Who are the most valuable employees, are they getting paid properly, and would it be easy for another company to hire them away by offering a better salary? A good employer has to ask themself these questions. Luckily, a compensation and benefits analyst can help provide answers about fair salaries and benefits.
A compensation and benefits analyst helps an organization develop a consistent pay and benefits standard by comparing benefits packages among employees within the company and at other organizations in the same industry. This means that a compensation and benefits analyst works with data-lots of it. They also need to know a lot about labor laws so the organization doesn't get in trouble for offering substandard benefits.
Most compensation and benefits analysts have bachelor's degrees in a field related to business. This is an entry-level position, but a hardworking compensation and benefits analyst can work their way up to the position of senior compensation analyst or human resources manager.
There is more than meets the eye when it comes to being a compensation and benefits analyst. For example, did you know that they make an average of $30.34 an hour? That's $63,108 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 5,300 job opportunities across the U.S.
There are certain skills that many compensation and benefits analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, business skills and communication skills.
When it comes to the most important skills required to be a compensation and benefits analyst, we found that a lot of resumes listed 12.0% of compensation and benefits analysts included compensation programs, while 8.8% of resumes included hris, and 8.4% of resumes included human resources. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the compensation and benefits analyst job title. But what industry to start with? Most compensation and benefits analysts actually find jobs in the health care and manufacturing industries.
If you're interested in becoming a compensation and benefits analyst, one of the first things to consider is how much education you need. We've determined that 67.1% of compensation and benefits analysts have a bachelor's degree. In terms of higher education levels, we found that 18.3% of compensation and benefits analysts have master's degrees. Even though most compensation and benefits analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a compensation and benefits analyst. When we researched the most common majors for a compensation and benefits analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on compensation and benefits analyst resumes include associate degree degrees or diploma degrees.
You may find that experience in other jobs will help you become a compensation and benefits analyst. In fact, many compensation and benefits analyst jobs require experience in a role such as human resources coordinator. Meanwhile, many compensation and benefits analysts also have previous career experience in roles such as benefit specialist or human resources generalist.