What does a compensation specialist do?

A Payroll and Benefits Coordinator works as a member of a company's human resources department where their role is to oversee and organize procedures related to preparing and processing employee salaries and benefits, ensuring accuracy and timeliness. They are responsible for setting goals and guidelines, maintaining payroll records and employee timesheets, preparing and processing the necessary documentation, liaising with internal and external business partners, delegating tasks among staff, and resolving issues and concerns if any arise. Moreover, as a payroll and benefits coordinator, it is essential to assist employees by answering inquiries and understanding the extent of procedures.

There are some key differences in the responsibilities of each position. For example, compensation specialist responsibilities require skills like "compensation programs," "customer service," "data analysis," and "flsa." Meanwhile a typical payroll and benefits coordinator has skills in areas such as "open enrollment," "payroll processing," "data entry," and "cobra." This difference in skills reveals the differences in what each career does.

A benefits representative is responsible for facilitating and disseminating information about benefits programs and policies across all employees in the company. Benefits representatives respond to the employees' inquiries and concerns of benefits processes, update their benefits information, and resolve discrepancies and disputes. They also support the company's initiatives on developing new benefits plans, implementing campaigns, as well as writing application guides for reference. A benefits representative should have excellent communication and organizational skills as they also conduct surveys to check the efficiency and effectiveness of the benefits programs and adjusting procedures as needed.

In addition to the difference in salary, there are some other key differences worth noting. For example, compensation specialist responsibilities are more likely to require skills like "human resources," "compensation programs," "data analysis," and "flsa." Meanwhile, a benefits representative has duties that require skills in areas such as "patients," "insurance coverage," "term disability," and "health insurance." These differences highlight just how different the day-to-day in each role looks.

A benefits advisor specializes in devising benefits programs and strategies for a workforce, ensuring they are well-compensated for their hard work. Typically, their responsibilities revolve around performing research and analysis to identify the needs of employees in a company, studying the benefit programs of competitors, and assessing the existing programs while putting the company's welfare into consideration. They must prepare reports and presentations for clients, provide cost-estimates and business plans, and evaluate risks, all while adhering to the company's policies and regulations, including its vision and mission.

The required skills of the two careers differ considerably. For example, compensation specialists are more likely to have skills like "human resources," "compensation programs," "customer service," and "hris." But a benefits advisor is more likely to have skills like "insurance benefits," "patients," "inbound calls," and "medicare advantage."

The Benefits and Payroll Administrator manages the company's payroll, ensuring work benefits and employee documents are secure. The administrator also delivers employees' issues and concerns to the company's proper channels. This position also helps in the audit of the company and ensures compliance with state and federal regulations. This administrative position requires bookkeeping knowledge, a bachelor's degree, and experience in using spreadsheets and accounting software.

Even though a few skill sets overlap between compensation specialists and benefits & payroll administrators, there are some differences that are important to note. For one, a compensation specialist might have more use for skills like "compensation programs," "customer service," "data analysis," and "flsa." Meanwhile, some responsibilities of benefits & payroll administrators require skills like "cobra," "payroll system," "open enrollment," and "adp payroll. "