Senior Reward Analyst in the People Directorate

The People Directorate is here to shape the Bank’s people strategy, provide information, help and advice to colleagues and line managers to thrive in their roles, and to deliver important people services across the Bank. The directorate is made up of five teams: Diversity, Equity and Inclusion; Employee Relations; People Operations; Talent Acquisition and Development; and Reward and Wellbeing. Our work helps the Bank to attract, identify, develop, nurture, retain and motivate the people we need to fulfil our mission.

The Reward and Wellbeing division sits within the People Directorate. We design and run the Bank’s reward strategy across pay, job architecture/evaluation, pensions, benefits, wellbeing and recognition. We lead the Annual Salary Review, undertake equality analytics and are currently undertaking a multi-year Pay Framework Review to review our future approach to pay.

We are looking for an experienced, highly motivated and analytically strong Senior Reward Analyst to join our Reward and Wellbeing team on a 12 month fixed term contract. This role sits at the heart of our work to implement and enhance the Bank’s reward strategy, policies and frameworks. You will have the opportunity to work on high-profile reward priorities, shaping insight and recommendations that directly inform senior decision-making. This is a fantastic opportunity to deepen your expertise in reward at an exciting time as we look to review our future approach to pay and will involve working across a variety of cyclical and project based workstreams, collaborating with a wide range of stakeholders across the organisation.

The role will include:

• Leading and delivering high-quality reward analysis, translating complex data into clear insights and recommendations that influence decision making.
• Taking a leading role in core cyclical reward activity, including Annual Salary Review, annual benchmarking and Gender and Ethnicity Pay Gap analysis.
• Contributing to reward projects and change initiatives, including system enhancements, policy review and the development of future pay approaches.
• Producing clear, compelling papers, reports and presentations for senior stakeholders.
• Acting as a trusted reward subject matter expert, partnering with colleagues across the Bank and working autonomously on defined workstreams.
• Supporting Job Evaluation activities and the development of job architecture.
• Continuously improving reward processes, controls and MI through effective use of systems and data.
• Keeping engaged with the external environment alongside the ongoing needs of the Bank as an organisation.

Role Requirements:

• Strong, demonstrable experience in reward, including interpretation of pay and people data to support decision-making.
• Experience and proficiency in applying job evaluation or job architecture methodologies.
• Previous experience working with HR or reward systems and data platforms to support employee records, job architecture, and pay cycles.
• Strong analytical capability and the ability to interpret complex data sets, providing clear and meaningful insights through written papers and presentations.
• Proven proficiency in Excel, with the ability to use formulas, functions and data analysis tools to manipulate, validate and interpret data accurately.
• Demonstrable interest in Reward, external market trends and professional development.
• Ability to solve complex reward problems, applying sound judgement and evidence-based analysis to develop clear recommendations.
• Ability to translate complex reward and data concepts into clear, engaging messages for non-technical audiences, including senior stakeholders.
• Strong organisational and time-management skills, including the ability to balance multiple priorities.
• Ability to work both independently and collaboratively across teams, building effective working relationships.
• Evidence of strong stakeholder management skills, including building relationships and influencing at all levels.
• Experience working with Oracle or similar enterprise HR/reward systems.
• Experience using data visualisation or analytics tools (e.g. Power BI, Tableau or similar) to communicate pay and reward insights.

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working.

Salary and Benefits Information:

Location: London or Leeds. Salary for the role is as follows: In addition, we also offer a comprehensive benefits package as detailed below:

• Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year.
• The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.

The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and/or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.