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Become A Compensation Consultant

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Working As A Compensation Consultant

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $80,000

    Average Salary

What Does A Compensation Consultant Do At Lowe's

* Help develop and support executive compensation programs that help attract & retain talent.
* Engage experts in legal, accounting, finance, business units and within HR to help deliver top quality work products.
* Develop communication material to explain compensation programs in a simple and concise manner.
* Interact with management's executive compensation consultant.
* Submit survey data and analyze market data for executive compensation.
* Draft compensation committee material incorporating analytics and work through iterative review process.
* Research and respond to inquires related to long-term incentive compensation and executive benefit programs.
* Assist with on-boarding new executives.
* Contribute to the Total Rewards Team to ensure executive compensation voice is represented.
* Assist with external financial reporting and compliance disclosures including proxy material

What Does A Compensation Consultant Do At Citrix Systems Inc.

* Initiate complex analysis and recommendations for implementation and maintenance of compensation infrastructure: job framework, job profiles, guideline for new hire, transfers, promotions, integrity of system of records of practices and procedures.
* Provide compensation program management and execution including but not limited to: base pay administration, year-end performance and pay management/processing, and equity reviews
* Anticipate training opportunities and develop and conduct compensation training programs to familiarize managers and other employees with key elements of the company's compensation programs.
* Responsible for creating and distributing all materials used to communicate the annual focal (merit and stock) review program for Citrix managers and employees.
* As required, perform regular SOX procedures in review of equity compensation programs to ensure compliance.
* Conduct complex analysis in support of initiatives established by HR and Compensation leadership as well as the Compensation Committee of the Board.
* Evaluate programs, keep abreast of changes in legislation, trends, advances and/or new technology and make recommendations for changes and improvements.
* Partner with internal team to ensure continuous improvement of processes and technology in support of compensation programs
* Provide professional consultation and guidance to managers and HR Business Partners by resolving questions and making recommendations to resolve outstanding issues related to compensation programs
* Analyze current compensation programs for alignment with business objectives and compensation competitiveness.
* Manage collection/ submission of monthly equity award recommendations for approval by Group SVP.
* Develop recommendations for effective use of equity pool to maximize critical retention and strategic hiring.
* Participate in special projects as assigned, including executive compensation analysis and M&A activities

What Does A Compensation Consultant Do At Accenture

* Work in a team environment that includes client interactions, workstream management, and cross-team collaboration; may have supervisory responsibilities
* Accountable for functional workstream and/or project activities assigned by team lead or supervisor
* Interaction with all workstreams including technical, reports, conversion, change management and project management
* Adapt existing methods, tools and procedures to create solutions to deliver on client needs
* Analyze business requirements to determine configuration solutions; documentation of requirements, solutions and impacts, alternatives and final decisions
* Candidates must be willing to travel on Monday
* Thursday basis

What Does A Compensation Consultant Do At Amerihealth Caritas

* Assists in developing effective compensation programs, guidelines and procedures that are aligned with the company's HR strategy, business goals and objectives.
* Partners with the HR Business Partners and/or may work directly with line management in the development of new organizational structures, job design, market analysis and equity studies.
* Provides advice to business management in the application of compensation programs and related policies.
* Ensure compensation programs and policies are compliant with all relevant state and federal laws.
* Proven experience in designing incentive programs and compensation pay structures.
* Proven experience with compensation systems and reporting, including Comp Analyst, Success Factors and PeopleSoft.
* Provides a high level of technical direction to other department members regarding systems and reporting.
* Ability to create ad hoc reports using advanced Microsoft Excel functionality.
* Takes a lead role in compensation related projects and the annual compensation cycle.
* Assists with the development of board materials and other senior level executive compensation exhibits

