Compensation, Benefits, and Job Analysis Specialists
Additional Information
Duties
Experts in this field often perform the following functions:
- Investigate the salary and benefit rules and programs that apply to your situation.
- Make comparisons of compensation and benefits programs by using data and cost analysis.
- Analyze job descriptions to assess the level of responsibility and compensation.
- Compliance with federal and state laws must be ensured.
- Create and compile reports Research and analysis summaries.
- Recommendations for human resources managers should be shared with others
- It is possible to find salary, benefits, and job analysis professionals who can handle all of these facets of the job market. Others have narrowed their focus to a certain area of expertise.
Compensation experts examine the structure of a company's remuneration for its employees. They study compensation trends and conduct surveys to see how their organization's pay compares to that of other firms in the same industry and geographic area. They use a variety of data and cost analysis techniques to analyze compensation plans. Workers' compensation and minimum wage rules, as well as equal pay and minimum wage legislation, all fall within the purview of these individuals. They also make certain that the company pays its employees fairly.
Benefits experts are responsible for overseeing an organization's supplemental compensation programs, such as retirement plans, leave policies, wellness initiatives, and insurance plans, as well as the administration of these programs. To come up with a recommendation for a program, they do research and analysis. Because of this constant attention, they are able to keep their programs current, legal, and competitive. With the help of brokers and benefits providers, they handle the process of enrollment, delivery, and renewal of benefits for the company's workers.
They are called position classifiers and are responsible for drafting or assigning job descriptions, classifying roles, and creating wage scales for an organization's staff members. Specialists must perform research and offer recommendations to management on the categorization, description, status, and remuneration of new or existing employment inside the firm.
Education
Compensation, benefits, and job analysis experts normally need at least a bachelor's degree to work in the field. Other common degrees include those in business, social science and psychology. A degree isn't required for some positions, although it is preferred by others.
To prepare for a career in human resources management, finance, and accounting, students should complete courses in these areas.
Working Knowledge of a Related Field
Compensation, benefits, and job analysis experts are frequently required to have previous expertise in compensation analysis, benefits administration, or other facets of human resources. Financial, insurance, or administrative experience may be beneficial as well. Internships are a way for certain applicants to get this experience. Human resources specialists, for example, obtain experience in the field through working in human resources.
Registration, Certification, and Licenses.
Despite the fact that certification isn't essential, it shows that you're knowledgeable. Employees can get their certifications after they begin working for other companies; certain employers prefer certified individuals. In order to qualify for certification, many programs require applicants to have a significant amount of relevant job experience.
Classes for HR professionals are offered by several professional organizations. It is possible to earn certifications in compensation and benefits from organizations like the International Foundation of Employee Benefit Plans and WorldatWork. These include the Society for Human Resource Management (SHRM) and the HR Certification Institute (HRCI).
Advancement
Benefits, salary, and job analysis are all covered. Human resources managers and compensation and benefits managers are examples of professionals who may go up the ladder. Advancement for specialists often necessitates several years of experience.
Characteristics of Critical Importance
Analytical abilities. " Data and cost analyses are used by compensation, benefits, and job analysis professionals to analyze their organization's policies. The ability to read contracts and laws is also a must.
business know-how Finance and accounting fundamentals are essential for specialists. For new workers, they assist determine their pay and perks.
Skills in verbal and nonverbal communication. Employees at all levels of a company should be able to grasp information regarding compensation and benefits provided by specialists.
The ability to use critical thinking. Job positions, wage scales, promotions, and other compensation and benefits regulations must be evaluated by specialists.
Pay
In May 2020, pay, benefits, and job analysis specialists earned a median annual salary of $67,190, according to PayScale. There are two extremes of earnings in each given occupation: those earning more than the median and those earning less. At least $41,490 was earned by those in the bottom 10% and more than $111,930 by those in the top 10%.
Job Projections
Compensation, benefits, and job analysis specialists are expected to see a 10% increase in employment between 2020 and 2030, which is about the same rate of growth as the whole workforce.
