What Is A Compensation Analyst Compensation analyst salary Salaries for a compensation analyst will vary depending on the location of the position and the years of experience you bring with you According to Payscale the average annual base salary for a compensation analyst in the U S is 65 972 while Glassdoor states the average is slightly higher at US 72 758 Over to you
A compensation analyst researches both internal and external salaries and benefits With that data they help decide the pay of a position the company s pay structure and compensation ranges and when raises are warranted External research monitors current compensation for similar positions in different organizations stays aware of general A compensation analyst is an HR professional who specializes in identifying an equitable and competitive compensation structure for various roles across a company1 Here are the key
What Is A Compensation Analyst
What Is A Compensation Analyst
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Compensation analyst job outlook and salary data According to Indeed Salaries the average wage for a compensation analyst working full time is 75 123 per year with some of the most common additional benefits for the job being stock options insurance and employee stock purchase and ownership plans The Bureau of Labor Statistics estimates that the number of compensation analysts in the Compensation analysts ensure that employee salaries are competitive and reasonable at a company Through the analysis of income statements and balance sheets they ensure that financial data is accurate and they assess existing incumbent data to classify jobs from the position title level of responsibility geological scope and number of employees being supervised
Follow these steps to conduct a comprehensive market compensation analysis 1 Access salary and wage surveys Getting information is the first step in understanding how your company s compensation compares to competitors Typically businesses have to pay labor research firms for access to findings The Compensation Analyst will research job requirements and evaluate job positions to ensure the company is competitive in the areas of salaries and employee benefits Supervisory Responsibilities
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Seven steps to a successful compensation analysis Now that you understand what a compensation analysis is and its benefits let s take a look at the practical steps of how to do a compensation analysis 1 Explore the current state of compensation The first step is to gather and consolidate all compensation data in your organization Most compensation analysts will be required to hold a bachelor s degree at a minimum A bachelor s of science in business administration with a major in human resource management is one of the most popular degree paths as it sets analysts up particularly well for the HR department They will take courses in business finance and
To begin your Compensation Analyst career path a Bachelor s Degree in Business or a related field is usually necessary in order to remain a competitive option for employers Focus on industry specific skill development during your education in order to be properly equipped when applying for entry level positions and entering the job force A A Compensation Analyst is a specialized human resources professional who focuses on the design implementation and maintenance of compensation systems within an organization They play a critical role in ensuring that pay scales and benefits are both competitive and equitable aligning with the company s strategic goals and compliance with
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What Is A Compensation Analyst - The Compensation Analyst will research job requirements and evaluate job positions to ensure the company is competitive in the areas of salaries and employee benefits Supervisory Responsibilities