What Does A Compensation Consultant Do At Baystate Health

* Works in a consultative role with leadership, Human Resource Consultants, Recruitment, and other HR team members on general issues related to wages, general compensation, re-organizations, wage and hour regulations, and compensation policies.
* Builds relationships with all levels of the organization to include physicians, employees, managers and senior line management through high visibility, flexibility, approachability, and a reliable, results-oriented track record.
* Actively support clients in strategic business planning while focusing time on top business priorities for maximum impact.
* Works with the HR Consultants, Talent Acquisition and leadership regarding starting salaries, career ladder promotional increases, internal equity issues, and special pay programs.
* Collaborates with HRCs and leadership to identify and resolve recruitment and retention issues.
* In accordance with FLSA regulations, evaluates new job descriptions for completion and clarity and FLSA status.
* Refers to market data and internal data to develop recommendations for appropriate grades and pay levels.
* Reviews job descriptions changes as requested.
* Identifies discrepancies, researches reasons for differences, makes recommendations for changes (including grade, title, job description, and pay).
* Notifies manager of outcome, ensures that files and system are updated.
* Documents changes appropriately and works with manager to facilitate any compensation changes.
* Responsible for the timely submission of salary surveys and maintenance of the salary survey files and appropriate system and Access tables.
* As survey results are received, updates survey shared drive with the survey results.
* Completes ad- hoc surveys as required and initiates ad-hoc surveys as needed.
* Administers Pay for Performance program and supports customers, leader and HRCs in navigating Wage Program and ePerformance applications.
* Assists in the development and implementation of recommendations for grade changes and structure movement.
* Maintains and develops market analysis and costing estimates for the annual wage programs.
* Analyzes market competitiveness and external market conditions.
* Prepares recommendations for management and budget for implementation of changes.
* Under the direction of the Director and/or Senior Consultant, develops recommendations for and maintains incentive programs for employees (non-management programs) to include design of the program, presentation to leadership, communication, implementation, and calculation of awards and maintenance of the program.
* Assists the Director with the design, documentation and communication, implementation, collection of goals and results, calculation of payment and maintenance of the programs for management, physician and other employees with similar variable compensation plans.
* In accordance with state and federal regulations, collaborates with HR Service Center and Payroll to resolve any pay related issues including overpayments, retro-active pay and policy interpretation.
* Identifies through surveys and anecdotal data hard to fill jobs, inequitable grades, and internal equity issues.
* Utilizes market data and internal benchmarking to resolve issues, identify short term and long term resolutions.
* Pro-actively plans with leadership for major job change initiatives, i.e. degree changes, certification changes, etc. that may create a deficit of available candidates in the market.
* Works pro-actively to leadership and recruitment to bridge anticipated workforce gaps
* Mentors Compensation Associate and/or Analyst in the appropriate grading, analyses, and state and federal regulations.
* Works with Associate and/or analyst to develop their skills regarding job evaluation, market analysis, and general consulting role to facilitate greater depth of knowledge and skill level of the Associate or Analyst.
* Develops complex spreadsheets, costing analyses, and various other analytical materials in support of role.
* Develops and conducts presentations and training sessions to facilitate leadership's general compensation knowledge.
* Partners on committees as requested.
* Works on projects as identified and requested.
* Qualifications
* What You Will Need:
* High School Diploma
* Bachelor's Degree in HR Management or Business is preferred
* Minimum of five years as a Compensation Analyst in a comparably sized and paced organization is required.
* CCP or SPHR is preferred

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How To Become A Compensation Consultant

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Compensation Consultant jobs

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Compensation Consultant Career Paths

Compensation Consultant
Senior Compensation Analyst Compensation Manager
Compensation Director
13 Yearsyrs
Hris Manager Human Resources Consultant
Compensation Manager
9 Yearsyrs
Compensation Manager Human Resources Manager
Director Of Human Resources
10 Yearsyrs
Compensation And Benefits Manager Compensation Director Director Of Human Resources
Director Of Talent Acquisition
12 Yearsyrs
Senior Director Chief Executive Officer Human Resources Generalist
Human Resource Officer
7 Yearsyrs
Senior Compensation Analyst Human Resources Coordinator
Human Resources Business Partner
10 Yearsyrs
Project Manager Program Manager Human Resources Generalist
Human Resources Lead
8 Yearsyrs
Compensation Manager Human Resources Coordinator
Human Resources Manager
7 Yearsyrs
Compensation And Benefits Manager Director Of Human Resources Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Senior Human Resources Consultant Regional Human Resources Manager Training Developer
Manager, Learning & Development
10 Yearsyrs
Senior Manager Controller
Operations Manager
7 Yearsyrs
Senior Consultant Program Manager Human Resources Generalist
Payroll Manager
7 Yearsyrs
Senior Manager Director Of Information
Senior Director Of Information & Technology
13 Yearsyrs
Compensation Director Human Resources Consultant
Senior Human Resources Consultant
9 Yearsyrs
Project Manager General Manager Human Resources Coordinator
Senior Human Resources Generalist
7 Yearsyrs
Human Resources Consultant Human Resources Manager
Senior Human Resources Manager
9 Yearsyrs
Senior Consultant Manager Service Manager
Service Operations Manager
8 Yearsyrs
Human Resources Consultant Human Resources Business Partner Human Resources Manager
Talent Acquisition Manager
9 Yearsyrs
Compensation Director Director Of Human Resources Assistant Vice President
Vice President Of Information Technology
12 Yearsyrs
Hris Manager Senior Manager President Of Operations
Vice President Operation Manager
9 Yearsyrs
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Compensation Consultant Demographics

Gender

  • Female

    61.3%
  • Male

    36.6%
  • Unknown

    2.1%

Ethnicity

  • White

    79.8%
  • Asian

    9.5%
  • Hispanic or Latino

    8.0%
  • Unknown

    1.8%
  • Black or African American

    0.9%
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Languages Spoken

  • Spanish

    35.0%
  • French

    15.0%
  • Mandarin

    10.0%
  • Comanche

    5.0%
  • Chinese

    5.0%
  • Vietnamese

    5.0%
  • German

    5.0%
  • Japanese

    5.0%
  • Czech

    5.0%
  • Arabic

    5.0%
  • Korean

    5.0%
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Compensation Consultant

