Compensation Specialist Salary (Canada)
The average pay for a Compensation Specialist is C$69,986 per year. Most people with this job move on to other positions after 20 years in this career. Experience has a moderate effect on salary for this job. A skill in Microsoft Excel is associated with high pay for this job.
|Salary||C$41,899 - C$84,507|
|Bonus||C$1,216 - C$12,822|
|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).)
|C$42,552 - C$89,230|
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. (Copyright 2018 PayScale.com)
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 Specialist Job Listings
Pay Difference by Location
Related Job Salaries
Key Stats for Compensation Specialist
Rated 4 out of 5
based on 11 votes.