how to become a compensation and benefits specialist

How do I become a qualified compensation and benefits specialist?

In order to become a qualified compensation and benefits specialist, you need to have a bachelor's degree in human resources, business or another related area of study. During your program, you may learn about important topics, such as organizational psychology, compensation cycle management and other important HR topics.

How much does a compensation and benefits specialist make?

While compensation and benefits specialist is a single job title, there is salary information on compensation specialists and benefits specialists. A compensation specialist makes a national average salary of $84,409 per year. Common benefits for this job title include stock options, wellness programs, AD & D insurance and company-provided food.

What experience do you need to be a compensation specialist?

Employers typically require that compensation, benefits, and job analysis specialists have experience that includes compensation analysis, benefits administration, or general human resources work. Experience in related fields, such as finance, insurance, or business administration, also may be helpful.

How do I become a compensation and benefits manager?

Compensation, benefits, and job analysis specialists may advance to become a compensation and benefits manager or a human resources manager. Specialists typically need several years of work experience to advance. Analytical skills.

How do you specialize in compensation and benefits?

Follow these steps to become a compensation and benefits specialist:Earn your degree. ... Develop your skill set. ... Apply for an entry-level HR role. ... Level up in your career. ... Earn a certification.

How long does it take to become a compensation and benefits manager?

To become a Compensation and Benefits Manager, you need to have a bachelor's degree in business, human resources, and experience as a benefits specialist. You can make an annual salary of $111,000 as a Compensation and Benefits Manager.

How do I become a compensation expert?

Explore the career requirements for compensation specialists....Step 1: Get a Bachelor's Degree. Bachelor's degrees in human resources management or labor relations are typical degree programs for this career. ... Step 2: Obtain an Entry-Level Position. ... Step 3: Advance Your Education. ... Step 4: Become Certified.

What does a compensation specialist do?

Compensation specialists assess the organizations pay structure. They research compensation trends and review surveys to determine how their organizations pay compares with that of other organizations in a particular industry and region.

Is compensation a good career?

The federal agency expects the number of compensation managers to grow by 4% between 2020 and 2030. “Good talent is needed in this area, and you're going to become a vital partner and understand all parts of HR, including recruiting, retaining, and pay,” Dinkin said. “It's a very good path if you want to be in HR.”

Is compensation and benefits manager a good job?

The success of a business depends on the skill level and talent of its employees. Compensation and benefits managers help add to growth and profitability by making sure that pay structures and benefits plans attract and retain a quality employees.

How much does CCP certification cost?

Courses for the CCP certification are much shorter—three-day workshops—than those for the CEBS, which are traditional, three-hour weekly classes that run for 10 weeks. However, courses for the CCP certification cost more than the CEBS courses—$1,300 vs. $800 ($400 for the exam plus $400 per course).

What degree does a compensation analyst need?

Most compensation analysts will be required to hold a bachelor's degree at a minimum. A bachelor's of science in business administration with a major in human resource management, is one of the most popular degree paths, as it sets analysts up particularly well for the HR department.

Is a CCP worth it?

Although it is far less common for HR professionals to earn a CCP (and it's not the easiest process), it could be well worth the pursuit. PayScale recently found that someone who has a CCP can expect to see a pay boost of 9.7 percent, compared to someone who does not.

What are the four types of compensation?

Here are the four main types of direct compensation:Hourly. Hourly wages are often provided to unskilled, semi-skilled, temporary, part-time, or contract workers in exchange for their time and labor. ... Salary. ... Commission. ... Bonuses. ... Equity package. ... Stock options. ... Benefits. ... Non-monetary compensation.

What's the future outlook for compensation?

Job Outlook for: Compensation, Benefits, and Job Analysis SpecialistsCompensation, Benefits, and Job Analysis Specialists Quick StatsTotal Jobs in 201684,200Expected Growth9% (As fast as average)New Jobs To Be Added from 2016 to 20267,200Median Pay$55,000 to $74,999

What are the three types of compensation?

Different types of compensation include: Base Pay. Commissions. Overtime Pay.

How do you become a benefits director?

To work as a compensation and benefits manager or specialist requires having at least a bachelor's degree. The degree may be in human resources, business management, business administration or finance. The degree may also have a specialization or concentration in compensation and benefits.

What does a payroll and benefits manager do?

As a payroll and benefits manager, you manage the entire payroll process within your organization. Your responsibilities include conveying benefit information to employees and update them on any changes with their benefits.

