What Does a Compensation Analyst Do?
Compensation analysts evaluate the salaries and benefit packages of employees in organizations. They maximize employee welfare while factoring in the company’s budgets and goals, the job’s requirements and duties, and the current state of the market. They also ensure compliance with labor regulations.
Compensation Analyst Job Overview
In the compensation analyst role, you will be responsible for the construction of a fair and attractive compensation framework. You will be expected to create and gather high-quality data for accurate compensation analysis. Success in this position will be demonstrated by developing competitive remuneration and benefits programs to attract exceptional candidates and retain outstanding employees.
Compensation Analyst Job Responsibilities and Duties
- Performs in-depth assessment of the company’s compensation structure
- Designs compensation plans for new positions
- Ensures alignment of compensation packages with company goals
- Administers compensation surveys
- Analyzes current and future work trends
- Ensures compliance with labor laws
Compensation Analyst Job Requirements
- Minimum 3 years of work experience as a compensation analyst or similar
- Proficient in MS Office
- Strong analytical skills
- Excellent data-based acumen
- Knowledgeable about applicable federal and state labor laws
- Bachelor’s degree in Human Resources Management, Finance, or related field
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