Senior Compensation Analyst Overview A Compensation Analyst's primary responsibility is to ensure that employees of a ...
Senior Compensation Analyst Overview
A Compensation Analyst's primary responsibility is to ensure that employees of a company are receiving competitive compensation and benefits. This can be accomplished by conducting research of the salaries offered for similar jobs, conducting salary surveys and using data analysis tools. They also examine existing and possible future positions and categorize them either by importance to the organization or the level of responsibility assigned to the position. A compensation analyst needs to be organized, detail oriented and have strong analytical skills since a large part of their job is interpreting data. They also need to be familiar with fair labor standards, affirmative action and regulations related to employment of veterans.
Additional responsibilities include:
- Approval of bonuses or commissions
- Preparation of job descriptions
- Oversight of performance management system
- Design of reward systems
- Administration of executive compensation programs
- Monitoring of compensation and benefits trends
- Evaluation of positions to determine classification and salary
Senior Compensation Analyst Education Requirements
A bachelor's degree is the minimum education requirement, with a course of study in related fields like human resources management, compensation analysis and benefits administration. Many organizations require an MBA. Certification such as a Certified Compensation Professional is desirable as well.
Senior Compensation Analyst Job Market
Levels of employment in this occupation is projected to grow 6 percent from 2012 to 2022.
Industries with the highest level of employment of Compensation Analysts:
- Corporate Management
- Local and State Governments
- Insurance Related Entities
- Consulting Services
Top paying industries for this occupation:
- Pipeline Transportation of Natural Gas
- Apparel Manufacturing
- Software Publishers
- Natural Gas Distributors
Senior Compensation Analyst Salary
The median annual salary for this occupation as of May 2013 was $59,820. The bottom 10 percent earned $38,400 or less while the top 10 percent made $94,080.