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Become A Compensation Analyst

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Working As A Compensation Analyst

  • Getting Information
  • Analyzing Data or Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Interacting With Computers
  • Evaluating Information to Determine Compliance with Standards
  • Mostly Sitting

  • $61,032

    Average Salary

What Does A Compensation Analyst Do

Compensation, benefits, and job analysis specialists conduct an organization’s compensation and benefits programs. They also evaluate position descriptions to determine details such as a person’s classification and salary.

Duties

Compensation, benefits, and job analysis specialists typically do the following:

  • Research compensation and benefits policies and plans to ensure the organization’s offerings are current, cost effective, and competitive
  • Use data and cost analyses to compare compensation and benefits plans
  • Evaluate position descriptions to determine a person’s classification and salary
  • Ensure that the company complies with federal and state laws
  • Collaborate with outside partners, such as benefits vendors, insurance brokers, and investment managers 
  • Design and prepare reports summarizing research and analysis
  • Present recommendations to other human resources managers

Some specialists perform tasks within all areas of compensation, benefits, and job analysis. Others specialize in a specific area.

Compensation specialists assess the organization’s pay structure. They research compensation trends and review surveys to determine how their organization’s pay compares with that of other organizations in a particular industry and region. They often perform complex data or cost analyses to evaluate compensation policies. For example, they may research and analyze the cost of different pay-for-performance strategies, which offer rewards such as bonuses, paid leave, and other incentives.

Compensation specialists also must ensure that the organization’s pay practices comply with federal and state laws and regulations, such as workers’ compensation, minimum wage, overtime, and equal pay laws.

Benefits specialists administer the organization’s benefits programs, which include retirement plans, leave policies, wellness programs, and insurance policies, such as health, life, and disability insurance. They research and analyze benefits plans, policies, and programs, and make recommendations based on their analysis. They must frequently monitor government regulations, legislation, and benefits trends to ensure that their programs are current, legal, and competitive.

Benefits specialists also work closely with insurance brokers and benefits carriers and manage the enrollment, renewal, and delivery of benefits to the organization’s employees.

Job analysis specialists, also known as position classifiers, evaluate positions by writing or assigning job descriptions, determining position classifications, and preparing salary scales. When an organization introduces a new job or reviews existing jobs, specialists must research and make recommendations to managers on the status, description, classification, and salary of those jobs.

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How To Become A Compensation Analyst

Compensation, benefits, and job analysis specialists typically need a bachelor’s degree, and some specialists need related work experience.

Education

Most employers require that compensation, benefits, and job analysis specialists have a bachelor’s degree. Many specialists have a degree in human resources, business administration, finance, communication, or a related field. Some employers may accept previous work experience in lieu of a formal degree.

Not all colleges and universities offer an undergraduate degree in human resources, but many offer courses in human resources management, compensation analysis, and benefits administration. Students with a background in other disciplines may benefit from taking courses in business, management, finance, and accounting.

Work Experience in a Related Occupation

For many jobs, compensation, benefits, and job analysis specialists must have previous work experience. Employers commonly require that the previous experience includes performing compensation analysis, benefits administration, or general human resources work. Experience in related fields such as finance, insurance, or business administration, also may be beneficial.

Jobseekers without a degree in human resources must have relevant work experience. Some workers may gain this experience through internships. However, most gain experience from working in human resources.

Licenses, Certifications, and Registrations

Although certification is not required, it can demonstrate professional expertise. Some employers prefer to hire certified candidates, but many employers will have their employees become certified after they are already working. Certification programs for management positions often require several years of related work experience in order to qualify for the credential.

Many associations for human resources workers offer classes to enhance the skills of their members. Some associations, including the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that specialize in compensation and benefits. Others, including the HR Certification Institute and the Society for Human Resource Management, offer general human resources credentials.

Advancement

Compensation, benefits, and job analysis specialists may advance to a compensation and benefits manager or a human resources manager position. Specialists typically need several years of work experience to advance.

Important Qualities

Analytical skills. Many specialists perform data or cost analyses to form logical conclusions. For example, they may analyze the cost of choosing a particular salary scale for a class of workers.

Business acumen. Specialists must understand basic finance and accounting.

Communication skills. Specialists often work with employees throughout their organization to provide information on compensation and benefits. They may give presentations or advise managers or employees about compensation policies or benefit plans.

