Believe it or not, there are actually TWO North Poles - the one at the top of the earth and what is known as MAGNETIC NORTH. Magnetic north is actually in northern Canada, and that is where compasses point to.
Now, on to your question...if you were standing exactly on top of the magnetic north pole, your compass would point nowhere in particular since the place it is used to pointing to is at your feet! You should know that finding magnetic north is not always easy - the spot is actually moving about 10 miles northwest every year. Since it was discovered in 1831, magnetic north has traveled many miles from its original spot!