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Become A Compensation And Benefits Analyst

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Working As A Compensation And Benefits 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

  • $62,195

    Average Salary

What Does A Compensation And Benefits 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 And Benefits 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 And Benefits Analyst Videos

Advancing a Career in Compensation Management

Human Resource Management Lecture Part 05 - Compensation and Benefits

Compensation & Benefits

Compensation And Benefits Analyst Jobs

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Compensation And Benefits Analyst Career Paths

Compensation And Benefits Analyst
Benefits Analyst Benefits Manager
Benefit Director
11 Yearsyrs
Human Resources Consultant Senior Human Resources Generalist
Benefits Manager
8 Yearsyrs
Human Resources Business Partner Director Of Human Resources Compensation Consultant
Compensation And Benefits Manager
9 Yearsyrs
Senior Compensation Analyst Compensation Manager
Compensation Director
13 Yearsyrs
Compensation And Benefits Manager Human Resources Manager Compensation Consultant
Compensation Manager
9 Yearsyrs
Director Of Human Resources Program Director Human Resources Manager
Corporate Human Resources Manager
8 Yearsyrs
Human Resources Manager Senior Human Resources Manager Director Of Human Resources
Director Of Human Resources Operations
10 Yearsyrs
Compensation Manager Human Resources Vice President Benefits Consultant
Employee Benefits Manager
7 Yearsyrs
Human Resources Consultant Human Resources Business Partner
Head Of Human Resources
9 Yearsyrs
Compensation Manager Human Resources Consultant Hris Analyst
Hris Manager
10 Yearsyrs
Benefits Manager Program Manager Human Resources Generalist
Human Resources Contractor
9 Yearsyrs
Benefits Analyst Account Manager Human Resources Coordinator
Human Resources Generalist/Manager
6 Yearsyrs
Human Resources Business Partner Senior Human Resources Generalist
Human Resources Lead
8 Yearsyrs
Human Resources Manager Director Of Human Resources
Human Resources Vice President
12 Yearsyrs
Senior Compensation Analyst Human Resources Manager
Regional Human Resources Manager
8 Yearsyrs
Benefits Manager Assistant Director Human Resources Coordinator
Senior Human Resources Administrator
6 Yearsyrs
Compensation And Benefits Manager Compensation Director Human Resources Consultant
Senior Human Resources Consultant
9 Yearsyrs
Director Of Human Resources Senior Recruiter Human Resources Business Partner
Senior Human Resources Generalist
7 Yearsyrs
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Average Length of Employment
Benefits Analyst 3.3 years
Top Careers Before Compensation And Benefits Analyst
Internship 3.4%
Top Careers After Compensation And Benefits Analyst
Manager 2.5%

Do you work as a Compensation And Benefits Analyst?

Compensation And Benefits Analyst Demographics

Gender

Female

74.5%

Male

24.8%

Unknown

0.7%
Ethnicity

White

62.5%

Hispanic or Latino

15.2%

Black or African American

10.1%

Asian

7.7%

Unknown

4.5%
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Foreign Languages Spoken

Spanish

50.0%

Portuguese

22.2%

Irish

5.6%

German

5.6%

Bengali

5.6%

Polish

5.6%

Korean

5.6%
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Compensation And Benefits Analyst Education

Schools

Michigan State University

11.3%

Strayer University

7.5%

University of Arizona

7.5%

Temple University

5.7%

Bryant University

5.7%

University of Massachusetts Amherst

5.7%

University of Phoenix

5.7%

Texas A&M University

5.7%

Syracuse University

3.8%

University of Texas at Arlington

3.8%

Arizona State University

3.8%

Boston University

3.8%

National Louis University

3.8%

Drexel University

3.8%

Webster University

3.8%

Wayland Baptist University

3.8%

Texas State University

3.8%

University of the Incarnate Word

3.8%

University of Louisville

3.8%

University of Minnesota - Twin Cities

3.8%
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Majors

Business

32.8%

Human Resources Management

25.1%

Management

6.4%

Finance

5.5%

Psychology

3.8%

Accounting

3.0%

Sociology

2.6%

Marketing

2.6%

Law

2.6%

Counseling Psychology

2.1%

English

2.1%

Health Care Administration

1.7%

Elementary Education

1.7%

Project Management

1.7%

Management Information Systems

1.3%

Economics

1.3%

Legal Support Services

1.3%

Music

0.9%

Political Science

0.9%

Mathematics

0.9%
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Degrees

Masters

39.6%

Bachelors

38.5%

Other

9.0%

Certificate

5.4%

Associate

2.9%

Doctorate

2.5%

Diploma

2.2%
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Compensation And Benefits Analyst Videos

