Payroll & Benefits Specialist Salary
Job Description for Payroll & Benefits Specialist
Payroll and benefits specialists handle accounting and finance tasks related to business operation and taxes, especially in regards to filing and distribution of audits, payroll, and W-2s. They maintain payroll data, prepare checks, obtain relevant data (such as salary adjustments), and help prepare W-2s. They may also disseminate information about payroll to staff and conduct trainings as necessary. Customer service skills are sometimes part of this role, as maintaining investment and retirement funds are occasionally required. Depending on the industry, payroll specialists may be employed in human resources, warehouse/shipping (due to experience with operation software, shipping systems, and related systems), or within their own department (payroll). This position is generally full time, although overtime may be required as deadlines approach.Read More...
Strong familiarity with tax law is essential in this position, and many employers require prior experience in finance. At least a bachelor's degree in a related discipline is generally required or preferred. Proficiency in certain computer software - as well as experience in accounts payable, accounts receivable, and maintaining a ledger - is necessary. Payroll and benefits specialists must be comfortable with high volumes of raw data, multitasking, independently setting and achieving deadlines, and researching potential investments and clientele. They must have experience handling taxes and be familiar with insurance asset management.
Payroll & Benefits Specialist Tasks
- Prepare payroll related journal entries for period-end.
- Audit employee timesheets for hours worked and accuracy.
- Maintain, prepare and process payroll for organization personnel.
- Compile and submit payroll deductions related check requests and payments.
- Maintain current knowledge of IRS regulations.
Common Career Paths for Payroll & Benefits Specialist
Though some Payroll & Benefits Specialists move into positions like Human Resources Manager (where the average salary is $59K), this progression is not the norm. A more common career path for Payroll & Benefits Specialists is stepping into the role of Human Resources Generalist or Payroll Manager.
Payroll & Benefits Specialist Job Listings
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Popular Skills for Payroll & Benefits Specialist
Survey results suggest that Payroll & Benefits Specialists put a wide range of professional skills to use. Most notably, skills in ADP Payroll System, Benefits Administration, Payroll Administration, and Benefits & Compensation are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel and Microsoft Office. For most people, competency in Benefits Administration indicates knowledge of Microsoft Excel and ADP Payroll System.
Pay by Experience Level for Payroll & Benefits Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $43K, but people who have been around for five to 10 years earn a noticeably bigger sum of $48K. The average pay reported by folks with 10 to 20 years of experience is around $49K. Payroll & Benefits Specialists who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.