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The differences between compensation analysts 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 compensation analyst and a compensation specialist. Additionally, a compensation specialist has an average salary of $67,722, which is higher than the $66,487 average annual salary of a compensation analyst.
The top three skills for a compensation analyst include HR, compensation programs and HRIS. The most important skills for a compensation specialist are human resources, compensation programs, and customer service.
| Compensation Analyst | Compensation Specialist | |
| Yearly salary | $66,487 | $67,722 |
| Hourly rate | $31.96 | $32.56 |
| Growth rate | 7% | 7% |
| Number of jobs | 19,344 | 32,642 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 63% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
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.
Compensation analysts and compensation specialists have different pay scales, as shown below.
| Compensation Analyst | Compensation Specialist | |
| Average salary | $66,487 | $67,722 |
| Salary range | Between $48,000 And $90,000 | Between $41,000 And $110,000 |
| Highest paying City | Sacramento, CA | San Francisco, CA |
| Highest paying state | Washington | Washington |
| Best paying company | Meta | Microsoft |
| Best paying industry | Technology | - |
There are a few differences between a compensation analyst and a compensation specialist in terms of educational background:
| Compensation Analyst | Compensation Specialist | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 63% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation analysts' and compensation specialists' demographics:
| Compensation Analyst | Compensation Specialist | |
| Average age | 45 | 45 |
| Gender ratio | Male, 36.2% Female, 63.8% | Male, 25.3% Female, 74.7% |
| Race ratio | 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% | 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% |