Payroll Manager

About Formation Bio

At Formation Bio, we are building the pharma company of the future , redefining drug development with our proprietary, tech-driven platform, focused on bringing new treatments to patients faster and more efficiently.

At Formation Bio we license clinical stage drug assets and develop them in-house using our proprietary, technology-driven platform. Over the past few years, we have been able to significantly expedite the drug development process, evidenced by our acceleration of over 300 clinical trials and reducing trial durations by up to 50%. This innovation translates to getting life-saving drugs to market 1-3 years faster, where we specialize in partnering with and nurturing in-house clinical-stage drugs. Our diverse team of experts come from across multiple industries, combining the best of tech and pharma talent.

Join our culture of innovation where your work directly contributes to transforming patient care in areas such as rheumatology, dermatology, CNS, and cardiometabolic diseases. Our dynamic environment blends advanced technology with strategic drug development, speeding up the delivery of new treatments. Here, every role plays a part in our mission to bring new treatments to patients faster and more efficiently.

About the Position

As Formation Bio continues to grow and redefine the biotech landscape, we remain steadfast in embracing change and innovation. This approach not only drives our mission but also shapes the dynamic and forward-thinking culture within our team. In line with our expansion, we're excited to offer a unique opportunity for a seasoned Payroll Manager to lead our payroll operations, ensuring precision, compliance, and efficiency across all processes.

Responsibilities

• Develop and streamline our internal payroll processes for enhanced efficiency and compliance.
• Collaborate closely with external vendors, including our benefits broker and tax advisors, to ensure seamless payroll operations.
• Conduct semi-monthly payroll processing, ensuring all employees are paid accurately and on time.
• Manage and update employee tax profiles, handling any changes with diligence and accuracy.
• Guarantee precise data entry for all payroll-related activities within our HRIS, including onboarding, salary adjustments, benefits, and relocations.
• Conduct regular payroll audits to verify data accuracy and ensure full compliance with all relevant regulations.
• Stay updated and ensure adherence to all payroll-related laws, Department of Labor guidelines, and reporting requirements.
• Oversee compliance with federal, state, and local tax laws, including setting up new states and ongoing state and local law adherence.
• Calculate tax deductions, employee benefits, and other payroll-related expenses accurately.
• Handle year-end tax reporting, including documents such as W2, W2C, 941X, and other annual reports.
• Support financial auditors by providing necessary documentation and assistance for payroll-related inquiries.
• Maintain and provide detailed payroll reports on an ongoing basis.
• Ensure compliance and effective communication, and oversee regulatory policies and procedures related to unemployment and workers' compensation insurance.
• Lead audits related to 401k plans and workers' compensation, maintaining transparency and compliance.
• Manage and administer our 401k plan, including responding to employee inquiries and ensuring smooth operation.

About You 

• A Bachelor's degree in Business, Finance, Accounting, or a related field. Additional qualifications such as a Certified Payroll Professional (CPP) or a designation from the Global Payroll Management Institute (GPMI) are highly regarded.
• A minimum of 5-7 years of payroll experience within the United States, with a particular focus on managing complex payroll operations and ensuring compliance in multiple American jurisdictions.
• Comprehensive understanding of payroll regulations, tax laws, and labor legislation in the U.S. and throughout the Americas.
• Exceptional organizational skills and a meticulous eye for detail, ensuring the accuracy of all payroll calculations and data entries.
• Proficiency with leading payroll systems such as Paylocity, ADP, or Workday, and an advanced skill level in Excel/Google Sheets for managing complex datasets and financial analysis.
• Outstanding communication and interpersonal skills, with the proven ability to work effectively with cross-functional teams, employees, and external partners.
• Strong analytical and innovative problem-solving abilities, with a proactive approach to identifying and resolving payroll issues.
• The capability to operate effectively in a fast-paced, dynamic environment, quickly adapting to changing priorities while maintaining high standards of payroll management.
• Unwavering integrity and discretion in handling confidential information and sensitive payroll data.

We offer competitive compensation because we want to hire the best people and reward them for their contributions to our mission. We pay all employees competitively relative to the New York City market, regardless of their location. In compliance with NYC’s pay transparency law and in pursuit of pay equity and fairness, we publish salary ranges for all open roles at Formation Bio. The target salary range for this role is $125,000 - $150,000.

On top of base salary, we also offer equity, generous perks, location flexibility, and comprehensive benefits – learn more about them and our compensation philosophy here.

If this range doesn’t match your expectations, please still apply because we may have something else for you.

#LI-hybrid

You will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.