Compensation consultants implement and design compensation plans for companies with the goal of creating proper incentives for employees. Their duties include creating salary structures and incentive plans, implementing performance management programs, and consulting with HR managers on compensation related issues.
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Compensation Consultant Job Description Template
We are looking to hire a dynamic compensation consultant to develop and implement compensation programs, pay levels, and incentive packages for our clients. In this role, you'll be liaising with the HR department to determine salary requirements and perform regular market surveys to decide if compensation programs are up-to-date.
To ensure success as a compensation consultant, you should be able to display knowledge of market statistics and salary scales. Ultimately, a top-notch compensation consultant should have excellent knowledge of payroll procedures, labor legislation, and pay rate research.
Compensation Consultant Responsibilities:
- Developing, designing, and implementing compensation programs for various job categories within a company.
- Researching pay levels to update existing compensation and incentive packages.
- Analyzing compensation data to identify potential issues and ensure equitability.
- Liaising with the HR department to discuss salary requirements for individual employees.
- Ensuring compensation plans are in line with labor legislation.
- Preparing job descriptions to match compensation programs.
- Recommending improvements to compensation plans and pay levels.
- Ensuring compensation plans align with the company’s revenue goals.
Compensation Consultant Requirements:
- Bachelor's degree in human resources management, business, finance, or related field.
- At least 2 years' experience as a compensation consultant.
- Extensive knowledge of payroll procedures, and best labor law practices.
- Familiarity with payroll software such as Simple Pay and HR management systems like Bamboo HR.
- Ability to collaborate with management and HR team members to create efficient compensation plans.
- Strong knowledge of contemporary market statistics and pay scales.
- Ability to show innovation and implement new compensation programs and systems as required.
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