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The differences between plan administrators and compensation consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a plan administrator and a compensation consultant. Additionally, a compensation consultant has an average salary of $90,436, which is higher than the $68,435 average annual salary of a plan administrator.
The top three skills for a plan administrator include payroll, HR and plan administration. The most important skills for a compensation consultant are human resources, project management, and data analysis.
| Plan Administrator | Compensation Consultant | |
| Yearly salary | $68,435 | $90,436 |
| Hourly rate | $32.90 | $43.48 |
| Growth rate | 2% | 2% |
| Number of jobs | 51,856 | 11,745 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 71% |
| Average age | 46 | 46 |
| Years of experience | 6 | 6 |
A plan administrator's duties depend on their line of work or place of employment. Still, they typically include understanding the client or the project's needs, developing plans, performing research and analysis, liaising with internal and external parties, setting goals, establishing guidelines and timelines, and developing strategies to optimize procedures. They must also respond to issues and concerns, resolving them efficiently. Moreover, as a plan administrator, it is essential to monitor the daily operations and manage staff, all while implementing the company's policies and regulations.
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.
Plan administrators and compensation consultants have different pay scales, as shown below.
| Plan Administrator | Compensation Consultant | |
| Average salary | $68,435 | $90,436 |
| Salary range | Between $45,000 And $103,000 | Between $65,000 And $124,000 |
| Highest paying City | New York, NY | Berkeley, CA |
| Highest paying state | New York | Washington |
| Best paying company | Apple | Microsoft |
| Best paying industry | Manufacturing | Finance |
There are a few differences between a plan administrator and a compensation consultant in terms of educational background:
| Plan Administrator | Compensation Consultant | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between plan administrators' and compensation consultants' demographics:
| Plan Administrator | Compensation Consultant | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.1% Female, 60.9% | Male, 37.1% Female, 62.9% |
| Race ratio | Black or African American, 10.8% Unknown, 3.4% Hispanic or Latino, 9.8% Asian, 8.2% White, 67.3% American Indian and Alaska Native, 0.4% | 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% |
| LGBT Percentage | 35% | 35% |