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Vice President, Total Rewards
VFC
Greensboro, NC, United States
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NewCo Vice President, Total Rewards
Organized in 1899, VF Corporation is a global leader in branded lifestyle apparel, footwear and accessories, global iconic brands, nearly 70,000 associates and $12.4 billion in revenue.
VF’s businesses and brands are organized into four categories called coalitions, consisting of: Outdoor & Action Sports, Jeanswear, Workwear and Sportswear. In August 2018, VF announced its plans to spin off the Jeanswear business (known for now as “NewCo”) as a separate publicly-traded company headquartered in Greensboro, NC; VF will then relocate its corporate headquarters to Denver, CO, while continuing to maintain a presence in Greensboro.
The spin is planned to be effective in the first half of 2019, following which the NewCo is expected to have approximately $2.5 billion in revenue (~$1.0 billion from Lee; ~$1.5 billion from Wrangler) and more than $450 million in EBITDA. NewCo will be home to global, iconic brands steeped in heritage and authenticity and will be the leading player in denim globally delivering steady growth, consistent profitability and strong cash flow to support high dividends to their shareholders. As an independent, publicly-traded company focused on denim, NewCo will have greater opportunities to streamline their business, pursue new opportunities, and expand their geographic footprint, especially in Asia, into adjacencies such as digital and through strategic M&A.
The Global Head of Total Rewards will be responsible for ongoing assessment and optimization of all reward strategies affecting more than 20,000 employees globally. Additionally, HR Technology, HR Shared Services (and/or outsource vendors) and Global Mobility will report into this position. This role is responsible for all matters concerning the design, development, implementation, communication and administration of employee compensation and benefits programs. In addition, this individual will have responsibility for all executive compensation activities, supporting the Chief Human Resources Officer and the compensation committee of the Board of Directors.
Key Responsibilities
• Drive the overall strategy and policy deployment for rewards and provide strategic oversight of businesses’ and geographies’ compensation approaches to ensure consistency and equity, and ensure resolution of differences. In addition to total rewards plan design, this individual will ensure the effective analysis, testing, approval, communications and implementation of all rewards initiatives.
• Work in partnership with the talent management function to ensure there is alignment with the company’s overall talent agenda.
• Conduct regular total reward surveys to provide real-time information that total reward structures are in line with best market practices to ensure external and internal equity. Conduct internal spot audits to ensure all total reward processes and policies, including benefits, are compliant with national requirements.
• Partner with HR business partners to ensure that communication programs are kept current and showcase the value of total reward programs.
• Advise regarding business financial levers that will drive results and performance.
• Manage, lead and develop all Rewards staff.
• Work closely with tax, treasury and benefits centers to direct the development, planning and implementation of the organization's associate benefits programs, including health and welfare, income protection, retirement, leaves and other related programs.
• Prepare all compensation guidelines and other communications; identifying the need for third-party consultants; reviewing RFPs and selecting, as appropriate; and managing the compensation budget.
• Oversee global mobility strategy and program and work closely with Talent Management to ensure direct integration of the company’s talent strategy and mobility program.
• Oversee all compensation administration and communication processes, including working with IT partners to select and optimizing use of technology to minimize risk, and ensure equitable and timely execution.
• Evaluate job structure, grading, job descriptions and competitive positioning. Create core compensation administration processes and tools to enable the effective management of global and local compensation processes, approvals and workflows.
Experience
• A minimum of 15 years of experience and a proven total rewards track record. Ideally, this individual will be already sitting in the lead rewards role.
• Deep understanding of both compensation and benefits; knowledge of HCM Technology and HR operations (People Services) strongly preferred.
• HR transformation experience, particularly around implementing a shared services model, outsourcing and driving change on a global scale.
• International and/or global experience, including influencing teams outside the U.S.
• Deep understanding of US and global compensation practices and US Executive Compensation in a publicly traded company.
• A thorough and strategic understanding of the impact of performance management systems.
Critical Competencies
• Strong business and financial acumen
• Ability to influence, build strong relationship skills
• Natural collaborator
• Global acumen and navigation skills
• A Driver with a passion for results
• Ability to manage the matrix