Compensation consultants assist companies in creating and implementing realistic and beneficial compensation packages for their employees. They provide expert advice regarding the development and modification of benefits packages that the company can afford while also providing competitive benefits that attract new employees and retain existing ones.
Their duties include executive compensation design, salary structures, and custom market pricing, ensuring compensation practices adhere to labor legislation, performing data analysis to ensure equitability, reviewing and assessing pay scales and incentives, and ensuring compensation plans align with the company's profitability goals among others. Educational requirements include a bachelor's degree in human resources management, finance, or relevant field, along with proven experience. Moreover, familiarity with payroll software, excellent analytical and qualitative skills are also preferable.
The average annual salary for this position is $98,271. For a traditional work week, that estimates to $47.25 an hour. The career is expected to grow in the near future and produce opportunities across the United States.
There is more than meets the eye when it comes to being a compensation consultant. For example, did you know that they make an average of $45.68 an hour? That's $95,008 a year!
Between 2018 and 2028, the career is expected to grow 3% and produce 500 job opportunities across the U.S.
There are certain skills that many compensation consultants 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 leadership skills, analytical skills and business skills.
When it comes to the most important skills required to be a compensation consultant, we found that a lot of resumes listed 14.9% of compensation consultants included compensation programs, while 9.0% of resumes included human resources, and 6.7% of resumes included business partners. 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 consultant job title. But what industry to start with? Most compensation consultants actually find jobs in the insurance and finance industries.
If you're interested in becoming a compensation consultant, one of the first things to consider is how much education you need. We've determined that 67.8% of compensation consultants have a bachelor's degree. In terms of higher education levels, we found that 19.9% of compensation consultants have master's degrees. Even though most compensation consultants 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 consultant. When we researched the most common majors for a compensation consultant, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on compensation consultant resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a compensation consultant. In fact, many compensation consultant jobs require experience in a role such as compensation analyst. Meanwhile, many compensation consultants also have previous career experience in roles such as senior compensation analyst or compensation manager.