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Compensation Consultant Education

Compensation Consultant

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Real Compensation Consultant Salaries

Job Title Company Location Start Date Salary
Executive Compensation Consultant Towers Watson Pennsylvania Inc. New York, NY Jun 17, 2015 $150,000
Executive Compensation Consultant Towers Watson Delaware Inc. Philadelphia, PA Oct 03, 2016 $135,750
Compensation Consultant AON Consulting, Inc. San Francisco, CA Nov 07, 2016 $125,000
Senior Associate, Employee Compensation Consultant Mercer (Us) Inc. New York, NY Sep 08, 2015 $122,470
Senior Executive Compensation Consultant Mercer (Us) Inc. Atlanta, GA Oct 01, 2011 $121,400 -
$145,000
Executive Compensation Consultant Towers Watson Pennsylvania Inc. New York, NY Oct 01, 2010 $119,600
Bi-Lingual Compensation Consultant Avnet, Inc. Doral, FL Sep 13, 2016 $118,500
Vice President, Compensation Consultant II Bank of America N.A. New York, NY Oct 15, 2009 $115,000 -
$135,000
Executive Compensation Consultant Frederic W. Cook & Co., Inc. New York, NY Apr 13, 2015 $115,000 -
$130,000
Bilingual Compensation Consultant Avnet, Inc. Doral, FL Sep 12, 2013 $107,000
Incentive Compensation Configuration Consultant Accenture LLP Overland Park, KS Jun 09, 2016 $92,643
Employment Compensation Consultant Mercer (Us) Inc. San Francisco, CA Aug 25, 2014 $92,600 -
$116,000
Compensation Consultant Microsoft Corporation Redmond, WA Oct 12, 2009 $91,000
Compensation Consultant Callidus Software Inc. Dublin, CA May 25, 2015 $90,418 -
$105,000
VP, Compensation Consultant II, Executive Compensation Bank of America N.A. New York, NY Mar 10, 2016 $90,000 -
$110,000
Vice President, Compensation Consultant II Bank of America N.A. Boston, MA Jun 28, 2010 $90,000 -
$110,000
Executive Compensation Consultant Towers Watson Delaware Inc. Detroit, MI Sep 03, 2015 $89,000
Incentive Compensation Configuration Consultant Accenture LLP Atlanta, GA Aug 27, 2015 $88,941
Executive Compensation Consultant Towers Watson Delaware Inc. San Francisco, CA Oct 01, 2015 $88,010
Executive Compensation Consultant Towers Watson Delaware Inc. New York, NY Sep 30, 2015 $83,000
Executive Compensation Consultant Towers Watson Pennsylvania Inc. Southfield, MI Apr 22, 2015 $82,500
Employee Compensation Consultant Mercer (Us) Inc. New York, NY Sep 18, 2013 $82,300 -
$98,100
Employee Compensation Consultant Mercer (Us) Inc. New York, NY Sep 04, 2013 $82,300 -
$95,100
Employee Compensation Consultant Mercer (Us) Inc. Los Angeles, CA Oct 01, 2013 $81,900 -
$100,000
Executive Compensation Consultant Frederic W. Cook & Co., Inc. New York, NY Jun 08, 2015 $81,432 -
$115,000
Senior Associate, Employee Compensation Consultant Mercer (Us) Inc. New York, NY Mar 21, 2014 $81,200 -
$100,000
Employee Compensation Consultant Mercer (Us) Inc. San Francisco, CA Dec 29, 2014 $81,000 -
$86,000
Compensation Consultant Buck Consultants, LLC Boston, MA Apr 18, 2011 $80,000

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Top Skills for A Compensation Consultant

JobEvaluationJobDescriptionsIncentivePlanDesignExecutiveCompensationProgramsSalaryStructureFinancialFlsaBusinessPartnersCompensationPlansHrisPerformanceManagementMarketDataSalarySurveysBusinessUnitsMarketAnalysisIncentiveProgramsCompensationIssuesAuditBasePayHumanResources

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Top Compensation Consultant Skills

  1. Job Evaluation
  2. Job Descriptions
  3. Incentive Plan Design
You can check out examples of real life uses of top skills on resumes here:
  • Conducted job evaluation studies, including job description development and exemption status recommendations.
  • Develop and/or update job descriptions according to established format.
  • Project Manager responsible for the Appraiser Incentive Plan design process; total annual incentive plan payments of $88 million dollars.
  • Developed communication materials for all executive compensation programs including annual incentives, long term incentives and base salary.
  • Performed market pricing and salary structure adjustments.

Top Compensation Consultant Employers

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