What does a Compensation Analyst do?
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.
Compensation analysts summarize and offer possible alterations to an organization's payment and compensation structures and develop compensation structures that optimize hiring and maximize employee retention through analysis of remuneration packages and position responsibilities. As human resources experts in labor cost, compensation analysis and benefits package structures, they will sometimes predict future trends to steer the company in a positive direction with its benefits and salary packages. Compensation analysts also keep an eye on external salaries to calculate in-house pay grades, and they sometimes create and apply employee incentive plans to maintain and attract proper talent. Compensation analysts need a bachelor’s degree and relevant work experience.
- Lead the annual merit review process while preparing leaders for planning.
- Create, maintain and support a variety of global databases ensuring data integrity.
- Provide analysis of data and make recommendations, as appropriate.
- Conduct market analysis and job evaluations for assigned areas.
- Ensure appropriate pay based on market data and trends.
- Oversee activities of wage and salary adjustments for bargaining unit employees.
- Create, validate and approve job descriptions in a highly diverse business environment.
- Exercise confidentiality, discretion, and sound judgment in performance of duties.
- Coordinate with insurance brokers, and company to implement changes.
- Serve as a subject matter expert for all areas under the scope of responsibilities.
- Lead and develop compensation analysts and other support positions.
- Reconcile employee sales compensation plans and payments and ensure accuracy.
- Prepare and deliver training to sales reps and leadership.
- Assist in incentive plan design and implementation as required.
- Set up, maintain, and manage job-related data in necessary systems.
- Utilize excel-based reporting to build commission models and calculate commission payments.
- Manage distribution of compensation plans and reporting of quota attainment.
- Complete job evaluations, develop salary structures, and conduct cost modeling and impact analysis.
- Prepare and deliver presentations to function leadership that identify issues and includes total compensation tactical and strategic recommendations and/or solutions. interpret market survey results to establish funding requirements for various pay programs.
- Bachelor's or Graduate's Degree in accounting, business or computer science, or equivalent experience.
- Experience with C, R Language, and NT systems and software.
- Fluent in statistics, spreadsheets, and frameworks.
- Comfortable with decision making protocols, including submission of notices and terminations.
- Experience as a consultant and in program design.
- A natural problem solver and critical thinker.
- Able to collaborate with other teams and lead during decision making moments.
How much does a Compensation Analyst make?
Base Pay
Additional Pay
$85,417
/ yrCompensation Analyst Career Path
Learn how to become a Compensation Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Compensation Analyst Insights
Oportun“My role is fully remote which means I do not have daily traffic which in turn results in not excellent work/life balance but is safer.”
Walt Disney Company“Good good good good good”
Early Warning Services“Lots of opportunity for career growth and development”
Komerční banka“SG attitude to their subsidiaries is terrible.”
WeWork“This was a bluff to try get people to join WeWork knowing how bad its reputation is around the world.”
Fortinet“Growing company with opportunities to move in any direction you want to take your career to.”
WeWork“I took the job based on the potential upside promised to me in the interview stage.”
Syncrude“Affords the student with the unique opportunity to look behind the scenes to see if this career path suits them.”
Frequently asked questions about the roles and responsibilities of a Compensation Analyst
When working as a Compensation Analyst, the most common skills you will need to perform your job and for career success are Excellent Communication, Powerpoint, Consulting, Sensitive, and Microsoft EXCEL.
- HR Manager
- HR Consultant
- HR Generalist
- HR Business Partner
The most common qualifications to become a Compensation Analyst include a minimum of a Bachelor's Degree and an average of 0 - 1 years of experience not including years spent in education and/or training.