What size companies typically have a compensation manager?

In organizations with 250-500 people, it's common for at least one person within the HR function to manage compensation as part of their job description.

What are the 4 major types of employee benefits?

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.

What is a Compensation and Benefits Specialist?

Compensation and benefits specialists work within the HR team to research, implement, and support the compensation and benefits structure of an org...

What Does a Compensation and Benefits Specialist Do?

Across various industries, typical job functions for compensation and benefits specialists include: Define a fair, equitable, and competitive total...

How Do I Become a Compensation and Benefits Specialist?

Compensation and benefits specialists typically hold a bachelor’s degree in a human resources-related field. A bachelor of science business adminis...

What Skills Does a Compensation and Benefits Specialist Need?

If you are interested in pursuing a compensation and benefits position, you will need the following skills, in addition to education and industry k...

How Much Does a Compensation and Benefits Specialist Make?

The median pay for a compensation and benefits specialist in 2020 was $67,190 annually, or $32.30 per hour, according to the U.S. Bureau of Labor S...

What Is the Projected Job Growth?

Human resource roles, in general, are projected to grow 7% in the next 10 years, while compensation and benefits roles are projected to grow 8%, ac...

Where Does a Compensation and Benefits Specialist Work?

Knowledgeable compensation and benefits specialists are needed in every industry, nationwide. They experience the most demand in professional, scie...

What is compensation and benefits specialist?

What is a Compensation and Benefits Specialist? Compensation and benefits specialists work within the HR team to research, implement, and support the compensation and benefits structure of an organization.

How much does a compensation specialist make in 2020?

The median pay for a compensation and benefits specialist in 2020 was $67,190 annually, or $32.30 per hour, according to the U.S. Bureau of Labor Statistics. Specialists tend to earn the highest salaries in the professional scientific and technical service industries, followed by management companies and government agencies.

What is knowledge based compensation?

They experience the most demand in professional, scientific, and technical service industries, and any other industry where it is common to offer complex compensation, benefits, bonus, and incentive packages. Startups are particularly in need of talented specialists in this field, who can implement systems from the ground up.

How to assess employees needs?

Assess employees needs by conducting organizational surveys to find out what motivates and engages employees. Prepare job descriptions, job analysis, job evaluations, and job classifications. Participate in salary and labor market surveys to determine prevailing pay rates and benefits.

Do you need a certification to be a compensation specialist?

Certifications are not a requirement for compensation and benefits specialist, but they do show a level of field experience and passion for the industry that is desirable to employers.

What is compensation specialist?

A compensation specialist is a human resources professional who responsible for managing a company's compensation distribution system. They sometimes perform research to compare internal wages with national wage statistics and ensure that compensation practices are in accordance with federal and state regulations.

How to advance your education in benefits and compensation?

You may advance your education by completing a graduate certificate or master's degree program. A graduate certificate program in benefits and compensation can equip you to perform functions such as analyzing variable pay and evaluating compensation practices.

How many exams are required to become a CCP?

Certification requirements include passing nine exams for the CCP and ten exams for the CSCP credentials.

What can I learn from an entry level job?

You can learn about job classifications and benefits administration.

What is compensation and benefits specialist?

A compensation and benefits specialist plays an important role in businesses and other organizations. As the manager responsible for developing benefits plans and health insurance policies, the benefits specialist must be well-versed in curriculum that related to human resources. If you are interested in working in the field ...

How to get a job in compensation?

Step 1: Enroll in a Bachelor’s Degree Program. If you are pursuing an entry-level position in compensation, the very first step is to complete a relevant formal degree program. Most employers are looking for qualified candidates who have a minimum of a Bachelor’s degree.

Why are HRIS classes necessary?

HRIS classes are necessary because payroll systems are so technologically advanced.

Do compensation and benefits managers go down the same path?

While every employer has their own qualification, most compensation and benefits managers go down a similar path to pursue positions with top-ranked companies. Here are the steps that you can take to get to your goal in the shortest period of time.

What are the responsibilities of a compensations/benefits specialist?

