WHO IS A COMPENSATION BENEFITS AND JOB ANALYSIS SPECIALIST?
Compensation, benefits and Job analysis specialist conduct an organization’s compensation and benefit programs. They also evaluate job positions to determine details such as classification and salary. Job analysis is crucial in all human activities but like all human inventions, it also suffers from various limitations. Introduction of job analysis consists of job responsibilities, information, expertise, capabilities and personal traits and all this leads to success, for the workers. The basic reason for which the organizations require job analysis is to ensure proper selection measures for choosing the suitable applicants. The purpose of job analysis is to establish and document the ‘job relatedness’ of employment procedures such as compensation, training, performance appraisal and selection.
WHAT DOES A COMPENSATION, BENEFITS AND JOB ANALYSIS SPECIALIST DO?
Compensation, benefits and Job analysis specialist typically do the following:
Research compensation and benefit policies and plans to ensure the organization’s offerings are up-to-date, cost effective and competitive.
Monitor important compensation and benefit trends.
Compare benefit plans, job classifications or salaries through data and cost analysis.
Prepare job descriptions, salary scales and occupational classifications.
Evaluate job positions to determine classification and salary.
Ensure company compliance by adhering the federal and state laws.
Collaborate with outside partners such as benefits vendors and investment brokers.
Design and prepare reports summarizing the research and analysis.
Present recommendations to compensation, benefits, human resources or other managers.
Some specialists perform tasks within all areas of compensation, benefits and Job analysis. Others specialize in a specific area.
Compensation Specialists assess the organization’s pay structure. They research compensation trends and review compensation surveys to see how their organization’s pay compares with that in other organizations. To evaluate compensation policies, they often perform complex data or cost analyses. For example, they may research and analyze the cost of different pay-for-performance strategies, which offer rewards such as bonuses, paid leave or other incentives.
They must also ensure that the organization’s pay practices comply with federal and state laws and regulations, such as worker’s compensation or minimum wage laws.
Benefits Specialists administer the organization’s benefits programs which include retirement plans, leave policies, wellness programs and insurance policies, such as health, life and disability. They research and analyze benefits plans, policies and programs, and make recommendations based on their analysis. They must frequently monitor government regulations, legislation and benefits trends to ensure that their programs are legal, current and competitive.
They also work closely with insurance brokers and benefits carriers and manage the enrollment renewal, and distribution processes for an organization’s employees.
Job analysis specialists, also known as Position Classifiers, evaluate job positions by writing or assigning job descriptions, determining position classifications and preparing salary scales. When an organization introduces a new job or reviews existing jobs, specialist must research and make recommendations to managers on the status, description, classification and salary of those jobs.
WHAT DOES THE WORK PLACE OF A COMPENSATION, BENEFITS AND JOB ANALYSIS SPECIALIST LIKE?
Compensation, benefits and Job analysis specialist held about 91,700 jobs in 2012 are worked in nearly every industry. Many specialists work for large firms, such as those found in the finance, insurance and health care industries. Many also work for government and educational institutions. Compensation benefits and Job analysis specialist typically works in offices.
KNOWLEDGE AREAS THAT NEED TO BE ACQUIRED
Personal and human resources :
Knowledge of principles and procedures for personal recruitment, selection, training, Compensation and benefits, labor relations and negotiation, and personnel information systems.
Administration and Management :Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modelling, leadership technique, production methods, and coordination of people and resources.
English Language :Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics :Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Customer and personal service:Knowledge of principles and processes for providing customer and personal services. This includes customer needs and assessment, meeting quality standards of services, and evaluation of customer satisfaction.
SKILLS AND ABILITIES
Critical Thinking – Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension – Understanding written sentences and paragraphs in work related documents.
Active Listening – Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking – Talking to others to convey information effectively.
Active Learning – Understanding the implications of new information for both current and future problem-solving and decision-making.
Oral Expression – The ability to communicate information and ideas in speaking so others will understand.
Oral Comprehension – The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension – The ability to read and understand information and ideas presented in writing.
Deductive Reasoning – The ability to apply general rules to specific problems to produce answers that make sense.
Speech Clarity – The ability to speak clearly so others can understand you.
DETAILED WORK ACTIVITIES
The detailed work activities of a Compensation, benefits and Job analysis specialist includes :
Analyze jobs using observations,
survey or interview techniques,
Monitor organizational compliance with regulations,
Advice others on human resources topic,
Oversee business processes, Analyze business or financial data.
