Compensation Analyst Job Description
Overview
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The Compensation Analyst works with human respurces to design compensation packages and bonus plans that align with the company's strategic program. Their role is to ensure that salaries and benefits comply with the current legislation about human rights and pay equity, identify trends, and complete new packages to engage and motivate employees. Their responsibilities are to conduct research on employee fulfillment, renew compensation plans with monetary and non-monetary benefits based on employee shortages, and track compensation and benefit benchmarking data.
Steps to take to start your career as a Compensation Analyst and other jobs like it
- Earn a degree in a related field such as human resources, business administration, or psychology. Some employers may prefer candidates with a master's degree in human resources or a related field for higher-level positions.
- Seek opportunities to develop communication, interpersonal skills, problem-solving, decision-making, leadership, and organizational skills through work experience, training programs, or professional development activities.
- Gain experience in HR-related roles to build a solid foundation. Entry-level positions such as HR assistant, recruiter, or administrative roles within HR departments can provide valuable experience.
- Stay informed about changes in laws, regulations, and best practices, current trends and developments in HR through professional associations, continuing education, conferences, and networking with other HR professionals.
- While not always required, obtaining professional certifications can enhance your credibility and marketability as an HR professional. Common certifications include the Professional in Human Resources (PHR) or Senior Professional in Human Resources (SPHR) offered by the HR Certification Institute (HRCI), or the Society for Human Resource Management Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) offered by the Society for Human Resource Management (SHRM).
Why I Choose Human Resources (HR)
I really wanted to work with people but also wanted to be in business because I thought I could still help while making a lot of money.
My Educational Path
I had a business major and did a concentration within that major in human resources and then also ended up doing a minor in psychology which also really helped and translated well into the HR work.
How Businesses Operate
If you're interested in business in general it's a really great place to be because you really get to see how staffing works, how people make decisions around staffing for a new product or whatever and it can really give you exposure to various different aspects of the company.
Human Resource Responsibilities
So if you're an HR manager you're handling everything from managing people's time off to benefits to staffing, possibly recruiting and maybe you're an HR business partner where you're part of the business and helping make business decisions.
Reality of Human Resources
Human Resources is about helping employees but with the bottom line it really is about helping the business succeed and stay profitable and so sometimes you know you're having to put the business needs ahead of what might be nice to do for others as employees and that can be a struggle sometimes for some.
Tips for Getting into Human Resources
If you find that you're interested early enough even getting an internship while you're in high school or an undergraduate can really give you a lot of exposure to all the different facets of HR and then also kind of get you in at a company early.
- Sr HR-Compensation AnalystBaxterBogota, NJ, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystCostar Group, Inc.Washington, DC, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystForrester Research, Inc.Cambridge, MA, United StatesPosted: Jul 25, 2024
- Compensation AnalystANGI Homeservices Inc.New York, NY, United StatesPosted: Jul 25, 2024
- Compensation AnalystTuroSan Francisco, CA, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystThe Farmer's DogNew York, NY, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystBaxterDeerfield, IL, United StatesPosted: Jul 25, 2024
- Compensation AnalystANGI Homeservices Inc.Denver, CO, United StatesPosted: Jul 25, 2024
- Compensation AnalystBeacon Health SystemGranger, IN, United StatesPosted: Jul 25, 2024
- Sr Compensation Analyst, Total Rewards, Remote, Fu...Baptist Health - FloridaJacksonville, FL, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystLG ElectronicsEnglewood Cliffs, NJ, United StatesPosted: Jul 25, 2024
- Temporary Associate Compensation AnalystCorewell HealthSouthfield, MI, United StatesPosted: Jul 25, 2024
- Compensation AnalystCarlyle Group Inc.Washington, DC, United StatesPosted: Jul 25, 2024
- Senior Compensation AnalystNational Church ResidencesColumbus, OH, United StatesPosted: Jul 25, 2024
- Temporary Compensation AnalystCorewell HealthGrand Rapids, MI, United StatesPosted: Jul 25, 2024
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Quick Facts about this role from the Jobtrees career database
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Education you need to become a Compensation Analyst
These are the most common degrees or certificates earned by Jobtrees users prior to becoming a Compensation Analyst
There may be other required degrees or certifications needed for this job. The below info shows you the most commonly desired education level from employers when hiring for this job.
- Bachelor Of Science (b.sc.) In Hotel And Restaurant Management
- Master Degree In Industrial And Organizational Psychology
- Bachelor Of Science (b.sc.) In Business Management
- Bachelor Degree In Marketing
- Certificate In Human Resources Management
Career Paths for Compensation Analyst
Find data driven insights on the path to get to this role and where it can lead
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