Our Compensation Specialist job description includes the Administrative Assistant responsibilities, duties, skills, education, qualifications, and experience.
About the Compensation Specialist role
A Compensation Specialist is responsible for developing and administering compensation plans, policies, and programs to attract, retain, and motivate employees. This role involves analyzing job positions, analyzing wages and salaries, evaluating the effectiveness of existing compensation plans, and making recommendations for improvement. The Compensation Specialist also participates in surveys and studies to determine appropriate salary ranges and advise management of any changes needed.
The purpose of a Compensation Specialist is to design, develop, and manage compensation programs and policies that are equitable, cost-effective, and compliant with legal requirements. This job role requires an individual to analyze and evaluate compensation data, such as job descriptions, salary surveys, and labor market trends in order to determine appropriate pay levels. The specialist must also create and implement pay structures, job classification systems, and performance-based compensation plans. In addition, they must be able to provide guidance and advice to management on employee compensation policies, procedures, and other related topics.
Compensation Specialist Summary
The Compensation Specialist is responsible for the design, development, implementation, and administration of compensation policies, programs, and procedures. The specialist provides guidance to management on compensation issues and ensures that compensation programs are competitive and compliant with all applicable laws and regulations. This position requires strong analytical skills, excellent communication skills, and an in-depth knowledge of salary data, job evaluation systems, and payroll systems. The specialist must keep abreast of current trends in compensation and benefits, advise management on best practices, and recommend changes to existing compensation plans. This is a full-time position.
Compensation Specialist Duties
- Develop and administer compensation programs
- Analyze compensation policies, government regulations and prevailing wage rates to develop competitive compensation plans
- Conduct job evaluations and salary surveys
- Advise management on compensation-related matters
- Develop and implement performance management programs
- Facilitate communication between management and employees
- Ensure compliance with federal and state regulations
- Maintain compensation-related data
Compensation Specialist Skills
- Knowledge of wage and hour laws
- Ability to research salary surveys and job market trends
- Excellent communication and interpersonal skills
- Ability to analyze data and present findings
Compensation Specialist Requirements
- Bachelor’s degree in Human Resources, Business or related field
- Minimum 3 years of experience in compensation and benefits
- Strong knowledge of labor laws and regulations
- Excellent analytical, problem solving, and communication skills
- Ability to work independently and as part of a team
- Organizational skills
- Attention to detail
- Communication skills
- Negotiation skills
- Analytical problem solving skills