Compensation Specialist Salary
Compensation Specialists in the United States take home an average $59K annually. Geographic location is the biggest factor affecting pay for this group, followed by tenure. Most enjoy medical and dental coverage in this occupation, and a strong majority get vision benefits. For the most part, Compensation Specialists enjoy their work and report high levels of job satisfaction. Men are in the minority of survey respondents, with female Compensation Specialists making up 72 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$43,135 - $82,784|
|Bonus||$0.00 - $9,162|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$34,166 - $81,174|
|Hourly Rate||$13.04 - $30.92|
|Overtime||$18.19 - $36.00|
|Bonus||$0.00 - $9,162|
|Total Pay (||$34,166 - $81,174|
Job Description for Compensation Specialist
Compensation specialists are responsible for developing and implementating different compensation programs and strategies on behalf of their company. They are in charge of modifying different salary and wage initiatives that will benefit specific employees and their organization. These individuals are organized and possess strong problem-solving skills to overcome administrative and financial obstacles. They work in an office environment with a regular 9-5 schedule. They also use a personal computer to write compensation reports, run calculcations on spreadsheet software, and keep accurate records for future reference.Read More...
Compensation specialists work well in a team setting with other human resource or financial professionals to achieve all compensation goals in a timely manner. However, they can also perform excellently on their own with minimal supervision. They have superior verbal and written abilities and actively participate during business meetings to suggest new ways to improve efficiency and effectiveness of existing compensation programs. Some of their main functions include attracting and retaining valuable staff by motivating them with compensation and benefit incentives. They also analyze job responsibilities to assign compensation status. They serve as a point of contact for personnel regarding compensation inquiries and conduct job evaluations on a regular basis. These individuals are also responsible for changing salary and hourly compensation structure to comply with governmental laws and satisfy employee needs. Compensation specialists work in a fast-paced environment and use their advanced multitasking skills to complete several compensation projects at once.
A bachelor's degree in human resources, finance, economics, or a related field is required for this job. Previous years of work experience in a compensation capacity can be helpful. Industry and leadership certifications are a plus.
Compensation Specialist Tasks
- Participate in salary surveys, and analyze data from survey sources to determine competitiveness both internally and externally.
- Price new jobs utilizing salary surveys or slotting.
- Design and prepare ad hoc compensation and budget related reports for management.
- Write job descriptions and maintain database of all job descriptions.
- Assist in preparation of merit increase and incentive programs and budgeting.
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Popular Skills for Compensation Specialist
Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with Benefits & Compensation and Data Analysis are correlated to pay that is significantly above average, leading to increases of 25 percent and 11 percent, respectively. Skills that seem to negatively impact pay include Microsoft Office, Microsoft Word, and Microsoft Excel. Most people familiar with Microsoft Excel also know Microsoft Word.
Pay by Experience Level for Compensation Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Respondents with less than five years' experience take home $51K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $69K. Compensation Specialists bring in $63K after working for 10 to 20 years. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $65K.
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based on 17 votes.