A Compensation Analyst plays a major role in an organization. The job responsibilities of a compensation analyst is to assist companies attract competent employees and keep them. Based on the information or data collected, they recommend, develop and implement an appropriate employee compensation structure. This compensation structuring involves configuring pay grades and evaluating new employee titles and ongoing reclassification.

Job Description

The compensation Analyst looks into the matter of pays also and determines whether the organization is providing benefits and paying salaries that are equitable and competitive within market place. Development, communication, and implemention of all components of recognition and rewards program for the inclusion or comprehension of base pay, bonuses, and incentives.

Compensation analysts may also create and apply employee incentive plans in order to maintain and attract talent. Working in coordination or together with the rest of the human resources team to ensure that compensation and bonus programs can compete with other businesses. To attract and keep efficient and capable employees, employers must pay salaries and provide benefits that are competitive and equitable. Compensation and benefits analysts assess existing and proposed jobs and classify them according to their levels of responsibility and importance to the employer. They research what comparable or similar jobs pay and what benefits are given elsewhere and develop appropriate salary and benefit structures. Compensation analysts render there services for federal, state, and local governments; school systems and universities; and medium and large businesses. Their role is mainly important in civil service systems, development of compensation structures for entire government bodies, and in large firms , where they must develop or evolve salary structures and benefit plans that remain consistent throughout the entire corporation. Compensation and benefits analysts usually work in personnel departments. A compensation and benefits analyst’s job is sensitive and exacting. Compensation analysts must be familiar with laws and regulations concerning affirmative action, fair labour standards, and veterans’ preference. They should be aware on how salaries and benefits in other firms compare with the salaries and benefits of their firm or agency. Certainty and surety that the salaries and benefits within their firm provide incentives for hard work and long-term commitment.

Skills requirements:

  • The candidate should have a very in-depth knowledge of HR principles and practices so that he/she can work with it.
  • He/ she should be able to handle superior level of confidentiality concerning employee information and data.
  • He/ she should be able to handle and operate the systems as well as using and accessing them.
  • He/ she should be very proficient in using Ms- Excel.
  • Time management skills, inter-personal & communication (oral and written) skills, presentation skills, organization skills, decision-making skills, and planning skills are required.
  • Bachelor’s degree in business, human resources, finance, and accounting is required by the respective candidate as minimum educational requirement.
  • Prior working experience in any compensation administration related activities acts as an added advantage.
  • A bachelor’s degree is almost always required for entry into the field of compensation and benefits analysis, though few employers may agree to substitute or interchange professional experience for education. Employers to a greater extent look for additional formal education—a master’s or a doctoral degree—for senior positions in compensation work. For fresher positions there is no specific major required. Added advantages by course work in business or public or personnel administration provides good preparation for the field.

Job Duties

  • Evaluate or assess the market data and compensation trends and make recommendations for new hire salaries, promotional increases, market adjustments and grade assignments.
  • Participation in compensation surveys or examination and analyze resulting data to determine the Company’s overall competitive position as well as the competitive position for individual jobs.
  • Work in coordination with managers on the maintenance and development of job descriptions; directly responsible for managing a catalogue of approved descriptions.
  • Develop and manage planning materials for the merit, bonus, equity and budget procedures and processes and participate in annual reviews.
  • Administer the Company’s stock plans; includes daily stock activity analysis, monthly reconciliations, reporting on stock exercises and releases, co-ordinating share or stock transfers, uploading awards, coordinating for S.E.C. filings, etc.
  • Reports to be prepared and analytical support to be provided for ongoing activities, plans and programs, and special projects and initiatives.
  • Routine checks and audits to be run in order to ensure the accuracy of compensation information housed on the human resources information system.
  • Responsible for staying current and updated on the energy and drilling services marketplace, compensation best practices, and relevant compensation, benefits and payroll laws and regulations.

Working Conditions

Compensation analysts usually work in personnel departments and can render there services for federal, state and local governments as well as school systems and universities. In civil service, development of compensation structures for entire government bodies can be done.

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