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Become A Compensation Specialist

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Working As A Compensation Specialist

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

  • $73,310

    Average Salary

What Does A Compensation Specialist Do At The City of Houston

* Maintains and updates the City's electronic job classification records.
* Conducts job analysis, analyzes data gathered and updates job descriptions.
* Conducts and participates in salary surveys, analyzes data collected and makes appropriate job grade recommendations.
* Conducts job classification audits as requested.
* Participates in complex compensation-related projects.
* Participates in training sessions for supervisors and human resources liaisons.
* Prepares management reports from the electronic employee information database.
* Prepares automated reports and provides staff support in developing programs related to compensation

What Does A Compensation Specialist Do At Tyson Foods

* Conducting audits, developing and enhancing solutions and tools that streamline Compensation process and systems.
* Conducting market and trend analyses through wage survey input and market intelligence/research on an ad hoc and annual basis.
* This position is responsible for analysis on large data sets and creating various reports using MS Access, SAP, Excel and other reporting tools.
* Other responsibilities include: Working with multiple levels of management for development and approval of wage proposals.
* Working with IS personnel and the compensation team to assist in providing forward thinking system, program and/or transactional solutions.
* Independently examining compensationpractices, compiling statistical data, analyzing data, and conducting other data audits.
* Maintaining and enhancing the department's databases and applications, creating various ad hoc and customized reports for both internal and external customers to include senior management.
* Responsibilities include the maintenance of highly confidential and sensitive information, and performing other responsibilities as the need arises

What Does A Compensation Specialist Do At CDM Smith

* Serves and performs advisory and day-to-day compensation direction.
* Reviews and processes planned and off cycle salary actions.
* Assists in the development of salary structures, annual budgets, and matrices.
* Providing advice and collaborates with managers and leaders in the firm using sound compensation theory in the design and development of compensation programs and incentive practices.
* Partners with HR Colleagues (Total Rewards, HRBPs and Human Resource Information System team (HRIS)) to ensure the integrity of data.
* Interprets applicable laws regulating compensation practices.
* Assists in compensation strategy planning and individual projects.
* Consults and partners with Human Resources staff, managers, and employees to provide advice and deliver information on organizational design, restructuring, job evaluations, salary administration, merit planning issues and other compensation issues.
* Participates in salary surveys and analyzes results.
* Maintains database of survey data for analyzing market competitiveness to internal positions as needed.
* Analyzes jobs and writes job descriptions based on interviews and materials obtained from incumbents and supervisors.
* Applies job evaluation techniques to evaluate jobs and determines a salary grade.
* Creates & maintain job codes.
* Establishes equitable pay rates for new hires and other staff.
* Investigates and recommends resolution on classification questions and Fair Labor Standard Act (FLSA) exemptions.
* Audits existing or proposed job classifications to obtain information regarding responsibilities, activities, duties and FLSA exemption requirements.
* Leads special compensation related projects.
* Prepares reports and analysis to review compensation issues, extracting and manipulating data as necessary from HRIS.
* Assists in the communication of compensation philosophy, performance appraisal/salary review process and incentive programs, as needed.
* Maintain a thorough knowledge and competency level of contemporary issues, practices, regulations, and systems applications within compensation and human resources.
* Participates in the design and development of automation tools to improve the speed, efficiency and quality of compensation information available to employees and managers.
* Requisition ID:
* BR
* Business Unit:
* COR
* Job Title:
* Senior Compensation Specialist
* Group:
* COR
* CDM Smith Employment Type:
* Regular

What Does A Compensation Specialist Do At University of Richmond

* Classification and Compensation System Implementation and Maintenance
* Designs and maintains the compensation and classification system.
* Performs job analysis in order to determine position classification and reclassifications according to University leveling guide and FLSA standards.
* Provides guidance to HR Consulting Team to determine appropriate salary offers.
* Utilizes the pay policy as a guideline, in addition to considerations such as campus equity, market data, and candidate’s experience and educational requirements.
* Provides compensation consulting expertise to HR Business Partners in regards to organizational restructurings and other departmental changes.
* Participates in various national salary surveys including CUPA
* HR, Willis Towers Watson and Mercer, as well as specific salary surveys conducted by professional organizations for other divisions to assess the University’s competitive pay position and alignment with its stated compensation objectives.
* Conducts special studies of salary and pay administration.
* Oversees the annual salary increase process for staff to ensure sound fiscal allocation of resources.
* Provides consultation, analysis and modeling on annual wage and salary budgets.
* Makes recommendations for salary structure changes on an annual basis to reflect appropriate market changes.
* Reviews market changes at the position level to ensure pay competitiveness.
* Monitors the effectiveness of existing compensation policies, guidelines and procedures.
* Makes recommendations to the Director of Compensation and Benefits and the Sr.
* AVP, Human Resources regarding strategic plan changes.
* Identifies sound and accurate metrics, which can improve existing HR pay practices.
* Conducts benchmarking and presents accurate staffing-related statistics.
* Analyzes competitive compensation and report findings and makes recommendations to senior management.
* Partners with HRIS Analysts on reports for management.
* Provides guidance to Compensation and Benefits Specialist on compensation related issues and works with HR Solution Center Team to ensure effective processing of salary transactions.
* Works closely with Budget and Planning Office to maintain position control module in Banner.
* Supports special projects and other duties as assigned

