rewards and HRIS with ability and willingness to roll up one’s sleeves and dive deep.
Ability to achieve goals through influencing, partnering and developing productive relationships with leaders across the company.
Knowledge of HR practices, principles and procedures based on working closely with colleagues across the HR functions and lines of business.
Experience leading projects, including defining scope, managing budgets, driving deliverables, meeting deadlines and handling competing priorities.
Well-developed analytical skills and problem-solving skills to ensure our programs are meeting the needs of the business.
Advanced interpersonal, listening and communication skills, including presentation and facilitation skills, and a track record of effectively communicating with and influencing at all levels, including providing critical feedback and the ability to help our executives, managers and employees navigate through difficult situations.
Internal Number: 18-4060
About First Midwest Bank
About First Midwest Bank
First Midwest Bank is a wholly-owned subsidiary of First Midwest Bancorp, Inc. (NASDAQ NGS: FMBI), a relationship-focused financial institution and one of the largest independent publicly-traded bank holding companies based on assets headquartered in the Midwest, with over $14 billion in assets and $11 billion in trust assets under management. First Midwest Bank and other affiliates provide a full range of commercial, treasury management, equipment leasing, retail, wealth management, trust and private banking products and services through over 130 locations in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa. First Midwest’s website is www.firstmidwest.com.