While specific duties for compensation analysts vary depending on their place of employment, there are several core tasks commonly associated with the position, including:
Administer Compensation Programs.
The chief responsibility of a compensation analyst is to administer pay programs on behalf of their company. These programs are far-reaching and can include wages and compensation, benefits packages, incentives, and bonuses. Administering these programs requires input from multiple sources, including market research, internal and external surveys, and performance evaluations, to name a few.
Evaluate Company Compliance -
There are multiple state and federal pay regulations a company must follow to avoid penalties or lawsuits. A compensation analyst is responsible for knowing what those regulations are and ensuring their company is and remains compliant.
Conduct Job Performance Reviews -
To properly administer pay programs, a compensation analyst must have all relevant information related to employee performance. To acquire this information, a compensation analyst will either conduct a performance review personally or consult with someone who has direct information about an employee’s performance – e.g., a department manager or HR professional.
Research and Gather Data -
Compensation analysts rely on various data sets to inform their actions. Compiling this data means they must consult and research multiple sources, including current wage trends, compensation surveys, job market data, and more. All this information must be meticulously organized and collated for reference.
Create Operational Reports -
A company relies on its compensation analyst to produce detailed reports on everything from job performance to current market pricing. The creation of these reports requires collecting and collating data, analyzing that data for pertinent information, and creating an actionable report based on that information.
Compensation Analyst Skills and Qualifications:
A successful compensation analyst is a strategic thinker who can effectively plan and problem-solve and who is comfortable working with others. Compensation analysts commonly hold a bachelor’s or master’s degree, and many possess additional job-related certifications. Employers also prioritize candidates who display the following abilities:
- Research skills – compensation analysts need large quantities of data to effectively perform their duties. To ensure they have the most accurate and up-to-date information, compensation analysts must be capable researchers who know how to get the information they need
- Analytical thinking – collecting data is only part of a compensation analyst’s workflow. They also must interpret that information and extract the data they need for tasks and programs
- Microsoft Excel expertise – without workbooks and spreadsheets, the amount of data that compensation analysts must deal with would be wholly unmanageable. Of the various spreadsheet software applications, Microsoft Excel is the most frequently used and should be mastered
- Organization skills – compensation analysts must keep detailed records on personnel and policy. To retrieve these files quickly, they need to be highly organized and detail oriented
- Interpersonal skills – compensation analysts spend large parts of their days talking and working with others, so the ability to communicate effectively with different personality types is essential
Job Type: Contract
- Payroll: 3 years (Preferred)