Compensation Analyst in Chicago, Illinois Salary
How much does a Compensation Analyst make in Chicago, IL? A Compensation Analyst in Chicago earns an average of $61,250 per year. This is 3% below the national average for a Compensation Analyst which is $63,093 per year. Salaries for a Compensation Analyst in Chicago range from $49,216 annually to $83,988 per year. Total Annual Pay, which includes salary and bonus for a Compensation Analyst in Chicago ranges from $49,216 to $83,988 annually. Among those reporting, there is an average job satisfaction rating of 5 out of 5 stars. Women make up 64% of the Compensation Analyst workforce in Chicago among those reporting. In Chicago, a Compensation Analyst often enjoys medical, dental, and vision benefits provided by their employer.
|Salary||$49,216 - $83,988|
|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).)
|$49,216 - $83,988|
Job Description for Compensation Analyst
Compensation analysts work with human resource and operations professionals to perform a series of functions that ensure the company offers competitive compensation levels to attract and retain talent. At its core, the compensation analyst administers the company's business unit-specific variable pay programs. The work is ongoing, since the compensation analyst is responsible for reviewing and updating existing pay programs and developing new pay programs. In this review process, the compensation analyst observes the pay process, takes note of any inefficiencies or areas in need of improvement, prepares improvement recommendations along with supporting evidence.Read More...
Compensation analysts work closely with human resource staff to collect job data and consistently manage the job-leveling process. The compensation analyst also prices jobs using market data and internal data to ensure consistency in the pay structure across the entire organization. To fulfill these responsibilities, compensation analysts often participate in and conduct wage surveys.
Compensation analysts must have a high degree of attention to detail. They must be punctual, reliable, and able to effectively communicate with people at all levels of the organization. Compensation analysts must also be effective decision makers who can properly collect, analyze, and report data. Due to the technical nature of the position, a bachelor's degree in a relevant field is required for the position. (Copyright 2017 PayScale.com)
Compensation Analyst Tasks
- Ensure company compliance with country specific regulations and laws, including reporting requirements.
- Monitor cost differentials, taxes for equalization and country specific incentives and variable pay.
- Analyze country specific data and relevant market trends, develop salary structures and market pricing recommendations.
- Review and monitor employee pay and recommend reviews if necessary.
- Identify relevant market data and trends regarding executive compensation and present recommendations.
Compensation Analyst Job Listings
Key Stats for Compensation Analyst
Rated 5 out of 5
based on 2 votes.