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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 | Compensation Specialist | |
Yearly Salary | $48,756 | $67,722 |
Hourly rate | $23.44 | $32.56 |
Growth Rate | 7% | 7% |
Number Of Jobs | 31,663 | 32,642 |
Job Satisfaction | - | - |
Most Common Degree | Bachelor's Degree, 59% | Bachelor's Degree, 63% |
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.
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 specialists and compensation specialists have different pay scales, as shown below.
Benefit Specialist | Compensation Specialist | |
Average Salary | $48,756 | $67,722 |
Salary Range | Between $34,000 And $68,000 | Between $41,000 And $110,000 |
Highest Paying City | San Francisco, CA | San Francisco, CA |
Highest Paying State | Connecticut | Washington |
Best Paying Company | Qorvo | Microsoft |
Best Paying Industry | Finance | - |
There are a few differences between a benefit specialist and a compensation specialist in terms of educational background:
Benefit Specialist | Compensation Specialist | |
Most Common Degree | Bachelor's Degree, 59% | Bachelor's Degree, 63% |
Most Common Major | Business | Business |
Most Common College | University of Pennsylvania | University of Pennsylvania |
Here are the differences between benefit specialists' and compensation specialists' demographics:
Benefit Specialist | Compensation Specialist | |
Average Age | 45 | 45 |
Gender Ratio | Male, 21.1% Female, 78.9% | Male, 25.3% Female, 74.7% |
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, 10.6% Unknown, 3.7% Hispanic or Latino, 15.4% Asian, 7.4% White, 62.6% American Indian and Alaska Native, 0.4% |
LGBT Percentage | 9% | 9% |