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Become A Compensation Consultant

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Working As A Compensation Consultant

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

  • $80,000

    Average Salary

What Does A Compensation Consultant 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 Consultant

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 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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Average Length of Employment
Consultant 2.4 years
Top Employers Before
Consultant 2.5%
Manager 2.2%
Top Employers After
Director 3.8%
Consultant 3.6%
Manager 2.4%

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 Education

Schools

Cornell University

9.1%

University of Phoenix

7.3%

University of Minnesota - Twin Cities

6.4%

Temple University

5.5%

Villanova University

5.5%

Webster University

5.5%

Georgia State University

5.5%

Northeastern University

5.5%

San Jose State University

4.5%

Loyola University of Chicago

4.5%

Marquette University

4.5%

Central Michigan University

4.5%

New York University

4.5%

Michigan State University

4.5%

DePaul University

4.5%

University of Washington

3.6%

American University

3.6%

Mercy College - Dobbs Ferry

3.6%

Kennesaw State University

3.6%

Purdue University

3.6%
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Majors

Business

34.8%

Human Resources Management

21.6%

Psychology

5.8%

Management

5.3%

Finance

5.3%

Counseling Psychology

3.6%

Accounting

3.1%

Marketing

2.2%

Economics

2.2%

Political Science

1.9%

English

1.9%

Communication

1.9%

Education

1.9%

Law

1.7%

International Relations

1.4%

Human Services

1.4%

Mathematics

1.2%

School Counseling

1.0%

General Education, Specific Areas

1.0%

Computer Science

1.0%
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Degrees

Masters

47.7%

Bachelors

39.5%

Other

7.2%

Certificate

2.1%

Doctorate

2.0%

Associate

1.6%
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Job type you want
Full Time
Part Time
Internship
Temporary

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
Compensation Consultant-HR Center of Excellence or Other Microsoft Corporation Redmond, WA Oct 30, 2014 $139,000 -
$159,000
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
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
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
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 Mercer (Us) Inc. Philadelphia, PA Jan 02, 2011 $87,900 -
$105,000
Executive Compensation Consultant Towers Watson Pennsylvania, Inc. Arlington, VA Sep 14, 2014 $84,000
Employee Compensation Consultant Mercer (Us) Inc. New York, NY Sep 04, 2013 $82,300 -
$95,100
Employee Compensation Consultant Mercer (Us) Inc. New York, NY Sep 18, 2013 $82,300 -
$98,100
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
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
Compensation Consultant Xactly Corporation Kansas City, MO Nov 05, 2010 $78,000 -
$88,000
Compensation Consultant Xactly Corporation CA Sep 22, 2012 $76,482 -
$90,000

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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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