Compensation And Benefits Specialist
A Compensation and Benefits Specialist is responsible for overseeing and administering employee rewards and benefits. They assess personnel needs and draft targeted programs that will increase performance, organizational trust, and satisfaction. The goal is to attract, retain, and motivate high-quality employees while reducing turnover and enhancing the company’s profile as the best place to work.
- Define a fair, equitable and competitive total compensation and benefits package that fits and is aligned to the company’s strategy and business goals
- Develop a consistent compensation philosophy in line with work culture and organizational objectives
- Ensure that compensation practices are in compliance with current legislation (pay equity, human rights, etc)
- Use various methods and techniques and make data-based decisions on direct financial, indirect financial, and non-financial compensations
- Assess employee needs by conducting organizational psychology 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
- Differentiate pay systems to invest in the segments of the workforce that contribute the most value
- Deploy effective communication strategies and success metrics
- Conduct ongoing research into emerging trends, issues, and best practices
- Conduct periodic audits and prepare reports
- Proven working experience as a Compensation and Benefits Specialist
- Prior experience in HR practices and compensation cycle management
- Working knowledge of job evaluation and job analysis systems
- Previous experience with organizational psychology and labor market surveys
- Adequate knowledge of current labor rules and regulations
- Familiarity with various types of incentives and benefits
- Extensive knowledge of HRIS and MS Office
- Strong quantitative and analytical skills
- BS degree in human resources, business administration, or finance
Roles of Related Compensation and Benefits Positions
- Compensation Specialist: A Compensation Specialist is responsible for creating and implementing compensation programs that align with the organization's strategic goals.
- Compensation and Benefits Supervisor: A Compensation and Benefits Supervisor oversees the day-to-day operations of the compensation and benefits department.
- C&B Analyst: A C&B Analyst supports the development and implementation of compensation and benefits programs by conducting market research and analyzing data.
- Compensation Professional: A Compensation Professional is responsible for designing, implementing, and evaluating compensation programs.
- Benefits Administrator: A Benefits Administrator is responsible for designing, implementing, and administering employee benefit programs.