A compensation analyst specialist (also known as a benefits or job analysis specialist) will examines job descriptions to determine salaries and classifications for job positions. They also ensure an organization’s compensation and benefits package is cost effective, competitive, and current.
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How to Become a Compensation Analyst Specialist
Compensation, benefits, and job analyst specialists typically require a bachelor’s degree. There are exceptions if a person demonstrates sufficient relevant work experience. Because not all colleges and universities offer an undergraduate degree in human resources, many of them provide courses in benefits administration, compensation analysis, and human resources management.
Many students get their degree in human resources, business administration, communication, finance, or a related field. An employer may also accept an applicant with experience in insurance, finance, or business administration. Most employers desire work experience in benefits administration, general human resources work, or compensation analyses.
Job Description of Compensation, Benefits, and Job Analysts
Compensation analyst specialists compare compensation and benefits plans using data and cost analyses. They evaluate position job descriptions to determine an employee’s salary and classification. A compensation, benefits, and job analyst also collaborates with outside partners like investment managers, benefits vendors, and insurance brokers. These specialists must prepare reports to show their research and analysis and present their recommendations to other resource managers. Some compensation, benefits, and job analysts specialize in specific areas, such as compensation, benefits, or job analysis.
Compensation Analyst Specialist Career Video Transcript
For most organizations, the biggest chunk of their budget goes to employee salaries and benefits. Compensation, benefits, and job analysis specialists ensure that positions in an organization are classified properly, and that pay and benefits are appropriate to attract new employees, all while keeping the organization’s finances in balance.
These specialists research compensation and benefits policies and plans, keeping up to date on trends in the market to ensure their programs are current, legal, and competitive. They also write reports recommending changes to company management. Some specialize in a specific area: Compensation specialists research salary trends within a comparable industry and region. They also ensure compliance with laws and regulations, such as minimum wage and equal pay.
Benefits specialists administer retirement plans, leave policies, wellness programs, and insurance. They work closely with insurance brokers and benefits carriers. Job analysis specialists write job descriptions for new or changing positions, and recommend status, classification, and salary for those jobs to managers. Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices, and most work regular full time business hours. A bachelor’s degree along with related work experience, is required for most positions. Courses in business, management, finance and accounting are helpful.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Compensation Benefits and Job Analysis Specialist.
National Center for O*NET Development. 13-1141.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.