Compensation Specialist Job Description

The Compensation and Benefits Specialist

The compensation and benefits specialist is a key position. The C&B specialist is an independent employee who is involved in strategic projects and initiatives. The C&B employees have access to the top management.

They advise top managers on making strategic decisions and have to be mature to discuss difficult topics. The opinion of the C&B specialists needs to be backed by data. The C&B specialist makes decisions with limited impact on compensation and benefits costs.

The budget is usually prepared by the specialists who have a deep knowledge of the content. The specialist has full responsibility for the budget and costs as the budget is not exceeded. The specialists have training sessions for line managers.

They work to increase the awareness of the compensation agenda. The C&B Manager is usually the job position of the Compensation and Benefits specialist. The specialist can advance their career as an HR Business Partner.

Certified Compensation Specialist

The compensation specialist works in a company. The job description can be complex depending on the needs of the employer. Some companies use human resource generalists who have responsibilities that include aspects of compensation, while other companies need advanced skills and knowledge of a specialist focused only on compensation.

The compensation specialist is an important part of the company's operations, regardless of responsibilities or size. Employers usually require compensation specialists to have a bachelor's degree in a program of study related to human resources or business administration, although some employers accept an associate's degree or combination of education and experience. The Certified Compensation Specialist offered by the World at Work Society of Certified Professional is one of the required certifications.

Compensation, Benefits and Job Analysis Specialist

Wage and non-wage programs that an organization provides to its employees in return for their work are overseen by compensation, benefits, and job analysis specialists. They evaluate position descriptions to find out details such as classification and salary. Over the decade, 9,400 openings for compensation, benefits, and job analysis specialists are projected.

Many openings are expected to be caused by the need to replace workers who transfer to different occupations or retire. Compensation specialists look at pay for employees. They research compensation trends and look at surveys to see how much other organizations in the same industry and region make.

They often perform complex data and cost analyses. They make sure that the organization's pay practices comply with federal and state laws. Retirement plans, leave policies, and insurance plans are some of the compensation programs that benefits specialists administer.

They research, analyze, and recommend benefits plans. They monitor government regulations, legislation, and benefits trends to make sure their programs are legal and competitive. They work closely with insurance brokers and benefits carriers to enroll and deliver benefits to the organization's employees.

Job analysis specialists evaluate an organization's positions by writing or assigning job descriptions, determining position classifications, and preparing salary scales. When an organization introduces a new job or reviews existing jobs, specialists must conduct research and make recommendations to managers on the classification, description, status, and salary of those jobs. A bachelor's degree is required for compensation, benefits, and job analysis specialists.

Compensation Managers in Large Organization

The nature of the company the compensation manager works for affects their duties. A compensation manager in a large organization might specialize in certain areas. They are often assisted by staff specialists.

The compensation manager is responsible for making sure that the company's pay scale complies with the laws and regulations of the state and federal government. The performance evaluation system of the company might be overseen by compensation managers. They might handle employee benefits, as well as employee reward systems.

Most compensation managers work in an office. The role is important to employee retention because they are responsible for making pay competitive, fair, legal, and rewarding. The job can be a bit of a challenge.

Indirect Compensation: What is It All About?

Direct compensation includes money paid to employees in cash. Wages and salary are typically classified as base pay whereas bonuses and commission are variable pay. Different organizations disagree on which benefits are considered indirect compensation.

The line between them is gray in organizations that do not share the cash equivalents of benefits with employees or have not calculated the cash equivalent at the individual employee level. The four major types of direct compensation are hourly or salary. Base compensation is made up of wages, whether hourly or salary.

Wages are usually assigned to unskilled or semi-skilled labor while salary employees are usually more educated and employed in management positions. While hourly wages are used to compensate temporary, part-time or contract workers, salaries are more common for employees that the company has invested in for the long haul. Research on compensation best practices shows that the reward for doing so is increased employee engagement, reduced turnover and a more compelling employer brand.

Compensation and Benefits Specialist in the Human Resources Department

Have you ever been in a position to accept two job offers? The first offer may have been lackluster, but you were attracted by the company culture, and the second offer may have been better, but you are not sure about the work-life balance. The compensation and benefits specialists work within the HR team to research, implement, and support the compensation and benefits structure of the organization.

They are highly analytical and number oriented, with a balance of soft skills that they use to recruit and retain top talent. They are subject matter experts in the fields of compensation, healthcare, paid leave, work-life flexibility, and other non-wage benefits that employees are growing to expect more and more in competitive industries. The median pay for a compensation and benefits specialist was $32.30 per hour in 2020.