Compensation analysts bring outside and inside data together to determine salary and benefits offerings. They have to balance offering competitive packages to workers while making sure their companies can justify the cost of payroll and incentives. Compensation analysts often classify positions and evaluate job descriptions for compliance with state and federal laws.
Salary scales are typically determined by conducting surveys, performing research and modeling data, making analytical skills a key aspect of a compensation analyst job description. A background in business, accounting or finance can give someone what it takes to develop matrices that become part of the corporation’s policies. Critical thinking is important for correctly interpreting data.
Detail-oriented people tend to carry out the duties of compensation analysts successfully, helping their organizations stay in step with the marketplace. Be sure your compensation analyst job description highlights the strong communication skills needed to present information and collaborate with managers.
Compensation Analyst Job Summary
As a compensation analyst at our organization, you’ll shape policies that reward employee contributions. You’ll be part of Human Resources but will have regular contact with IT, legal and field managers. Your knowledge of our company’s goals and analysis of data will be used to guide every aspect of our wage program. As you report to our manager of compensation, you’ll be given opportunities to assist with special projects and take courses to keep you abreast of the latest trends. Your work with salary scales will impact our ability to attract and retain the best talent and therefore help our company to flourish.
- Gather data and perform statistical analysis and interpretation of information to develop and adjust salary grades in accord with company goals
- Classify job descriptions for all current and open positions, working in conjunction with hiring managers to define duties and responsibilities while ensuring regulatory compliance
- Conduct annual and ad-hoc surveys, evaluate data integrity, summarize results, produce reports and present findings to decision makers
- Keep up with pending changes that will affect hiring, earnings and benefits, such as adjustments to minimum or living wage
- Train field associates to ensure that guidelines are understood and matrices are applied correctly, handling complaints and resolving problems with graceful professionalism
- Evaluate payment change requests from department heads and provide final approval or denial within standard time frames
- Create models and projections for retention and bonus programs, showing annual and fiscal impact for each alternative
- Develop and document procedures to streamline processes and ensure continuity during absences
Job Skills & Qualifications
- Bachelor’s degree in business administration or related field
- Advanced Microsoft Excel skills to create calculations, charts and graphs
- Solid understanding of HR systems, job codes and salary tables
- Ability to work under pressure and regularly re-prioritize tasks
- At least three years of experience in a similar role
- Knowledge of the retail sector
Giving attention to your compensation analyst job description paints your organization in the best possible light to potential applicants. It’s interesting to note that candidates use some 17.7 different channels when searching for a job. Therefore, beyond listing your opening, you’ll need to consider how to reach the greatest number of job seekers.
To start with, you’ll want to ensure that your company’s career website is up to date, reflecting its current brand and goals. Videos and photos are a great way to highlight your unique culture, helping those who visit your site to imagine themselves working there. Use MightyRecruiter to post jobs for free to hundreds of job boards, drawing maximum attention to your well-written ad.
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