Compensation Analysts develop compensation structures to optimize hiring and maximize employee retention by analyzing remuneration packages and position responsibilities. A Compensation Analyst is a human resources expert in labor costs, compensation analysis and benefits structures.
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Compensation Analyst Job Description
We are looking to hire a detail-oriented Compensation Analyst to analyze our company's remuneration structures. The Compensation Analyst will evaluate our remuneration packages by analyzing employees’ experience and responsibilities, by doing comparative analysis by region and industry, and by taking the company's financial performance into consideration. The Compensation Analyst will establish compensation packages for new hires during probation, and increase thereafter. You will develop remuneration packages for new positions created. You will grow the hiring and employee retention programs.
To be effective in this position you will establish a healthy balance between employee remuneration and the company’s financial performance, and give management sound advice on the amount of employees the company can afford to hire. Top candidates will be meticulous, have outstanding business acumen and have sound understanding of compensation analysis.
Compensation Analyst Responsibilities:
- Growing and overseeing company remuneration policies and programs.
- Analyzing positions to ascertain scope of employee responsibilities and requirements.
- Analyzing and interpreting company's remuneration programs.
- Reviewing wide range of relevant compensation data to ensure company's remuneration policies are competitive.
- Contributing company data to compensation surveys.
- Analyzing results of compensation surveys.
- Predicting future trends to steer company in a positive direction.
- Managing salary structure creation and maintenance.
- Ensuring company compliance with relevant laws and regulations.
Compensation Analyst Requirements:
- Bachelor’s degree in Business Administration or Human Resources.
- CCP or similar certification.
- PHR certification.
- 3+ years work experience as Compensation Analyst.
- Proficient with MS Office Word, Excel and PowerPoint, and HRIS systems.
- Outstanding people skills.
- Excellent communication skills, both verbal and written.
- Proficient with compensation research and data analysis.
- Strong problem-solving skills.