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The differences between compensation consultants and compensation analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a compensation consultant and a compensation analyst. Additionally, a compensation consultant has an average salary of $90,436, which is higher than the $66,487 average annual salary of a compensation analyst.
The top three skills for a compensation consultant include human resources, project management and data analysis. The most important skills for a compensation analyst are HR, compensation programs, and HRIS.
| Compensation Consultant | Compensation Analyst | |
| Yearly salary | $90,436 | $66,487 |
| Hourly rate | $43.48 | $31.96 |
| Growth rate | 2% | 7% |
| Number of jobs | 11,745 | 19,344 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 73% |
| Average age | 46 | 45 |
| Years of experience | 6 | 6 |
A compensation consultant is responsible for supporting the human resources department's operations by reviewing the organization's compensation policies and programs, ensuring that the guidelines adhere to state regulations and requirements. Compensation consultants conduct market research analysis to identify salary grades according to job positions and financial stability. They also study benefit plans and facilitate the dissemination of information by organizing orientations and utilizing the company's media platforms. A compensation consultant should have excellent knowledge of the payroll processes to respond to employees' inquiries and concerns and settle salary discrepancies.
Compensation analysts are responsible for managing company compensation programs by evaluating and analyzing employees' salaries, assist the planning and development of a new and modified sales compensation plan, as well as managing sales compensation short-term incentive programs. The compensation programs are used to improve hiring and boost employee retention. These analysts are skilled and knowledgeable about managing labor costs, benefits structures, and compensation analysis to determine if the employees are fairly compensated.
Compensation consultants and compensation analysts have different pay scales, as shown below.
| Compensation Consultant | Compensation Analyst | |
| Average salary | $90,436 | $66,487 |
| Salary range | Between $65,000 And $124,000 | Between $48,000 And $90,000 |
| Highest paying City | Berkeley, CA | Sacramento, CA |
| Highest paying state | Washington | Washington |
| Best paying company | Microsoft | Meta |
| Best paying industry | Finance | Technology |
There are a few differences between a compensation consultant and a compensation analyst in terms of educational background:
| Compensation Consultant | Compensation Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation consultants' and compensation analysts' demographics:
| Compensation Consultant | Compensation Analyst | |
| Average age | 46 | 45 |
| Gender ratio | Male, 37.1% Female, 62.9% | Male, 36.2% Female, 63.8% |
| Race ratio | Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.4% White, 66.6% American Indian and Alaska Native, 0.4% | Black or African American, 10.5% Unknown, 3.9% Hispanic or Latino, 15.0% Asian, 7.7% White, 62.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 35% | 9% |