Compensation Manager

A Typical Day in the Role

As a Compensation Manager at PennyMac, you will lead and oversee the company’s comprehensive compensation programs, with a focus on both base salary and incentive-based compensation structures. You will play a pivotal role in developing, analyzing, implementing, and managing various short- and long-term compensation plans, including monthly, quarterly, and annual incentive programs tailored to the mortgage industry.

This position also oversees key enterprise-wide compensation processes, such as the Quarterly Adjustment Process and the annual Base, Bonus, and Equity (BBE) cycle. In addition to designing and administering compensation programs, the Manager will serve as a strategic advisor to leadership, providing data-driven insights and recommendations on compensation trends, benchmarking, productivity, and pay structures.

You’ll lead a small team, driving operational excellence through coaching, performance feedback, and professional development. You will also collaborate cross-functionally with internal stakeholders including HR, Finance, Legal, and business unit leaders to ensure alignment of compensation programs with company goals and compliance standards.

Core Responsibilities:

• Partner with internal teams to assess current compensation practices and design effective new incentive plans that support business objectives.

• Conduct thorough compensation analyses using internal metrics, market surveys, and benchmarking tools.

• Manage salary surveys and competitive market pricing efforts to ensure compensation structures remain equitable and competitive.

• Oversee incentive compensation modeling, calculation, and payout processes with a focus on accuracy, timeliness, and compliance.

• Lead the administration of key company processes including the Quarterly Adjustment Process and BBE (Base, Bonus, Equity) planning cycle.

• Prepare and deliver detailed compensation reports and presentations to senior leadership.

• Set team goals and monitor performance against organizational metrics, ensuring timely delivery and quality of work.

• Foster a positive team culture by providing coaching, motivation, and continuous development opportunities.

• Uphold and model PennyMac’s cultural values—Accountable, Reliable, and Ethical—in all decision-making and leadership practices.

• Perform other related duties and projects as assigned.

Qualifications & Skills Required:

• Bachelor’s degree in Finance, Business Administration, Human Resources, Mathematics, Real Estate, or a related field (strongly preferred).

• Minimum of 7 years of progressive experience in compensation, preferably with a focus on incentive design and administration in the mortgage or financial services sector.

• Strong knowledge of mortgage compensation structures, including plan documentation, modeling, calculations, and lifecycle processes.

• Demonstrated experience in administering base pay and variable compensation programs, along with a strategic understanding of competitive compensation strategy.

• Analytical mindset with the ability to interpret complex data and translate it into actionable business insights.

• Strong communication and presentation skills; comfortable preparing and delivering insights to executive leadership.

• Experience managing and mentoring HR or compensation professionals.

• Creative thinker with a solution-oriented approach and a commitment to continuous improvement.

Why Join PennyMac?

PennyMac is recognized as one of the top mortgage lenders in the country, having helped over 4 million homeowners realize and sustain their dream of homeownership. Our mission is simple—to be the most trusted partner for home. We believe in creating long-term value for our customers, our people, and our communities. With over 4,000 team members across the country, we are united by our commitment to integrity, reliability, and accountability.

Employee Benefits That Matter

PennyMac offers a robust and flexible benefits package designed to support your health, financial wellness, work-life balance, and career growth:

• Medical, Dental, and Vision Insurance

• Paid Time Off (PTO) including vacation, sick leave, holidays, and parental leave

• Employee Wellness Programs and onsite amenities (gyms, café-style dining in select locations)

• Retirement Benefits including 401(k) with employer match and life insurance

• Tuition Reimbursement and ongoing learning opportunitie