Compensation Analyst Job Profile and Description
A Compensation Analyst plays a major role in an organization. He 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. Their aim is to assist companies attract competent employees and keep them.
Duties and Responsibilities
- Researching, gathering, and analyzing data to find out appropriate salary level and job title for aimed new positions.
- Assisting in the execution and administration and providing analytical support to for a variety of compensation policies and programs.
- Developing appropriate job descriptions and maintaining a website for accessing compensation information and job descriptions.
- Conducting salary surveys and participating in them, interpreting salary data, performing analysis.
- Re-evaluating current job positions, promotions, and compensation proposals for prospective employees, etc.
- Evaluating proposed and existing jobs and classifying them in accordant with the levels of importance and responsibility to the employer.
- Managing job documentation, job descriptions, databases and tables related to job codes, and job families.
- Developing benefit structures and competitive salary to attract job applicants who can offer a long-run commitment.
- Preparing statistical analysis, data modeling, incentive pay programs, and costing of base.
- Providing support to HR department concerning interpretation of compensation practices and guidelines.
- Providing guidance on issues related to compensation for management
- Preparing supporting data for the review of annual salary budget.
Skills and Specifications
- Knowledge of HR principles and practices.
- Able to handle superior level of confidentiality concerning employee information.
- Ability to use software and hardware effectively, including MS Office, Visio, and Access.
- High-level proficiency in Excel.
- Excellent time management, interpersonal, communication, presentation, organization, decision-making, and planning skills.
Education and Qualifications
- Bachelor’s degree in business, human resources, finance, accounting.
- Experience in any compensation administration related activities.
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