Overview of Compensation and Benefits Jobs
The compensation and benefits is a special area of Human Resources, which is mix between Human Resources Management and Finance Department. The people in Compensation and Benefits are focused on the future of the organization as they want to keep the effective personnel costs and they are extremely careful about adding the costs to the organization.
The job profiles of Compensation and Benefits employees are about the balance, good knowledge of the Microsoft Office, ability to conduct a good analysis and the forecast. The Compensation and Benefits employees are usually hard to understand, when they discuss with other employees of Human Resources. They understand the money talk, they do not speak about the career opportunities usually.
Compensation and Benefits Career Path
The compensation and benefits area is about gaining the experience and learning about dealing with the managers and employees from the organization. Working in the area of compensation and benefits is not easy. This is usually reflected in the job profiles of Reward job positions, where the previous experience is a must for being promoted or hired to the new job position.
The compensation and benefits employees usually start their career as benefits administrators as they have a limited responsibility and they have a great opportunity to learn dealing with the employees and to recognize their requests. They have to learn the basics of the compensation and benefits and they are requested to prepare the basic financial analyses and they have a chance to recognize the overall impact of HR decisions into the financial results of the organization.
The compensation and benefits specialist prepare the analyses of the compensation structures in the organization, they compare the structures with the job market practice and they seek for the competitive advantage for the organization in the compensation and benefits area, when it is needed.
The compensation and benefits manager is responsible for setting the compensation strategy of the organization, keeping the projects to implement the compensation strategy and is responsible for all the important decisions in the area of compensation and benefits. The manager is usually responsible for the overall personnel expenses budget of the organization.
Compensation and Benefits Job Profiles
Benefits Administrator Job Profile
Benefits Administrator Job Profile is the entry job position and the employee has a limited responsibility for handling the requests of employees and setting the right benefit plans to them. The Benefits Administrator should be a clever person as the employee should be promoted to the next job position in 24 months.
The benefits administrator provides the help to other member of the compensation and benefits team and participates on the simple financial analysis and tries to identify the main benefits and costs of the proposed solution. The benefits administrator discusses internally the solutions and learns how to think as the member of the compensation and benefits team.
Compensation and Benefits Analyst Job Profile
The compensation and benefits analyst is the first independent job position in compensation and benefits. The compensation and benefits analyst does the basic monitoring of the job market, monitors the fluctuation in the organization and prepares the compensation and benefits analyses for the areas with the increased fluctuation.
The compensation and benefits analyst monitors the external pay surveys and prepares the comparison of results with the market and prepares the basic set of recommendations for the top management of the organization under a supervision of the compensation and benefits specialist.
The compensation and benefits analyst has a lot of items to learn. He has to discover the emotions of the management in the organization and has to learn to find the right numbers to support the statement of Compensation and Benefits.
Compensation and Benefits Specialist Job Profile
The compensation and benefits specialist is fully independent employee of Human Resources, who is responsible for a particular area of Compensation and Benefits. The employee works under a supervision of the Compensation and Benefits Manager, but the particular steps taken are fully independent.
The compensation and benefits specialist focuses on the detailed analysis of the job market and relevant pay surveys. The compensation and benefits specialist has usually a portion of the personnel expenses budget to monitor and manage. The C&B specialist makes the independent proposal, but the final decision has to be done by the compensation and benefits manager.
The compensation and benefits specialist monitors the efficiency of the organization, specifically of the particular functions, where the compensation and benefits specialist is fully responsible.
Compensation and Benefits Manager Job Profile
The Compensation and Benefits Manager is the only employee in Compensation and Benefits, who can make decisions with the impact to the personnel expenses budget of the organization.
The compensation and benefits manager sets the compensation and benefits strategy, which is fully aligned with the HR Strategy of the organization and is fully responsible for the successful implementation of the solution.
The compensation and benefits manager leads and manages the team of compensation and benefits and he or she is responsible for the development of the successor of the manager.