Compensation and Benefits Specialist job description
A Compensation and Benefits Specialist is responsible for designing, implementing, and managing employee compensation and benefits programs. This role is crucial for organizations as it ensures competitive and equitable pay structures and benefits packages that help attract, retain, and motivate top talent while maintaining compliance with legal standards.
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What is a Compensation and Benefits Specialist?
A Compensation and Benefits Specialist is a human resources professional who specializes in the strategic development and administration of an organization's compensation and benefits programs. They analyze market data to ensure competitive salary structures, design benefits packages that meet employee needs, and ensure all programs comply with federal and state regulations. Their expertise helps organizations balance budgetary constraints with the need to offer attractive and fair compensation, ultimately supporting employee satisfaction and organizational success.
What does a Compensation and Benefits Specialist do?
A Compensation and Benefits Specialist performs a variety of key functions to support an organization's HR strategy. They conduct market research and salary surveys to benchmark compensation levels and ensure competitiveness. They design, implement, and manage employee benefits programs, such as health insurance, retirement plans, and wellness initiatives. Additionally, they ensure compliance with laws like the Fair Labor Standards Act (FLSA) and the Affordable Care Act (ACA), analyze compensation data to support pay equity, and communicate with employees about their compensation and benefits options. They also collaborate with HR and management to align programs with business goals and budgetary requirements.
Job Overview
We are seeking a meticulous Compensation and Benefits Specialist to design, implement, and manage our total rewards programs. This role will ensure our compensation and benefits strategies are competitive, equitable, and aligned with organizational goals across the United States market. The ideal candidate will have expertise in job evaluation, salary benchmarking, benefits administration, and compliance with federal and state regulations.
Compensation and Benefits Specialist responsibilities include:
1. Conduct comprehensive job analysis and evaluation to determine appropriate salary grades and ranges
2. Administer annual compensation cycles, including merit increases, bonuses, and equity adjustments
3. Manage health, welfare, and retirement benefit programs (medical, dental, vision, 401(k), etc.)
4. Ensure compliance with FLSA, ERISA, ACA, and other federal/state compensation laws
5. Analyze market trends using compensation surveys (e.g., Mercer, Willis Towers Watson, Radford)
6. Develop and maintain compensation structures, pay policies, and incentive programs
7. Process and reconcile monthly billing for all benefit plans and carriers
8. Conduct benefits orientations and open enrollment sessions for employees
9. Partner with HR Business Partners and hiring managers on offer recommendations
10. Prepare executive compensation reports and total rewards statements
1. Bachelor's degree in Human Resources, Business Administration, or related field
2. 3+ years of direct compensation and benefits experience in US market
3. Proficiency with HRIS systems (Workday, SAP SuccessFactors, or Oracle HCM)
4. Strong knowledge of ERISA, HIPAA, COBRA, FMLA, and ACA regulations
5. Experience with job evaluation methodologies and market pricing
6. Advanced Excel skills (pivot tables, vlookups, complex formulas)
7. Experience administering 401(k) and health welfare plans
8. Familiarity with compensation survey participation and analysis
Preferred Qualifications
1. Certified Compensation Professional (CCP) or Certified Benefits Professional (CBP) credential
2. Experience with executive compensation programs and equity administration
3. Knowledge of sales compensation plans and variable pay structures
4. Experience in multi-state compensation administration
5. Master's degree in HR Management or MBA
6. Experience with HR analytics and visualization tools (Tableau, Power BI)
7. Background in consulting or Fortune 500 compensation practices
8. Experience with international compensation principles
Bonus Skills
1. Certified Executive Compensation Professional (CECP) designation
2. Experience with equity administration platforms (Shareworks, E*TRADE Equity Edge)
3. Background in mergers & acquisitions compensation integration
4. Proficiency in statistical analysis and regression modeling
5. Experience with non-profit or government compensation structures
6. Knowledge of global mobility and expatriate compensation
7. Familiarity with payroll systems (ADP, UltiPro) and their compensation modules
8. Experience designing and implementing recognition programs
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