Critical-thinking skills. Specialists must think critically when evaluating job positions, salary scales, promotion practices, and other compensation and benefits policies.

Detail oriented. Specialists must pay attention to detail, especially when ensuring that the organization is compliant with federal and state laws.

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Compensation Analyst jobs

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Compensation Analyst Career Paths

Compensation Analyst
Compensation And Benefits Manager
8 Yearsyrs
Human Resources Business Partner Director Of Human Resources
Compensation Consultant
10 Yearsyrs
Senior Compensation Analyst Compensation Manager
Compensation Director
13 Yearsyrs
Compensation Consultant Senior Compensation Analyst
Compensation Manager
9 Yearsyrs
Compensation Manager Human Resources Manager
Corporate Human Resources Manager
8 Yearsyrs
Human Resources Consultant Human Resources Manager Director Of Human Resources
Director Of Human Resources Operations
11 Yearsyrs
Senior Analyst Program Manager Service Director
Director Of Support Services
8 Yearsyrs
Senior Manager Marketing Director Human Resources Coordinator
Human Resource Officer
7 Yearsyrs
Senior Manager Chief Executive Officer Human Resources Generalist
Human Resources Contractor
9 Yearsyrs
Director Of Human Resources Assistant Vice President Human Resources Coordinator
Human Resources Lead
8 Yearsyrs
Business Analyst Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Business Analyst Senior Finance Analyst Accounting Manager
Payroll Manager
7 Yearsyrs
Human Resources Consultant Human Resources Business Partner Human Resources Manager
Resource Project Manager
8 Yearsyrs
Senior Compensation Analyst
8 Yearsyrs
Human Resources Manager Director Of Human Resources
Senior Director Human Resources
13 Yearsyrs
Senior Analyst Operations Manager Human Resources Coordinator
Senior Human Resources Administrator
6 Yearsyrs
Compensation Consultant Compensation Manager Human Resources Coordinator
Senior Human Resources Consultant
9 Yearsyrs
Compensation Manager Human Resources Coordinator Human Resources Manager
Senior Human Resources Manager
9 Yearsyrs
Director Of Human Resources Chief Executive Officer Human Resources Generalist
Senior Human Resources Specialist
7 Yearsyrs
Human Resources Manager Senior Recruiter
Talent Acquisition Manager
9 Yearsyrs
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Compensation Analyst Demographics

Gender

Female

62.9%

Male

34.8%

Unknown

2.3%
Ethnicity

White

78.7%

Hispanic or Latino

9.4%

Asian

9.3%

Unknown

1.9%

Black or African American

0.6%
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Languages Spoken

Spanish

37.2%

French

9.3%

Portuguese

5.8%

German

5.8%

Japanese

4.7%

Mandarin

4.7%

Hindi

4.7%

Russian

4.7%

Chinese

3.5%

Hebrew

3.5%

Korean

3.5%

Urdu

2.3%

Bengali

2.3%

Turkish

1.2%

Comanche

1.2%

Vietnamese

1.2%

Bosnian

1.2%

Greek

1.2%

Arabic

1.2%

Italian

1.2%
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Compensation Analyst Education

Schools

University of Phoenix

14.8%

Cornell University

10.0%

Villanova University

7.4%

Michigan State University

5.7%

Webster University

5.2%

New York University

4.8%

George Mason University

4.8%

Pennsylvania State University

4.3%

Strayer University

4.3%

Northeastern University

4.3%

Southern New Hampshire University

3.9%

University of Kansas

3.5%

Pace University - New York

3.5%

University of Maryland - University College

3.5%

Temple University

3.5%

University of Washington

3.5%

University of Louisville

3.5%

DePaul University

3.5%

Syracuse University

3.0%

University of Alabama

3.0%
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Majors

Business

34.4%

Human Resources Management

20.8%

Finance

7.1%

Accounting

6.6%

Management

5.1%

Psychology

4.5%

Counseling Psychology

3.8%

Economics

2.3%

Communication

1.7%

Marketing

1.7%

Public Administration

1.5%

Political Science

1.5%

Law

1.5%

English

1.2%

Liberal Arts

1.2%

Education

1.2%

Sociology

1.2%

Health Care Administration

0.9%

Mathematics

0.9%

Legal Research And Advanced Professional Studies

0.8%
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Degrees

Bachelors

45.7%

Masters

36.1%

Other

9.2%

Associate

3.9%

Certificate

2.5%

Doctorate

2.0%

Diploma

0.5%

License

0.1%
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Real Compensation Analyst Salaries

