Hris & Compensation Analyst Job Description

Compensation Analysis: Survey and Benefits

Compensation analysts are part of the job of attracting and retaining talent. Ensuring that employee compensation and benefits are fair is what they are primarily responsible for. A compensation analyst develops pay structures based on information collected from within and outside the organization.

Their work affects the entire corporation. A compensation analyst surveys the existing pay packages in the organization and also collects data from other organizations to determine whether employees are being paid fairly. Benefits such as house allowance, mileage, bonuses, and stock options are reviewed by the survey, as well as salaries.

The survey helps the analyst to structure a compensation package that is comparable to what other employees in other organizations earn. The analysis of compensation trends is important to the organization because it helps determine if the organization is on the right path. An organization needs to keep its employees happy.

An analyst reviews current compensation trends to help the organization make good decisions. The analysis can be used to determine how much the organization can afford to pay its employees, considering factors such as a rise in the standards of living. The work of a compensation analyst contributes to the development of policies for hiring and retention.

There needs to be a balance between compensation and financial performance of the company because of the need to use human and cash resources efficiently. The information collected by a compensation analyst is used to inform the management on the number of employees it can comfortably hire and maintain profitability. The information can be used to develop incentive programs.