Compensation, benefits, and job analysis specialists need a combination of a bachelor’s degree and related work experience.
Employment of compensation, benefits, and job analysis specialists is projected to grow 6 percent from 2018 to 2028, about as fast as the average for all occupations. Job prospects should be best for candidates with a bachelor’s degree, work experience performing compensation analysis or benefits administration, and related human resources work.
Compensation specialists assess the organization’s pay structure. They research compensation trends and review surveys to determine how their organization’s pay compares with that of other organizations in a particular industry and region. They often perform complex data or cost analyses to evaluate compensation policies. They also ensure that the organization’s pay practices comply with federal and state laws and regulations, such as workers’ compensation, minimum wage, overtime, and equal pay laws.
Benefits specialists administer the organization’s benefits programs, which include retirement plans, leave policies, wellness programs, and insurance policies, such as health, life, and disability insurance. They research and analyze benefits plans, policies, and programs, and make recommendations based on their analysis. They frequently monitor government regulations, legislation, and benefits trends to ensure that their programs are current, legal, and competitive. They also work closely with insurance brokers and benefits carriers and manage the enrollment, renewal, and delivery of benefits to the organization’s employees.
Nearly all compensation, benefits, and job analysis specialists work full time during regular business hours.
Employers typically require that compensation, benefits, and job analysis specialists have a bachelor’s degree. Many specialists have a degree in human resources, business administration, finance, communication, or a related field. Some employers may accept additional related work experience in lieu of a degree.
Employment of compensation, benefits, and job analysis specialists is projected to grow 6 percent from 2018 to 2028, about as fast as the average for all occupations.
Organizations will continue to hire benefits specialists to analyze, select, and update their benefits policies. Employee wellness programs are a popular way to reduce healthcare costs. Organizations will need benefits specialists to design, analyze, or administer these programs.
In addition, organizations must offer competitive compensation packages to attract and keep highly qualified workers. To allocate their compensation funds effectively, many organizations are using strategies such as pay-for-performance plans, which may include bonuses, paid leave, or other incentives as part of the compensation package. Organizations will need specialists to analyze these compensation policies and plans and to ensure that they are both competitive and cost effective.
Many companies are continuing to outsource some of the administration of compensation and benefits plans to external providers in order to reduce costs while also staying compliant in a highly regulated field. For example, to reduce administrative costs, organizations commonly use outside vendors for processing payroll and insurance claims. These outside vendors can administer compensation and benefits plans and operate call centers more efficiently, reducing the need for as many specialists.
Job prospects should be best for candidates with a bachelor’s degree, work experience performing compensation analysis or benefits administration, and related human resources work.
at https://www.bls.gov/ooh/business-and-financial/compensation-benefits-and-job-analysis-specialists.htm (visited December 08, 2021).