Compensation and Benefits Specialist

Daily responsibilities and duties of compensation and benefits specialists include:

• Researching compensation and benefits policies and plans
• Ensuring compensation and benefits plans are cost-effective and competitive
• Monitoring and researching compensation and benefits trends
• Comparing benefits and compensation plans, job classifications, and salaries through data and cost analyses
• Designing reports and recommendations based on research and analysis for senior executive team
• Preparing and updating job descriptions and occupational classifications
• Ensuring company is compliant with state and federal laws
• Collaborating with outside vendors, such as investment brokers and benefits vendors

Job duties for compensation and benefits managers, organized by HR area, include:

Compensation:

• Assessing the organization’s pay structure
• Researching compensation trends and reviewing compensation surveys
• Evaluating compensation policies
• Ensuring that the pay practices comply with state and federal laws and regulations

Benefits:

• Administering the organization’s benefits programs (e.g., retirement plans, leave policies, wellness programs, insurance policies, etc.)
• Researching and analyzing benefits plans, programs, and policies
• Making recommendations based on data analyses
• Monitoring government regulations, legislation, and benefits trends
• Working with insurance brokers and benefits careers
• Managing the enrollment, renewal, and distribution processes

Job Analysis

• Writing and revising job descriptions
• Determining position classifications
• Preparing and updating salary scales
• Making recommendations to managers regarding job descriptions, salaries, and classifications