HR Compensation and Benefits Analyst: Key Roles and Responsibilities

Job overview

The compensation analyst position is an integral component of Human Resources in that the HR analyst evaluates and analyzes job duties and responsibilities for an organization and then puts together a competitive salary and benefits package that is equivalent to those in the marketplace.  In short, this individual decides whether or not a company is paying its employees salaries and offering benefits that are competitive. He/she primarily focuses on compensation programs such as: executive compensation, salary and rewards programs, base pay, merit increases, retirement benefits, bonuses, pensions, and more. Certainly, when a company offers competitive salary and good benefits it will help attract top talent to that company and will help to keep them loyal, as well.  Compensation analyst also performs compensation surveys, aids in the development of new jobs, allocates the appropriate job titles along with the job descriptions, and determines the pay grade of jobs for an organization.

Compensation analyst should not to be confused with payroll specialist. Although they both deal with the money aspects for an organization, the payroll specialist compute, make corrections, and distribute salaries, whereas compensation analyst evaluates jobs to generate comparable salaries.    

Job requirements

In order to be successful in this job, an individual must have strong analytical skills and work well under pressure. He/she should also have excellent interpersonal skills along with good leadership skills; for there will be times when he/she will need to meet with the company’s internal management team to propose a salary and benefits package. This individual should also be self-directed, detailed-oriented, possess good oral and written-skills, good math skills and the demonstrated ability to maintain confidentiality and sensitive material.  The ideal aspirant should be familiar with all aspects of employment law, as well.

Educational requirements

Most employers require that you have at least a Bachelor’s degree in Business Management, Business Administration, Accounting, or other business related discipline, along with 3-5 years of experience.  Whereas some companies prefer that you have a Master’s degree in Human Resources or an MBA.

Training

Compensation analyst primarily receive training by working in the Human Resources department along side (job shadowing) someone who is more advanced in this area.  This Individual may also obtain training by doing an internship or volunteering in this field.

Salary

Salary can vary and is based upon an individual’s years of experience, the company size, industry, and location. According to indeed.com, the average current salary for a compensation analyst in the United States is $72,000, for 2011. Glassdoor.com list the current salary range as $62,000 - $105,000.

 

Job prospects

The job outlook for compensation analyst looks very good and should remain strong because this job is in high demand. An individual can find work in this field---in public sectors, government agencies, private sectors, and education.

Reference: indeed.com, glassdoor.com