Senior Analyst, Compensation Salary
The average Senior Compensation Analyst in the United States earns approximately $81K per year. Location and years of experience each impact pay for this group, with the former having the largest influence. Female Senior Compensation Analysts are more common than men among those who completed the survey; more than half (69 percent) are women. Medical benefits are awarded to almost all, and a large number earn dental coverage. Job satisfaction for Senior Compensation Analysts is high.
Job Description for Senior Analyst, Compensation
Senior analysts for compensation are responsible for assisting with the development and implementation of compensation programs for their organization. They conduct extensive market analysis to research trends and compensation initiatives across their industry, as well as provide support to organizational executives for performance evaluation purposes. Senior analysts for compensation evaluate existing incentive plans and modify them according to business requirements and needs, as well as participate in compensation projects and annual review processes. Senior analysts for compensation answer compensation inquiries in a timely manner, create effective business partnerships, and help increase employee satisfaction through well-executed compensation programs.Read More...
One of their main responsibilities includes keeping a communication line open between the human resources department and all employees in their organization. Senior analysts for compensation also interpret relevant data and help implement compensation strategies. They maintain salary ranges, evaluate exemption status, and evaluate executive offers. Senior analysts for compensation should be proficient with analyzing business data, and processing results to suggest changes to company compensation plans. They report their progress to the compensation director or supervisor in their department.
A bachelor's degree in human resources, business administration, finance, or a related field is required for this position. Previous experience in a similar capacity is needed as well, and industry certifications may be preferred. Senior analysts for compensation must be proficient in basic computer software, including software programs. They should be able to multitask and work in a fast-paced environment, as well as work with other analysts to reach all company objectives.
Senior Analyst, Compensation 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.
Common Career Paths for Senior Analyst, Compensation
Senior Compensation Analysts who transition into a Director of Compensation role may receive large pay increases as the latter position pays an average $123K per year. Senior Compensation Analysts most often move into positions as Compensation Managers or Compensation Managers; those groups report median salaries that are $10K higher and $17K higher, respectively.
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Popular Skills for Senior Analyst, Compensation
Senior Compensation Analysts report a narrow range of specific skills. Most notably, skills in Microsoft Excel, Benefits & Compensation, Data Analysis, and Microsoft Office are correlated to pay that is above average. It is often found that people who know Data Analysis are also skilled in Microsoft Office.
Pay by Experience Level for Senior Analyst, Compensation
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $75K; however, individuals with five to 10 years of experience bring in $85K on average — a distinctly larger sum. Senior Compensation Analysts with one to two decades of relevant experience report an average salary of approximately $93K. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $91K.
Pay Difference by Location
For Senior Compensation Analysts, Dallas provides a pay rate that is 17 percent greater than the national average. Senior Compensation Analysts will also find cushy salaries in Houston (+12 percent), Seattle (+12 percent), Irvine (+5 percent), and Boston (+3 percent). Falling short of the national average by 19 percent, the area with the worst salaries is Memphis. Employers also pay below the national average in St. Louis (18 percent lower) and San Diego (10 percent lower).
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Key Stats for Senior Analyst, Compensation
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