Job Title Company Location Start Date Salary
Compensation Analyst 5 EBAY Inc. San Jose, CA Apr 11, 2016 $151,000
Compensation Analyst Chevron Corporation San Ramon, CA Sep 02, 2014 $145,000
Compensation Analyst Facebook, Inc. Menlo Park, CA Jun 25, 2015 $128,250
Compensation Analyst 4 EBAY Inc. San Jose, CA Aug 29, 2011 $125,000
Compensation Analyst 4 EBAY Inc. San Jose, CA Nov 04, 2013 $120,000
Compensation Analyst Zulily, Inc. Seattle, WA Nov 16, 2015 $117,083
Compensation Analyst Facebook, Inc. Menlo Park, CA Jun 24, 2014 $105,000
Compensation Analyst Juniper Networks, Inc. Sunnyvale, CA Aug 28, 2014 $103,085 -
$120,000
Sales Compensation Analyst Nice Systems, Inc. Sunnyvale, CA Aug 24, 2015 $95,000
Sales Compensation Analyst Nice Systems, Inc. Sunnyvale, CA Jul 29, 2015 $95,000
Quantitative Compensation Analyst Google, Inc. Sunnyvale, CA May 11, 2015 $95,000
Compensation Analyst WPP Group USA Inc. New York, NY May 01, 2015 $91,500
Compensation Analyst WPP Group USA Inc. New York, NY Jan 05, 2015 $91,500
Compensation Analyst Zulily, LLC Seattle, WA Aug 10, 2016 $90,295
Global Compensation Analyst Chemtreat, Inc. Glen Allen, VA Aug 25, 2016 $75,730 -
$96,574
Analyst, Compensation Wal-Mart Associates, Inc. Bentonville, AR Aug 17, 2016 $75,000
Compensation Analyst Davita Inc. Denver, CO May 28, 2016 $75,000
Compensation Analyst II VSS Monitoring, Inc. Sunnyvale, CA Sep 02, 2015 $73,611 -
$85,000
Compensation Analyst IBM Corporation San Jose, CA Jan 30, 2015 $73,611 -
$89,300
Compensation Analyst Uber Technologies, Inc. San Francisco, CA Jun 15, 2016 $71,302 -
$90,000
Compensation Analyst Frank Russell Company Seattle, WA Sep 12, 2012 $71,000 -
$97,000
Compensation Analyst II Warnaco Inc. Milford, CT Sep 29, 2011 $61,000
Compensation Analyst Samsung International, Inc. San Diego, CA Oct 01, 2014 $61,000
Compensation Analyst IBM Corporation Waltham, MA Apr 22, 2013 $60,341
Compensation Analyst IBM Corporation Minneapolis, MN Oct 31, 2013 $60,341 -
$97,200
Compensation Analyst IBM Corporation Waltham, MA Sep 13, 2013 $60,341
Associate Compensation Analyst New York University Hospitals Center New York, NY Aug 08, 2012 $60,000
Associate Jc65-Compensation Analyst Cognizant Technology Solutions U.S. Corporation Teaneck, NJ Jan 01, 2015 $60,000

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Top Skills for A Compensation Analyst

NewJobDescriptionsSalarySurveysJobEvaluationBasePayCompensationPlansHrisFlsaMarketDataFinancialSalaryStructureAuditCompensationDataCompensationSurveysInternalEquityJobAnalysisBusinessPartnersCompensationPoliciesPerformanceManagementPeoplesoftSalesCompensation

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Top Compensation Analyst Skills

  1. New Job Descriptions
  2. Salary Surveys
  3. Job Evaluation
You can check out examples of real life uses of top skills on resumes here:
  • Produced new job descriptions, updated and adjusted current job descriptions.
  • Participated in salary surveys to ensure market competitiveness.
  • Led the HAY Job Evaluation Council entrusted with evaluating jobs across the organization consistent with the HAY Job Evaluation methodology.
  • Designed and developed base pay structure and presentations utilizing best practice approach.
  • Designed and modeled new compensation plans for year end.

Top Compensation Analyst Employers

Compensation Analyst Videos

Human Resource Management Lecture Part 05 - Compensation and Benefits

Setting CEO Pay Executive Compensation

Advancing a Career in Compensation Management

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