Our Compensation Analyst job description includes the responsibilities, duties, skills, education, qualifications, and experience.
About the Compensation Analyst role
A Compensation Analyst is responsible for researching, analyzing, and evaluating compensation programs and policies within an organization. They develop and implement salary and benefit plans, analyze job descriptions, and make recommendations to management with regards to compensation strategies. They also keep up with current trends in the field to ensure the organization is competitive and compliant with new laws and regulations.
Role Purpose
The purpose of a Compensation Analyst is to design, develop, and evaluate employee compensation programs and policies. This includes researching and analyzing market data, conducting job analyses, and making recommendations on a variety of pay and benefits programs. The Compensation Analyst is responsible for ensuring that the organization's compensation programs are in compliance with applicable laws and regulations, and that the organization's compensation practices remain competitive in the labor market. Additionally, the Compensation Analyst will be responsible for maintaining accurate records and reports related to compensation and benefit programs.
Compensation Analyst Summary
A Compensation Analyst is responsible for researching, analyzing, and developing compensation plans for an organization. They must develop, recommend and implement compensation strategies that support the business objectives of an organization. The Compensation Analyst will conduct job analyses to determine the appropriate compensation levels for each position, analyze market data to set pay grades, and generate salary range recommendations. They must also analyze existing benefits programs, review and analyze job descriptions, and develop and maintain salary surveys. The Compensation Analyst will help the organization maintain compliance with legal regulations, while promoting fairness and equity. They must possess strong organizational, communication, and analytical skills.
Compensation Analyst Duties
- Develop and maintain compensation programs and policies
- Analyze wage and salary surveys
- Conduct job evaluations and classifications
- Conduct internal equity analysis
- Administer employee benefits programs
- Prepare and analyze reports related to compensation plans and benefits
- Advise management on compensation-related issues
- Recommend updates to existing compensation programs
Compensation Analyst Skills
- Strong analytical skills
- Experience with financial modeling
- Data analysis and reporting
- Knowledge of compensation regulations
Compensation Analyst Requirements
- Bachelor's degree in Human Resources, Business Administration or related field
- 3+ years of experience in compensation analysis or related role
- Knowledge of federal and state laws governing the administration of compensation programs
Personal Traits
- Analytical
- Organizational
- Problem-solving
- Attention to detail