What Does A Compensation Specialist Do At Cliftonlarsonallen, LLP

* Partner with internal CLA professionals to develop and drive compensation services for external clients
* Analyze external client’s current compensation practices and assist to develop appropriate compensation programs based on need
* Design compensation programs and structures for external clients to include base compensation, executive compensation, incentive and deferred compensation
* Ability to provide guidance on different approaches to compensation structures and develop compensation programs to best suit the client’s needs.
* Apply knowledge of Quantitative and Qualitative approaches to job evaluation process to advise client and design appropriate programs
* Perform job analysis, job evaluations and draft job description to create compensation systems
* Conduct internal and external market analysis utilizing published surveys to establish appropriate market data
* Perform regular or custom compensation or total rewards surveys based on external client requests
* Conduct HR compliance reviews for clients and recommend solutions
* Create and update company handbooks, policies, performance management programs and other HR related programs for external client
* Partner with client to provide compensation solutions to positively impact client’s total rewards programs and policies
* Deliver HR projects as requested by client
* Build relationships with internal and external and become a trusted advisor
* Requirements
*

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How To Become A Compensation Specialist

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 Specialist jobs

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Real Compensation Specialist Salaries

Job Title Company Location Start Date Salary
Senior Global Compensation Specialist Bechtel Corporation San Francisco, CA Feb 02, 2015 $142,193
Compensation Specialist Google Inc. Sunnyvale, CA Jan 02, 2016 $120,000
Compensation Specialist Google Inc. Mountain View, CA Sep 13, 2013 $111,000
Compensation Specialist Genscript USA Inc. Piscataway, NJ Apr 26, 2016 $107,266
IFS Compensation Specialist Pricewaterhousecoopers New York, NY Nov 16, 2016 $106,000 -
$137,400
Senior Executive Compensation Specialist Abbott Laboratories Parkersburg, IL Jul 01, 2010 $95,000
Compensation Specialist Microsoft Corporation Redmond, WA Aug 07, 2016 $94,400 -
$114,400
Compensation, Bene., and Job Analy. Specialists Affiliated Computer Services, Inc. Secaucus, NJ Jun 27, 2012 $77,624
Compensation & Job Analysis Specialist Bank of America Boston, MA Jul 07, 2010 $71,400
Hris and Compensation Specialist Yukon-Kuskokwim Health Corporation Bethel, AK Nov 01, 2014 $70,000 -
$80,000
Incentive Compensation Specialist Smart Tech, Inc. Simi Valley, CA Jan 09, 2016 $65,000
Compensation Specialist, Client Relations Ambrose Employer Group, LLC New York, NY Oct 01, 2012 $65,000 -
$75,000
Compensation Specialist AON Consulting, Inc. San Jose, CA Mar 11, 2010 $65,000 -
$85,000
Compensation, Benef. & Job Analysis Specialist ADC Telecommunications Eden Prairie, MN Jan 06, 2011 $61,755
Recruiting and Compensation Specialist M2P2, LLC Ames, IA Dec 10, 2011 $60,106
Compensation Specialist The Johns Hopkins Health System Corporation Baltimore, MD Jun 16, 2014 $59,000
Compensation Specialist The Johns Hopkins Hospital Baltimore, MD Jun 16, 2014 $59,000

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Top Skills for A Compensation Specialist

HRWorkersCompensationClaimsPayrollCompensationProgramsJobDescriptionsGuidelinesHrisSalarySurveysCustomerServiceSafetyJobEvaluationDataEntryInjuryFinancialInsuranceCompaniesDisabilityAuditResourceOshaCompensationPolicies

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Top Compensation Specialist Skills

  1. HR
  2. Workers Compensation Claims
  3. Payroll
You can check out examples of real life uses of top skills on resumes here:
  • Provided compensation consulting to organizational managers and HR/recruiting staff.
  • Administer workers compensation claims and provide guidance and support to supervisors and managers on lost work time and light duty work.
  • Worked with HRIS data team to ensure compensation changes were added into the payroll system.
  • Assisted in the design, implementation and administration of compensation programs for Abbott Diagnostic and Corporate Engineering Division.
  • Developed and maintained job descriptions.

Top Compensation Specialist Employers

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