What They Do: Compensation, benefits, and job analysis specialists conduct an organization’s compensation and benefits programs.
Work Environment: Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices, and most work full time during regular business hours.
How to Become One: Compensation, benefits, and job analysis specialists need a combination of a bachelor’s degree and related work experience.
Salary: The median annual wage for compensation, benefits, and job analysis specialists is $67,190.
Job Outlook: Employment of compensation, benefits, and job analysis specialists is projected to grow 8 percent over the next ten years, much faster than the average for all occupations. Job prospects should be best for candidates with a bachelor’s degree, work experience performing compensation analysis or benefits administration, and related human resources work.
Related Careers: Compare the job duties, education, job growth, and pay of compensation, benefits, and job analysis specialists with similar occupations.
Following is everything you need to know about a career as a compensation, benefits, and job analysis specialist with lots of details. As a first step, take a look at some of the following jobs, which are real jobs with real employers. You will be able to see the very real job career requirements for employers who are actively hiring. The link will open in a new tab so that you can come back to this page to continue reading about the career:
Work with third party vendors on annual compensation and benefits benchmark market survey. They are currently looking for a Compensation and Benefit Specialist…
This role reports directly to the HR Manager for the region. In this role, you will be in charge of the execution and development of the C&B function.
The role primarily partners and supports the Director – C&B SEA & ANZ with review and recommendations on design and implementation of C&B programs and projects …
Drive vendor relationships to maximize their support of benefits-related processes. Actively engage in renewals with global and local insurance brokers to…
Maintains employee benefits programs and informs employees of benefits by studying and assessing benefit needs and trends; recommending benefit programs to…
Continuous improvement of service operations and service reminder by: > Identification of problems with support of KPIs > Develop and implement appropriate…
Compensation, benefits, and job analysis specialists conduct an organization's compensation and benefits programs. They also evaluate position descriptions to determine details such as classification and salary.
Compensation, benefits, and job analysis specialists typically do the following:
Some specialists perform tasks within all areas of compensation, benefits, and job analysis. Others specialize in a specific area.
Compensation specialists assess the organization's pay structure. They research compensation trends and review surveys to determine how their organization's pay compares with that of other organizations in a particular industry and region. They often perform complex data or cost analyses to evaluate compensation policies. They also ensure that the organization's pay practices comply with federal and state laws and regulations, such as workers' compensation, minimum wage, overtime, and equal pay laws.
Benefits specialists administer the organization's benefits programs, which include retirement plans, leave policies, wellness programs, and insurance policies, such as health, life, and disability insurance. They research and analyze benefits plans, policies, and programs, and make recommendations based on their analysis. They frequently monitor government regulations, legislation, and benefits trends to ensure that their programs are current, legal, and competitive. They also work closely with insurance brokers and benefits carriers and manage the enrollment, renewal, and delivery of benefits to the organization's employees.
Job analysis specialists, also known as position classifiers, evaluate positions by writing or assigning job descriptions, determining position classifications, and preparing salary scales. When an organization introduces a new job or reviews existing jobs, specialists must research and make recommendations to managers on the status, description, classification, and salary of those jobs.
Compensation, benefits, and job analysis specialists hold about 94,400 jobs. The largest employers of compensation, benefits, and job analysis specialists are as follows:
|Professional, scientific, and technical services||17%|
|Insurance carriers and related activities||15%|
|Management of companies and enterprises||12%|
|Local government, excluding education and hospitals||8%|
|Healthcare and social assistance||7%|
Compensation, benefits, and job analysis specialists work in nearly every industry.
They typically work in offices.
Nearly all compensation, benefits, and job analysis specialists work full time during regular business hours.
Get the education you need: Find schools for Compensation, Benefits, and Job Analysis Specialists near you!
Compensation, benefits, and job analysis specialists need a combination of a bachelor's degree and related work experience.
Employers typically require that compensation, benefits, and job analysis specialists have a bachelor's degree. Many specialists have a degree in human resources, business administration, finance, communication, or a related field. Some employers may accept additional related work experience in lieu of a degree.
Not all colleges and universities offer an undergraduate degree in human resources, but many offer courses in human resources management, compensation analysis, and benefits administration. Students with a background in other disciplines may benefit from taking courses in business, management, finance, and accounting.
Compensation, benefits, and job analysis specialists must have related work experience. Employers commonly require that the experience includes performing compensation analysis, benefits administration, or general human resources work. Experience in related fields such as finance, insurance, or business administration, also may be beneficial. Some workers may gain this experience through internships. However, most gain experience from working in human resources occupations, such as human resources specialists.
Although certification is not required, it can demonstrate professional expertise. Some employers prefer to hire certified candidates, but many employers will have their employees become certified after they are already working. Certification programs often require several years of related work experience in order to qualify for the credential.
Many associations for human resources workers offer classes to enhance the skills of their members. Some associations, including the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that specialize in compensation and benefits. Others, including the HR Certification Institute and the Society for Human Resource Management, offer general human resources credentials.
Compensation, benefits, and job analysis specialists may advance to a compensation and benefits manager or a human resources manager position. Specialists typically need several years of work experience to advance.
Analytical skills. Compensation, benefits, and job analysis specialists perform data or cost analyses to form logical conclusions related to wages and benefits. They also need to pay attention to the details of contracts and laws.
Business skills. Specialists must understand basic finance and accounting. They help set initial wages and benefits packages for new employees.
Communication skills. Specialists often work with employees throughout their organization to provide information on compensation and benefits. They may give presentations or advise managers or employees about compensation policies or benefit plans.
Critical-thinking skills. Specialists evaluate job positions, salary scales, promotion practices, and other compensation and benefits policies.
The median annual wage for compensation, benefits, and job analysis specialists is $67,190. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $41,490, and the highest 10 percent earned more than $111,930.
The median annual wages for compensation, benefits, and job analysis specialists in the top industries in which they work are as follows:
|Professional, scientific, and technical services||$73,880|
|Management of companies and enterprises||$69,520|
|Local government, excluding education and hospitals||$69,240|
|Insurance carriers and related activities||$65,390|
|Healthcare and social assistance||$60,390|
Most compensation, benefits, and job analysis specialists work full time.
Employment of compensation, benefits, and job analysis specialists is projected to grow 8 percent over the next ten years, much faster thanas the average for all occupations.
Organizations will continue to hire benefits specialists to analyze, select, and update their benefits policies. Employee wellness programs are a popular way to reduce healthcare costs. Organizations will need benefits specialists to design, analyze, or administer these programs.
In addition, organizations must offer competitive compensation packages to attract and keep highly qualified workers. To allocate their compensation funds effectively, many organizations are using strategies such as pay-for-performance plans, which may include bonuses, paid leave, or other incentives as part of the compensation package. Organizations will need specialists to analyze these compensation policies and plans and to ensure that they are both competitive and cost effective.
Job prospects should be best for candidates with a bachelor's degree, work experience performing compensation analysis or benefits administration, and related human resources work.
|Occupational Title||Employment, 2019||Projected Employment, 2029||Change, 2019-29|
|Compensation, benefits, and job analysis specialists||94,400||101,800||8||7,500|
A portion of the information on this page is used by permission of the U.S. Department of Labor.