Career of the week: Compensation Analyst

a Compensation analysts determine whether a company is paying salaries and providing benefits that are competitive and equitable, according to StateUniversity. Their goal is to help companies attract and keep competent employees. Compensation analysts must meet a variety of skills and experience requirements to do their jobs effectively.

    Duties

    Compensation analysts evaluate existing and proposed jobs and classify them according to their levels of responsibility and importance to the employer. They then research what comparable jobs pay in the marketplace and develop competitive salary and benefit structures to ensure they attract job candidates who can work hard and offer a long-term commitment. Their duties include conducting salary surveys, examining predictions for market changes in salary ranges, interpreting salary data and performing analysis, according to SalarySource. Compensation analysts participate in the communication and implementation of various components of a company’s pay and rewards program as well, which might include base pay, bonuses, incentives and recognition programs, according to Eduers. They also provide guidance on compensation-related issues for the management team of a company. In addition, compensation analysts might even develop appropriate job descriptions or maintain a human resources website for online access to job descriptions and compensation information, according to the Alamo Community College District in Texas.

    Skills

  1. Compensation analysts must be detail-oriented and organized. They should be familiar with laws and regulations associated with affirmative action, fair labor standards, veterans’ preference and salaries as well. These professionals also should have strong analytical, verbal and written skills and understand how an organization functions. In addition, employers look for compensation analysts who know survey methodology or even point-factor job evaluation systems. Compensation analysts additionally must be self-directed, adaptable to change and able to lead a team of people or a project.

    2. Locations

    Compensation analysts usually work in personnel departments and can work for federal, state and local governments as well as school systems and universities. In civil service, they can develop compensation structures for entire government bodies. Jobs with government agencies usually require compensation analysts to pass a civil service exam. In addition, these professionals can work for large and medium-sized businesses, where they develop salary structures that remain consistent throughout an entire company.

    Education

  2. Compensation analysts usually have a bachelor’s degree with no specific major required, but some employers prefer a Master of Business Administration degree or an equivalent in human resources management. Bachelor’s degree majors such as business or public or personnel administration also offer individuals suitable background in the field. Employers additionally might require job candidates to have several years of progressively responsible positions in compensation or human resources. Many compensation analysts also take an exam on the practice and theory of compensation administered by the WorldatWork Society of Certified Professionals. Passing the exam earns an individual a Certified Compensation Professional designation and increases advancement opportunities.

    3. Outllook

  3. The demand for compensation analysts remains strong with growing emphasis being placed on the concept of “comparable worth.” This idea aims to establish the comparability of job types and job titles for salary purposes across employers and industries, according to StateUniversity. The average compensation analyst salary in 2010 is $72,000, according to Indeed.

source: ehow

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