Compensation consultants assist companies in creating and implementing realistic and beneficial compensation packages for their employees, typically by providing expert advice regarding the development and modification of benefits packages that the company can afford, while also providing competitive benefits which will attract new employees and retain existing ones. These benefits may include health insurance, retirement options, paid time off, and profit-sharing and bonus programs, among others. These consultants must be able to provide various packages for employees of different ranks within the company, so organizational and planning skills are important in this position, and they typically work in an office setting and maintain regular communication with managers and supervisors.
A bachelor's degree in a business field may be a minimum requirement for this position, and a graduate degree and/or Certified Compensation Professional (CCP) certification are often preferred or required by employers. Prior experience with Microsoft programs such as Excel, Word, and PowerPoint can be beneficial, and some larger corporations may also prefer prior experience in designing salary/incentive plans and/or a background in human resources (HR). Compensation consultants typically work full-time during regular business hours, though this can vary depending on when particular deadlines must be met.
Compensation Consultant Tasks
Review, analyze and recommend plans for employee compensation plans.
Analyze and present compensation and budget related reports for management.
Price new jobs utilizing salary surveys or slotting.
Recommend merit increase and incentive programs and budgeting.