The primary responsibilities of a compensations/benefits specialist include, but are not limited to, managing company employee benefits and retirement programs, overseeing the administration of employee bonuses, perks and benefits, advising upper management on employee benefit packages, maintaining relationships with health insurance companies and retirement plan providers, addressing employee and management issues regarding benefits, 401Ks and IRAs, working to provide compensation packages for employees based on business goals and strategies, creating and analyzing job descriptions and classifications, conducting salary and labor market research to identify benchmarks, and assessing employee needs by conducting organizational surveys and periodic audits.# N#Compensations/benefits specialists are expected to experience in HR operations and a solid understanding of hiring process (es), employment rules, and regulations. In addition, compensations/benefits specialists should possess strong computer, organizational, analytical, interpersonal, and communication skills.#N#Compensations/benefits specialists often have a minimum of a bachelor's degree in human resources, business administration, or a comparable field, but an advanced degree is not necessarily a requirement for individuals possessing previous experience or the employer's desired skill set. Compensations/benefits specialists can make up to $65,000/year, with job growth in the U.S predicted to increase by 8% by 2029. However, this figure can vary significantly depending upon academic qualification, industry, having previous experience, and possession of the aforementioned skills.

How much does a benefit specialist make?

Compensation/Benefits Specialists in America make an average salary of $59,303 per year or $29 per hour. The top 10 percent makes over $83,000 per year, while the bottom 10 percent under $41,000 per year.

What are the best states to work as a compensation specialist?

The best states for people in this position are New York, Rhode Island, Connecticut, and Massachusetts. Compensation/benefits specialists make the most in New York with an average salary of $74,566. Whereas in Rhode Island and Connecticut , they would average $72,913 and $72,906, respectively. While compensation/benefits specialists would only make an average of $72,505 in Massachusetts, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

What to do with a bachelor's degree in compensation?

Once you have your bachelor's degree, you may need to gain experience as a compensation and benefits specialist. Seek employment with a company that prioritizes employee growth. Be sure to consider company values and workplace atmosphere when accepting offers, as it's possible that you could move to management within the company you work for.

Do all positions require certification?

Though not all positions require you to have certifications, there may be some companies that do. Determine which related certifications are right for you and complete them. Some companies may sponsor certification, but if your company doesn't, completing certifications could help you show your initiative.

What skills do you need to be a compensation specialist?

Specialists typically need several years of work experience to advance. Important Qualities. Analytical skills. Compensation, benefits, and job analysis specialists perform data and cost analyses to evaluate their organization’s policies. They also must be able to interpret the details of contracts and laws.

Why do organizations need benefits specialists?

Employee wellness programs are a popular way to reduce healthcare costs. Organizations will need benefits specialists to design, evaluate , and administer these programs.

What is compensation benefits job analysis?

Compensation, benefits, and job analysis specialists oversee wage and nonwage programs that an organization provides to its employees in return for their work. They also evaluate position descriptions to determine details such as classification and salary.

How many jobs did compensation, benefits, and job analysis specialists have in 2019?

Compensation, benefits, and job analysis specialists held about 94,400 jobs in 2019. The largest employers of compensation, benefits, and job analysis specialists were as follows: Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices.

What degree do you need to be a human resources specialist?

Compensation, benefits, and job analysis specialists typically need a bachelor’s degree and related work experience to enter the occupation. Education. Employers typically require that compensation, benefits, and job analysis specialists have a bachelor’s degree.

What is work experience in a related occupation?

Employers typically require that compensation, benefits, and job analysis specialists have experience that includes compensation analysis, benefits administration, or general human resources work.

HR Specialists

HR Specialists conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas, such as position classification and pension programs.

What degree do you need

We did a survey to ask other Compensation, Benefits and Job Analysis Specialists what degree they had when they became a Compensation, Benefits and Job Analysis Specialist. Here are the results.

How hard is it

You will need a considerable amount of work-related skill, knowledge or experience to be a Compensation, Benefits and Job Analysis Specialist. For example, an accountant must complete 4 years of college and work for several years in accounting to be considered qualified.

License and certifications

Many professional associations for human resources professionals offer classes to enhance the skills and credibility of their members. Some associations, including the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that specialize in compensation and benefits.

Skills required

We asked other HR Specialists if they could only have 5 skills, what would they be. Here is what they said.

Knowledge required

Just like any other job, you will need certain know-hows to excel at your job. HR Specialists are generally very knowledgeable in these 5 key areas.

What Is A Compensation and Benefits Specialist?

What Do Compensation and Benefits Specialist do?

• A compensation and benefits specialist is responsible for the following tasks: 1. Figuring out how much to compensate an employee for their job title, roles and responsibilities 2. Researching compensation and benefit plans to create a competitive offering for their company 3. Determining if compensation and benefit plans work within the company's ...

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Salary and Job Outlook For Compensation and Benefits Specialist