What does a Compensation Analyst Specialist do?
|Citation||Retrieved in 2017 from BLS.org|
A compensation analyst specialist (also known as a benefits or job analysis specialist) will examines job descriptions to determine salaries and classifications for job positions. They also ensure an organization’s compensation and benefits package is cost effective, competitive, and current.
How to Become a Compensation Analyst Specialist
Compensation, benefits, and job analyst specialists typically require a bachelor’s degree. There are exceptions if a person demonstrates sufficient relevant work experience. Because not all colleges and universities offer an undergraduate degree in human resources, many of them provide courses in benefits administration, compensation analysis, and human resources management.
Many students get their degree in human resources, business administration, communication, finance, or a related field. An employer may also accept an applicant with experience in insurance, finance, or business administration. Most employers desire work experience in benefits administration, general human resources work, or compensation analyses.
Job description of Compensation, Benefits, and Job Analysts
Compensation analyst specialists compare compensation and benefits plans using data and cost analyses. They evaluate position job descriptions to determine an employee’s salary and classification. A compensation, benefits, and job analyst also collaborates with outside partners like investment managers, benefits vendors, and insurance brokers.
They must prepare reports to show their research and analysis and present their recommendations to other resource managers. Some compensation, benefits, and job analysts specialize in specific areas, such as compensation, benefits, or job analysis.