Advancing a Career in Compensation Management

Human Resource Management Lecture Part 05 - Compensation and Benefits

Compensation & Benefits

Job type you want
Full Time
Part Time
Internship
Temporary

Real Compensation And Benefits Analyst Salaries

Job Title Company Location Start Date Salary
Compensation/Benefits Analyst-HR Operations Rambus, Inc. Los Altos, CA Oct 12, 2009 $102,000
Compensation/Benefits Analyst-HR Operations Rambus, Inc. Los Altos, CA Jul 26, 2010 $88,000
Staff Compensation & Benefits Analyst On Semiconductor Corporation Phoenix, AZ Aug 12, 2014 $85,613 -
$115,613
Staff Compensation & Benefits Analyst On Semiconductor Phoenix, AZ Jun 11, 2014 $85,613 -
$115,613
Compensation, Benefits and Job Analyst Specialist Dell USA LP Round Rock, TX Feb 05, 2008 $75,000
Compensation, Benefits, & Job Analysis Spclsts Deloitte Tax LLP Houston, TX Oct 27, 2011 $75,000 -
$123,000
Compensation, Benefits, and Job Analysis Archer Daniels Midland Company Plano, TX Aug 21, 2013 $73,260
Compensation, Benefits & Job Analyst Hay Group, Inc. Jersey City, NJ May 20, 2008 $71,680
Compensation, Benefits, and Job Analysis Specialis Zensar Technologies Inc. Princeton, NJ Oct 01, 2011 $64,522 -
$79,522
HR Compensation and Benefits Analyst On Semiconductor Phoenix, AZ Oct 01, 2012 $64,043 -
$74,043
Benefits & Compensation Analyst Swift Beef Company Greeley, CO Sep 26, 2013 $60,000
Benefits & Compensation Analyst Swift Beef Company, A JBS USA Subsidiary Greeley, CO Sep 13, 2014 $60,000
Compensation, Benefits and Payroll Analyst Cosco Fire Protection, Inc. San Juan Capistrano, CA Sep 02, 2015 $58,500 -
$70,000
Compensation and Benefits Analyst Cherokee Nation Entertainment, LLC Catoosa, OK Jan 14, 2011 $54,200
Compensation and Benefits Analyst Cherokee Nation Business, LLC Catoosa, OK Jan 14, 2011 $54,200
Compensation and Health Benefit Administrative Analyst Ta Chen International Inc. Long Beach, CA Feb 12, 2010 $53,352
Compensation and Benefits Analyst Quest Software, Inc. Aliso Viejo, CA Jul 05, 2012 $53,165 -
$57,000
Compensation, Benefits, and Job Analysis Specialis Premier National Realty Group Inc. Los Angeles, CA Nov 01, 2010 $52,467
Compensation, Benefits and Job Analyst Mega Staffing Inc. New York, NY Aug 11, 2016 $51,771
Compensation, Benefits and Job Analyst Mega Staffing, Inc. New York, NY Nov 08, 2013 $49,838
Compensation/Benefits Analyst New Deal, LLC Fort Lee, NJ Oct 01, 2010 $49,587
Compensation, Benefits Job Analysis Apex Outsourcing, Inc. Irvine, CA Jan 29, 2010 $49,067
Compensation, Benefits, & Job Analysis Spec. Stonebridge Construction, Inc. Apple Valley, MN Dec 08, 2010 $47,819
Compensation, Benefits, and Job Analysis Cognizant Technology Solutions Us Corporation Teaneck, NJ Jan 26, 2011 $47,424
Compensation, Benefits, and Job Analysis Cognizant Technology Solutions Us Corporation Teaneck, NJ Dec 14, 2009 $47,424
Compensation, Benefits, and Job Analysis Arena Trucking Service, Inc. VA Jul 01, 2010 $47,300
Compenstion, Benefits Analyst Lifespan Providence, RI Sep 15, 2011 $46,227
Compenstion, Benefits Analyst Lifespan Providence, RI Oct 01, 2011 $46,227

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Top Skills for A Compensation And Benefits Analyst

  1. Benefits Administration
  2. Payroll
  3. HR
You can check out examples of real life uses of top skills on resumes here:
  • Collaborate with benefits broker on various components of benefits administration.
  • Entered all employee benefits selections and deductions into payroll system and applicable provider databases.
  • Developed well-received communication plans for major HR change initiatives resulting in a seamless transition and increased understanding and buy-in.
  • Manage annual open enrollment process; develop communication materials; audit enrollments to ensure accuracy.
  • Supported the administration of the direct compensation programs including the processing, recording, and reporting of compensation-related actions.

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Top 10 Best States for Compensation And Benefits Analysts

  1. District of Columbia
  2. New Jersey
  3. Connecticut
  4. Rhode Island
  5. Massachusetts
  6. New York
  7. Minnesota
  8. Washington
  9. Virginia
  10. Alaska
  • (24 jobs)
  • (85 jobs)
  • (44 jobs)
  • (17 jobs)
  • (122 jobs)
  • (157 jobs)
  • (79 jobs)
  • (70 jobs)
  • (195 jobs)
  • (4 jobs)

Top Compensation And Benefits Analyst Employers

Jobs From Top Compensation And Benefits Analyst Employers

Compensation And Benefits Analyst Videos

Advancing a Career in Compensation Management

Human Resource Management Lecture Part 05 - Compensation and Benefits

Compensation & Benefits

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