Compensation, Benefits and Payroll Manager

Company Overview

Island Finance LLC is the largest financial institution in Puerto Rico, serving over 70,000 clients with consumer loans and a variety of financial products and services. The company operates a comprehensive distribution network that includes 46 branches, a call center, and an advanced internet banking service available through www.islandfinance.com. With more than 65 years of experience, Island Finance is committed to the future of Puerto Rico and to providing high-quality service while maintaining a positive and dynamic work environment.

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) to manage the company’s total rewards strategy, including compensation, benefits, incentive programs, wellness initiatives, leave administration, and direct payroll-related matters.

Core Responsibilities

• Develop and manage compensation strategies, design competitive salary structures, implement internal equity plans aligned with organizational objectives, and monitor market trends to balance internal equity with external competitiveness.
• Serve as payroll subject-matter expert, ensuring execution, monitoring, regulatory compliance, and operational efficiencies through systems such as Workday (WD) and ADP SmartCompliance.
• Audit and manage payroll processes in accordance with company policies and federal and state regulations, ensuring accurate and timely payroll processing for all employees.
• Ensure compliance with all local and federal regulatory reporting requirements, including quarterly and annual filings, SINOT reports, local and federal unemployment filings, driver’s insurance reporting, and tax returns.
• Oversee annual regulatory requirements such as W-2 issuance, Social Security reporting, and related compliance obligations.
• Manage the company’s leave administration program in full compliance with local and federal laws and regulations, including OSHA reporting requirements.
• Manage the Human Resources budget, allocate funds, provide expense justifications, identify financial trends, and compile monthly accrual data related to salary and benefits accounts.
• Prepare absenteeism statistics and monitor attendance trends for presentation to HRIS and leadership.
• Oversee vacation accrual monitoring, payroll reserves, payroll trends, statutory renewals (e.g., SUI, FUTA, SINOT, FSE), and quarterly and annual tax filing processes.
• Administer 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.
• Participate in the 401(k) Plan Committee and quarterly reviews of the company’s retirement and investment plans; oversee nondiscrimination testing, true-up calculations, annual audits, Form 5500 filings, and Summary Annual Report (SAR) communications.
• Coordinate and submit Form 5500 and SAR filings for employee benefit plans.
• Participate in quarterly medical plan reviews, benefit contract renewals, and annual enrollment processes.
• Manage 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.
• Lead community engagement programs such as Back-to-School initiatives, Annual Health Awareness Campaigns, and activities supporting senior citizens.
• Serve as backup for payroll processing within Workday and perform other related duties as assigned.

Position Requirements

• Bachelor’s degree in Human Resources, Business Administration, Finance, or a related field; advanced degrees (MBA, Master’s in HR) preferred.
• Professional certifications preferred: SHRM-SCP and/or Certified Compensation and Benefits Professional (CCBP).
• 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.
• 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.
• Fully bilingual in English and Spanish, both written and verbal.
• Compensation, payroll, and/or benefits certifications highly desirable.

Core Competencies

• Strong analytical and strategic thinking skills.
• Advanced knowledge of HRIS systems and M…