A knowledgeable and experienced Compensation Analyst will research and develop relevant compensation structures in order to achieve their company's objectives. This includes the optimisation of hiring, and the management of the company's financial performance, ensuring that the compensation structures devised are inline with company budgets and overall goals for employees. One of the main responsibilities of the Compensation Analyst is the implementation of the global compensation and benefit programs, in which you will be required to assist with the analysis and development of new and existing total rewards initiatives, policies and procedures. Through your analysis and research, you will be able to drive the achievement of the company's objectives, ensuring competitive compensation and benefit programs are devised and put into effect.
If excelling in this role, the Compensation Analyst may have the opportunity to further progress into a Compensations and Benefits Manager role, or a Compensations Manager role. If the above sounds like a career path of interest, please view the full job description.
Compensation Analyst Job Duties:
The role of a Compensation Analyst requires the overseeing of the company's remuneration policies and analysis of new and existing compensation programs, ensuring that relevant laws and regulations are adhered to, and financial budgets are taken into account. As well as this responsibility, you can expect your duties to include the following:
- Partner with business leaders to develop and implement competitive compensation and benefits programs that adhere to company regulations and standards.
- Develop and manage the strategic direction of base pay, variable pay, health and welfare plans and other benefit/perk programs that are applicable to your company.
- As a Compensation Analyst, you will demonstrate the technical expertise and proactive attitude in order to monitor and maintain competitive positioning within the Comp and Reward sector and will work to advance and scale the company's compensation and benefits programme, ensuring all policies are competitive.
- Working with external consultants and professional industry organisations, this will allow the Compensation Analyst to better understand and develop market practices as and when necessary.
- Manage compensation surveys, in order to conduct analysis on how to enhance the compensations programmes, based on cost/benefit analysis and benchmarking.
- Plan and design an effective bi-annual compensation salary planning process.
- Provide counsel on the creation of job descriptions to ensure internal and external equity. This will include establishing compensation packages for new employees during the probation period. This will also involve recommending and developing appropriate employee titles, which may be subjected to further development as the roles evolve.
- Manage the annual open enrolment process, and the annual review and bidding process for plans and benefits planning.
- You will be responsible for making certain that any developments to retirement programs consider and incorporate the company's strategic objectives, whilst also satisfying any legal requirements.
- As a Compensation Analyst, you will monitor and implement changes to ensure consistent compliance with global regulations.
- An even balance between market practice, employee requirements and the company's financial budget needs to be established, in order to adhere to company's objectives.
- Conduct both internal and external analysis on salary statistics.
Key skills and qualifications of a Compensation Analyst:
The following skills will be beneficial to a candidate looking to apply for this role:
- A minimum of 2-3 years of significant experience in global compensation and benefits/total reward experience.
- Knowledge of compensation salary planning incentive programs, equity plans and marketing pricing is essential.
- You will have to demonstrate proficiency with the MS office products and Google apps, including advanced MS excel Google sheet skills.
- Communicate complex compensation practices in simple terms.
- Being data driven with an analytical mind set is beneficial for this role.
- Demonstrating the ability to maintain confidential information is essential for this role.
Is a Compensation Analyst job in your future?
If the above sounds like a position that you would be suitable for, then please contact us here.