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The differences between benefit specialists and compensation analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a benefit specialist and a compensation analyst. Additionally, a compensation analyst has an average salary of $66,487, which is higher than the $48,756 average annual salary of a benefit specialist.
The top three skills for a benefit specialist include customer service, HR and patients. The most important skills for a compensation analyst are HR, compensation programs, and HRIS.
Benefit Specialist | Compensation Analyst | |
Yearly Salary | $48,756 | $66,487 |
Hourly rate | $23.44 | $31.96 |
Growth Rate | 7% | 7% |
Number Of Jobs | 31,663 | 19,344 |
Job Satisfaction | - | 5 |
Most Common Degree | Bachelor's Degree, 59% | Bachelor's Degree, 73% |
Average Age | 45 | 45 |
Years Of Experience | 6 | 6 |
A benefits specialist is responsible for analyzing and processing the compensation package of an organization, ensuring that the salary and benefits received by an employee adhere to the current legislation procedures. Benefits specialists develop benefits programs, adjusting pension plans and insurance options as needed, and updating the employees on recent updates and changes. A benefits specialist responds to employees' inquiries, addresses their concerns, and manages benefits issues. A benefits specialist must have a clear understanding of benefits policies and processes to educate employees about the benefits structure.
Compensation analysts are responsible for managing company compensation programs by evaluating and analyzing employees' salaries, assist the planning and development of a new and modified sales compensation plan, as well as managing sales compensation short-term incentive programs. The compensation programs are used to improve hiring and boost employee retention. These analysts are skilled and knowledgeable about managing labor costs, benefits structures, and compensation analysis to determine if the employees are fairly compensated.
Benefit specialists and compensation analysts have different pay scales, as shown below.
Benefit Specialist | Compensation Analyst | |
Average Salary | $48,756 | $66,487 |
Salary Range | Between $34,000 And $68,000 | Between $48,000 And $90,000 |
Highest Paying City | San Francisco, CA | Sacramento, CA |
Highest Paying State | Connecticut | Washington |
Best Paying Company | Qorvo | Meta |
Best Paying Industry | Finance | Technology |
There are a few differences between a benefit specialist and a compensation analyst in terms of educational background:
Benefit Specialist | Compensation Analyst | |
Most Common Degree | Bachelor's Degree, 59% | Bachelor's Degree, 73% |
Most Common Major | Business | Business |
Most Common College | University of Pennsylvania | University of Pennsylvania |
Here are the differences between benefit specialists' and compensation analysts' demographics:
Benefit Specialist | Compensation Analyst | |
Average Age | 45 | 45 |
Gender Ratio | Male, 21.1% Female, 78.9% | Male, 36.2% Female, 63.8% |
Race Ratio | Black or African American, 11.0% Unknown, 3.6% Hispanic or Latino, 15.3% Asian, 7.5% White, 62.2% American Indian and Alaska Native, 0.3% | Black or African American, 10.5% Unknown, 3.9% Hispanic or Latino, 15.0% Asian, 7.7% White, 62.3% American Indian and Alaska Native, 0.5% |
LGBT Percentage | 9% | 9% |