Compensation specialists support all aspects of a company’s compensation programs, processes and initiatives. They assist in the implementation and administration of base pay and incentive programs. They also contribute to the research of market trends and regulatory requirements.
What Responsibilities Will I Have?
- Assist in the implementation and administration of base pay and incentive programs
- Participate in and manage salary surveys
- Write and update job descriptions in accordance with salary levels
- Oversee payroll systems and distribution
- Help with position reviews, market pricing and pay analysis
- Develop summaries, reports and routine queries based on compensation-related fields
- Remain aware of market trends and regulatory requirements
- Work with managers, employees and human resources team members to resolve issues and respond to inquiries
- Prepare and process annual variable pay and annual pay increases
- Troubleshoot basic technical issues in compensation administration systems
- Respond to concerns and questions regarding payment
- Ensure payments are consistent with a contract or role
- Maintain proper documentation and files for auditing purposes
- Provide consults regarding the interpretation and delivery of existing compensation policies, programs and processes
Recommended High School Courses:
- agricultural education
- computer skills
- personal finance
An associate or bachelor’s degree in human resources, finance or a related field is required. You may also consider acquiring a Certified Compensation Professional certification depending on the company’s policies.