Post Job

Benefit Specialist Vs Compensation Specialist

The differences between benefit specialists and compensation specialists 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 specialist. Additionally, a compensation specialist has an average salary of $67,722, 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 specialist are human resources, compensation programs, and customer service.

Benefit specialist vs compensation specialist overview

Benefit SpecialistCompensation Specialist
Yearly Salary$48,756$67,722
Hourly rate$23.44$32.56
Growth Rate7%7%
Number Of Jobs31,66332,642
Job Satisfaction--
Most Common DegreeBachelor's Degree, 59%Bachelor's Degree, 63%
Average Age4545
Years Of Experience66

What does a Benefit Specialist do?

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.

What does a compensation specialist do?

A compensation specialist is responsible for evaluating the organization's benefits package for the employees, following the state regulations and legislation procedures. Compensation specialists identify the staff needs and develop opportunities that would maximize productivity and increase efficiency. They also analyze the market performance to adjust compensation rates according to roles as needed with the coordination of the finance department. A compensation specialist facilitates orientations for new programs and informs the employees about any changes in the payment system.

Benefit specialist vs compensation specialist salary

Benefit specialists and compensation specialists have different pay scales, as shown below.

Benefit SpecialistCompensation Specialist
Average Salary$48,756$67,722
Salary RangeBetween $34,000 And $68,000Between $41,000 And $110,000
Highest Paying CitySan Francisco, CASan Francisco, CA
Highest Paying StateConnecticutWashington
Best Paying CompanyQorvoMicrosoft
Best Paying IndustryFinance-

Differences between benefit specialist and compensation specialist education

There are a few differences between a benefit specialist and a compensation specialist in terms of educational background:

Benefit SpecialistCompensation Specialist
Most Common DegreeBachelor's Degree, 59%Bachelor's Degree, 63%
Most Common MajorBusinessBusiness
Most Common CollegeUniversity of PennsylvaniaUniversity of Pennsylvania

Benefit specialist vs compensation specialist demographics

Here are the differences between benefit specialists' and compensation specialists' demographics:

Benefit SpecialistCompensation Specialist
Average Age4545
Gender RatioMale, 21.1% Female, 78.9%Male, 25.3% Female, 74.7%
Race RatioBlack 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, 10.6% Unknown, 3.7% Hispanic or Latino, 15.4% Asian, 7.4% White, 62.6% American Indian and Alaska Native, 0.4%
LGBT Percentage9%9%

Differences between benefit specialist and compensation specialist duties and responsibilities

Benefit Specialist Example Responsibilities.

  • Manage various employee program such as life, medical, dental pension, and HSA accounts.
  • Examine HMO documents to verify eligibility to process or reject into or from a manage care plan when necessary.
  • Input daily time and PTO, manage benefits, report new hires, input sales, oversee accounts receivable.
  • Create reports using SQL database and manage reports, perform from internet-base tools for research projects need for client insight.
  • Implement new vendor for FSA administration and manage outstanding issues through continuous follow-up and vendor accountability.
  • Analyze, process and manage FMLA claims to determine eligibility and certification in compliance with state and federal regulations.
  • Show More

Compensation Specialist Example Responsibilities.

  • Manage contractor terminations/hiring, process exceeding target of updating PeopleSoft within one business day.
  • Manage special projects including a compensation structure redesign, a performance evaluation redesign and a PeopleSoft implementation.
  • Evaluate new and current job descriptions for appropriate placement in salary structure and FLSA overtime exemption rules.
  • Evaluate FLSA status and appropriate salary structure positioning.
  • Conduct HRIS audit and quality assurance to ensure data integrity and accuracy.
  • Coordinate and complete all ERISA and other regulatory filing requirements.
  • Show More

Benefit specialist vs compensation specialist skills

Common Benefit Specialist Skills
  • Customer Service, 13%
  • HR, 8%
  • Patients, 5%
  • HRIS, 5%
  • Life Insurance, 5%
  • Cobra, 5%
Common Compensation Specialist Skills
  • Human Resources, 12%
  • Compensation Programs, 10%
  • Customer Service, 9%
  • HRIS, 7%
  • Data Analysis, 5%
  • FLSA, 5%

Browse business and financial jobs