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between career seekers
Compensation & Benefits Specialists
A Bachelor’s degree in Business Administration (BBA) in Finance, Business Administration, Human Resources Management or a related field; A Master’s degree – MBA Human Resources (HR) or Finance would be an added plus; along with HR Compensation & Benefits study programs or related certifications like the Certified Compensation Professional (CCP), Certified Benefits Professional (CBP), Certified Compensation and Benefits Manager (CCBM), etc.; encompassing at least 4-year requisite study and practice credit hours in the area or field of Employee Compensation & Benefits; combined with – On the Job Training (OJT) programs, Apprenticeships, Compensation & Benefits Specialists Workforce Job Training or Experience; covering work topics including employee rewards and recognition, human psychology and behavior, job roles and descriptions, compensation structure, compensation and non-compensation dimensions, compensation and reward management, compensation as a retention strategy, compensation for special groups, compensation Issues and handling, industry-wide compensation standards, study and simulation, employee satisfaction surveys, quantitative techniques in compensation and benefits management, Key Performance Indicators (KPIs) and Key Result Areas (KRA), change management, payroll processing, industrial relations, labor laws, HR Information and Payroll Systems etc.
AVERAGE ANNUAL PAY
|Entry-level (0-12 months)||$ 53,522|
|Early career (1-4 years)||$ 58,006|
|Mid-career (5-9 years)||$ 71,530|
|Experienced (10+ years)||$ 76,422|
Compensation & Benefits Specialists is a great career pathway, in which employment is expected to grow at a decent 8 percent from 2019 to 2029.
SKILLS/ TRAITS NEEDED
Compensation and Benefits Specialists are “change-leaders”, a quintessential multi-tasker who must be “people-centric”, possessing strong people management and human capital ownership & nurturing skills; combined with empathy, emotional-quotient (EQ), understanding of human behavior & psychology, tech-savvy, tracking the emerging industry-wide compensation trends, coupled with great numerical & statistical abilities, great collaborative and listening skills, adaptability, problem-solving, critical thinking, and observation skills; be “process-oriented” to categorize and chalk out job descriptions, roles, map attractive and competitive remuneration packages – with transparency, objectivity, fairness, trust, and impeccable integrity, leading to low staff turnover and excellent employee satisfaction. They need to be “always switched on” result-oriented “go-getters”; an excellent negotiator and communicator with strong business acumen, networking for achieving business continuity, employee-conversion, satisfaction & retention – their primary goals; they must be up-to-date with labor laws, statutory rules & regulations, employer-employee contractual obligations, policies, processes, procedures, requirements, documentation, employee metrics, employee risk mitigation & management, and overall pay management; in their quest to chart out an above-board and clear compensation and benefits policies framework, strategies, and advice; contributing towards the organization’s workforce planning and development, and providing employee financial growth path – in alignment with, and to proliferate & progress the organization goals. Also, they must be measurement & data-driven, ethical, accountable, maintain confidentiality, and need to have a strong “Need, Urgency & Demand Perception”; besides being proactive & research-oriented individuals with a cool temperament, resilience, memory, creativity, imagination, enthusiasm, trust, strong conviction, planning, and execution; coupled with strong decision-making, excellent verbal & written communication, and interpersonal/ soft skills; ability to work under pressure in a fast-paced work environment, delegation, tactfulness, self-learning abilities, managerial skills, ability to motivate, influence and “onboard” the best candidates with attractive pay packages, besides positively influence employee and trade-union decisions; and follow-up, time management, people & stakeholder management, prioritization, presence of mind, creativity and innovation; an open mind with an aptitude for research, patience, persuasiveness, perseverance, persistence & presence. They must be detail-oriented & self-organized with a “can-do attitude” and a strong passion for their work. Meeting people, strategizing, creating a positive impact on staff, being human capital-oriented with deep insights, and understanding of human behavior and psychology, besides industry-wide contacts are pivotal to this profession.
Compensation & Benefits include salary and other monetary and non-monetary benefits given by a firm to its employees in return for their work. Compensation & Benefits Specialists oversee such wage and nonwage compensation programs, and other benefits that the organization provides to its employees. They also evaluate job descriptions mapping the roles, review the industry-wide payroll & benefits compensation for the job profile, determine pay structures, and create a database of attractive, consistent, and competitive remuneration packages; benchmarking them for salary increments, “promotions” and performance reviews – to attract and retain a talent pool of professionals who will contribute their talent and hard work towards the organization’s growth and goals and be well compensated for that; thus, Compensation & Benefits Specialists play a vital and critical role in the development, nurturing, & growth of the organization’s human resources. They also ensure that periodic salary increments are completed on time, aligned to the company expectations and benchmarks, maintaining fair wages at all times, coupled with “promotion” salary increases whenever due – leading to a highly satisfied employee base. Also, on the other extreme, they may have to handle difficult situations like “salary freezes” or salary decreases, where they need to be extremely tactful, being aware, sensitive, and mindful of the employee perception, corporate image, and staff-turnover repercussions, while conveying the bad news. And, besides determining the pay-structure, they may be involved in explaining to the new joiners about their job duties, responsibilities, benefits, schedules, working conditions, and promotion opportunities; facilitating a smooth joining experience; “on-boarding” them to finally deliver the compensation and benefits as per the offer or promotion letters given to the employee – with transparency, objectivity, trust, and impeccable integrity; aimed to lower staff turnover and excellent employee trust and satisfaction with high CSAT ratings. Besides this, the Compensation & Benefits Specialist may also be involved in conducting employee surveys from time to time to gauge the effectiveness of the compensation; and may help in conflict management, and resolution, proposing better work conditions to the top management or participating in the Full-and-Final (F&F) settlement & payout for exiting employees. They work closely with the HR & Payroll processing teams, establish alliances, and may report parallelly or directly to the top management; managing all stake-holders and gaining their confidence, building & maintaining employee loyalty, ensuring their work satisfaction and professional growth. Additionally, they may also handle corporate hiring budgets, and are entrusted to manage operating budgets and optimize employee costs; for ensuring positive organizational outcomes to meet the current & future organizational growth, and maintain business continuity. They generally work with corporate entities, institutions, and other organizations.