The other work activities include:
Analyzing data or information - Identifying the underlying principles, reasons or facts of information by breaking down information or data into separate parts.
Getting Information – Observing, receiving and otherwise obtaining information from all relevant sources.
Communicating with Supervisors, Peers or Subordinates – Providing information to supervisors, co-workers and subordinates by telephone, in written form, e-mail or in person.
Interacting with Computers – Using Computer and computer systems(including hardware and software) to program, write software, set up functions, enter data or process information.
Making decisions and Solving problems – Analyzing information and evaluating results to choose the best solution and solve problems.
People interested in this work like activities that include data, detail and regular routines. They do well at jobs that need integrity, attention to detail, and analytical thinking.
Integrity – Job requires being honest and ethical.
Attention to detail – Job requires being careful about detail and thorough in completing work tasks.
Analytical thinking – Job requires analyzing information and using logic to address work related issues and problems.
Dependability – Job requires being reliable, responsible and dependable, and fulfilling obligations.
Adaptability / Flexibility – Job requires being open to change(positive & negative) and to considerable variety in the workplace.
Relationships – Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Support – Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company policies, Supervision :Human Relations and Supervision : Technical.
Achievement – Occupations that satisfy this work value are result oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability utilization and Achievement.
Compensation, benefits and Job analysis specialists need a Bachelor’s degree. Many have a degree in human resources, business administration, finance or a related field. Not all colleges and universities offer an undergraduate degree in human resources, but many offer courses in human resources management, Compensation analysis and benefits administration.
Students with a background in other disciplines, such as Psychology or Sociology, would also benefit from taking courses in business, management, finance and accounting.
Work experience in a related Occupation
For many jobs, Compensation, benefits and Job analysis specialists must have previous work experiences. Employers commonly require that the previous experience includes performing compensation analysis, benefits administration or general human resources work. Experience in related fields such as finance, insurance or business administration can also be beneficial.
Job seekers without a degree in human resources must have relevant work experience. Some workers may gain this experience through internships. However, most gain experience working in human resources.
Licenses, Certifications and Registration
Many professional associations for human resources professionals offer classes to enhance the skills and credibility of their members. Some associations, including the International Foundation of Employee Benefit Plans and Worldatwork, offer certification programs that specialize in compensation and benefits. Others including the HR Certification Institute, offer general human resources credentials.
Although not required, certification can show professional expertise and credibility. In fact, many employers prefer to hire certified candidates, and some position may require certification. Certification programs for management positions often require several years of related work experience to qualify for the credential.
Compensation, benefits and Job analysis specialists may advance to compensation and benefits manager or human resources manager positions. Workers typically need several years of experience to advance.
Employment of Compensation, benefits and Job analysis specialists is projected to grow 6 percentage from 2012 to 2022, slower than the average for all Occupations. As compensation and benefits plans becomes increasingly complex and costly, companies will need specialists to analyze and administer these plans and programs. The medium annual wage for Compensation, benefits and Job analysis specialists with Microsoft Office Skills in India is 710,000 rupees.
FREQUENTLY ASKED QUESTIONS
How does Job analysis relate to Salary?
Job analysis can involve looking into the actual person who is, or will be, in the position. Job analysis however, mainly looks at the actual position itself. The Job analysis produces job evaluation : a way to determine salary and or hourly wages, along with additional compensation (benefits, bonuses and such).
What is the best Job analysis method?
The most effective technique when collecting information for a job analysis is to obtain information through direct information as well as from the most qualified incumbent (s) via questionnaires or interviews.
What are the elements of Job analysis?
There are mainly two elements of Job analysis :Job description and Job Specification. These are the important documents that managers prepare before recruitment and selection.
What does a Compensation and benefits specialist do?
Compensation and benefits specialists are also known as Remuneration specialists. They are generally responsible for overseeing employee compensation and benefits, compensation databases, job descriptions, benchmark compensation as well as annual performance reviews.
Is Compensation analyst a good job?
In the recruiting industry, a Compensation analyst is a specialist in employee compensation like salaries and benefits packages. For recruiters looking to expand their skill set, Compensation analysis can be a great addition to general recruiting knowledge and make a recruiter more competitive in the job market.
What are the four major types of Employee benefits?
There are mainly four major types of Employee Benefits, many employees offer: Medical insurance, life insurance, disability insurance and retirement plans.