Compensation Analyst Job Descriptions

Compensation Analyst Job Descriptions

·  Compensation Analyst Job Profile and Description

A Compensation Analyst plays a major role in an organization. The job of a compensation analyst is to assist companies attract competent employees and keep them. He or she look into the matter of pays also and determines whether the organization is providing benefits and paying salaries that are equitable and competitive within market place. These analysts develop, communicate, and implement all components of recognition and rewards program for the inclusion of base pay, bonuses, and incentives.

·  Duties and responsibilities

A compensation analyst has to fulfill the following duties and responsibilities perfectly:

·  SEARCHING FOR THE JOBS AND ENSURING SALARY: He or she will have to do the work of researching, gathering, and analyzing data to find out appropriate salary level and job title for aimed new positions.

·  WORK FOR THE POLICIES AND PROGRAMS: He or she has to provide the support for the variety of compensation policies and procedures so will have to assist in the execution and administration and providing analytical support

·  DEVELOPING JOB AND WEBSITES: It will be the responsibility to develop appropriate job descriptions and maintaining a website for accessing compensation information and job descriptions.

·  CONDUCTING SURVEYS: He or she will have to conduct the salary surveys and participating in them, interpreting salary data, performing analysis basically have to know about the salary.

·  EVALUATING JOB POSITIONS: He or she will have the duty to re-evaluate the current job positions, promotions, and compensation proposals for prospective employees, etc. and time to time oversee it.

·  CLASSIFY THE JOBS: He or she will have to evaluate the proposed and existing jobs and it will be the main duty to classifying them in accordant with the levels of importance and responsibility to the employer.

·  MANAGING JOB DOCUMENTATION: He or she will have to do all the work related to the job such as preparing the documents and Managing job documentation, job descriptions, databases and tables related to job codes, and job families.

·  DEVELOP STRUCTURES OF JOB: He or she will have to look for the applicants who can serve perfectly so has to develop benefit structures and competitive salary to attract job applicants who can offer a long-run commitment.

·  PREPARING THE RECORDS: He or she has to prepare the statistical analysis, data modeling, incentive pay programs, and costing of base.

·  ASSIST TO HR DEPARTMENT: He or she has to provide support to HR department concerning interpretation of compensation practices and guidelines and many other things.

·  PROVIDING GUIDANCE: He or she will have to give the guidance on issues related to compensation for management and also supervise them when needed.

·  PREPARING SALARY BUDGET: He or she will have to prepare supporting data for the review of annual salary budget.

·  Skills and Specifications

The job of a compensation analyst is very crucial and critical so it needed a lot of skills and specifications:

·  The candidate should have a very thorough knowledge of HR principles and practices so can work with that.

·  He or she should be able to handle superior level of confidentiality concerning employee information and data.

·  He or she will be able to handle and operate the systems and using and Access them.

·  He or she should be very proficient in using the Excel.

·  It needed a lot of skills such as excellent time management, interpersonal, communication, presentation, organization, decision-making, and planning skills.

·  Education and Qualifications

·  The candidate should at least have a Bachelor’s degree in business, human resources, finance, and accounting.

·  It will be added as an advantage if the candidate has some past working experience in any compensation administration related activities.