Compensation, benefits, and job analysis specialists conduct an organization’s compensation and benefits programs.
What they do
Compensation, benefits, and job analysis specialists also evaluate position descriptions to determine details such as classification and salary.
Compensation, benefits, and job analysis specialists typically do the following:
- Research compensation and benefits policies and plans
- Use data and cost analyses to compare compensation and benefits plans
- Evaluate position descriptions to determine classification and salary
- Ensure that the company complies with federal and state laws
- Design and prepare reports summarizing research and analysis
- Present recommendations to other human resources managers
Some specialists perform tasks within all areas of compensation, benefits, and job analysis. Others specialize in a specific area.
Compensation specialists assess the organization’s pay structure. They research compensation trends and review surveys to determine how their organization’s pay compares with that of other organizations in a particular industry and region. They often perform complex data or cost analyses to evaluate compensation policies. They also ensure that the organization’s pay practices comply with federal and state laws and regulations, such as workers’ compensation, minimum wage, overtime, and equal pay laws.
Benefits specialists administer the organization’s benefits programs, which include retirement plans, leave policies, wellness programs, and insurance policies, such as health, life, and disability insurance. They research and analyze benefits plans, policies, and programs, and make recommendations based on their analysis. They frequently monitor government regulations, legislation, and benefits trends to ensure that their programs are current, legal, and competitive. They also work closely with insurance brokers and benefits carriers and manage the enrollment, renewal, and delivery of benefits to the organization’s employees.
Job analysis specialists, also known as position classifiers, evaluate positions by writing or assigning job descriptions, determining position classifications, and preparing salary scales. When an organization introduces a new job or reviews existing jobs, specialists must research and make recommendations to managers on the status, description, classification, and salary of those jobs.
Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices.
How to become a Compensation, Benefits, and/or Job Analysis Specialist
Compensation, benefits, and job analysis specialists need a combination of a bachelor’s degree and related work experience.
Employers typically require that compensation, benefits, and job analysis specialists have a bachelor’s degree. Many specialists have a degree in human resources, business administration, finance, communication, or a related field. Some employers may accept additional related work experience in lieu of a degree.
Not all colleges and universities offer an undergraduate degree in human resources, but many offer courses in human resources management, compensation analysis, and benefits administration. Students with a background in other disciplines may benefit from taking courses in business, management, finance, and accounting.
Although certification is not required, it can demonstrate professional expertise.
The median annual wage for compensation, benefits, and job analysis specialists was $64,560 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $40,140, and the highest 10 percent earned more than $105,600.
Employment of compensation, benefits, and job analysis specialists is projected to grow 8 percent from 2019 to 2029, much faster than the average for all occupations.
Organizations will continue to hire benefits specialists to analyze, select, and update their benefits policies. Employee wellness programs are a popular way to reduce healthcare costs. Organizations will need benefits specialists to design, evaluate, and administer these programs.
Similar Job Titles
Benefits Administrator, Benefits Analyst, Benefits Specialist, Compensation Analyst, Compensation Consultant, Compensation Coordinator, Compensation Specialist, Compensation/Benefits Specialist, Personnel Specialist, Position Classification Specialist
Compensation and Benefits Manager, Market Research Analyst and Marketing Specialist, Budget Analyst, Credit Analyst, Risk Management Specialist
The trade associations listed below represent organizations made up of people (members) who work and promote advancement in the field. Members are very interested in telling others about their work and about careers in those areas. As well, trade associations provide opportunities for organizational networking and learning more about the field’s trends and directions.
- American Management Association
- College and University Professional Association for Human Resources
- Employee Benefit Research Institute
- International Foundation of Employee Benefit Plans
- International Public Management Association for Human Resources
- International Society of Certified Employee Benefit Specialists
- Society for Human Resource Management
- WorldatWork - The Total Rewards Association
Magazines and Publications
For most organizations, the biggest chunk of their budget goes to employee salaries and benefits. Compensation, benefits, and job analysis specialists ensure that positions in an organization are classified properly, and that pay and benefits are appropriate to attract new employees, all while keeping the organization’s finances in balance. These Specialists research compensation and benefits policies and plans, keeping up to date on trends in the market to ensure their programs are current, legal, and competitive. They also write reports recommending changes to company management. Some specialize in a specific area: Compensation specialists research salary trends within a comparable industry and region. They also ensure compliance with laws and regulations, such as minimum wage and equal pay. Benefits specialists administer retirement plans, leave policies, wellness programs, and insurance. They work closely with insurance brokers and benefits carriers. Job analysis specialists write job descriptions for new or changing positions, and recommend status, classification, and salary for those jobs to managers. Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices, and most work regular full-time business hours. A bachelor’s degree along with related work experience, is required for most positions. Courses in business, management, finance and accounting are helpful.
Content retrieved from: US Bureau of Labor Statistics-OOH www.bls.gov/ooh,
CareerOneStop www.careeronestop.org, O*Net Online www.onetonline.org