Compensation Specialist Salary
Compensation Specialists in the United States take home approximately $57K per year on average. Geography and tenure each impact pay for this group, with the former having the largest influence. Medical and dental coverage is claimed by a large number, and a fair number earn vision coverage. Men are in the minority of survey respondents, with female Compensation Specialists making up 74 percent. Job satisfaction is high and work is enjoyable for most Compensation Specialists.
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
- Write job descriptions and maintain database of all job descriptions.
- Assist in preparation of merit increase and incentive programs and budgeting.
- Design and prepare ad hoc compensation and budget related reports for management.
- 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.
Compensation Analyst Job Listings
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Popular Skills for Compensation Specialist
Compensation Specialists only report a few specific skills. Most notably, facility with Benefits & Compensation and Data Analysis are correlated to pay that is significantly above average, leading to increases of 23 percent and 16 percent, respectively. Skills that pay less than market rate include Microsoft Office, Microsoft Word, and Microsoft Excel. For most people, competency in Microsoft Excel indicates knowledge of Microsoft Word.
Pay by Experience Level for Compensation Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although individuals who have less than five years' experience earn $49K on average, people with five to 10 years benefit from a notably larger average of $65K. Compensation Specialists see a median salary of $62K after reaching one to two decades on the job. Seasoned veterans with 20 years under their belts enjoy a median income of $63K.