Create salary and benefit packages for company employees.
What does a Compensation Analyst do?
A compensation analyst handles the salary and benefit packages of employees. You are a major part of the human resource team. A compensation analyst reviews employee information and creates compensation structures and benefit packages. You have responsibilities ranging from managing labor costs to creating benefits structures.
Compensation analysts focus primarily on controlling labor costs, analyzing and understanding salary trends, and planning finances. You connect with other HR professionals and recruiting agencies to understand and analyze job markets and compensation structures. You also form pay grades and create new job titles.
Successful compensation analysts demonstrate that compensation is competitive in the job market. Creating salary and benefits packages is a complex task which requires the analysis of data from outside companies. You must compare and evaluate salaries based on employee experience, skills, designation, and region. Compensation analysts need strong written and verbal communication skills. You must also possess a degree in HR management or finance, above-average analytical skills, and relevant experience.