The Compensation Specialist conducts programs of compensations and benefits and job analysis for employers. They may specialize in specific areas, such as position classification and pension programs.
Objectives:
- The Compensation Specialists ensure company compliance with federal and state laws, including reporting requirements.
- The Compensation Specialist evaluates job positions, determining classifications, exempt or non-exempt status, and salary.
- The Compensation Specialist plans, develops, evaluates, improves, and communicates methods and techniques for selecting, promoting, compensating, evaluating, and training workers.
- The Compensation Specialist prepares occupational classifications, job descriptions and salary scales.
- The Compensation Specialist provides advice on the resolution of classification and salary complaints.
- The Compensation Specialist advises managers and employees on state and federal employment regulations, collective agreements, benefits and compensation policies, personnel procedures and classification programs.
The Compensation Specialist prepares reports, such as organizational and flow charts, and career path reports, to summarize job analysis and evaluation and compensation analysis information. He assesses needs for and develops job analysis instruments and materials. He observes, interviews, and surveys employees and conducts focus group meetings to collect job, organizational, and occupational information. He needs knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems. He also needs a good knowledge of the structure and content of the English language including the meaning and spelling of words, rules, of composition, and grammar. He needs knowledge of business and management principles involved in strategic planning, resource allocation, human resource modeling, leadership techniques, production methods, and coordination of people and resources.
Activities:
- The Compensation Specialist needs knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications. They also need knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- The Compensation Specialist needs knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- The Compensation Specialist observes, receives, and otherwise obtains information from all relevant sources.
- The Compensation Specialist identifies the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
The Compensation Specialist provides information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. He uses computers and computer systems including hardware and software to program, write software, set up functions, enter data, or process information. He uses relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. He compiles, codes, categorizes, calculates, tabulates, audits, or verifies information or data. He develops constructive and cooperative working relationships with others, and maintains them over time. This is a very important part of their job function. He analyzes information and evaluates results to choose the best solution and solve problems. He must keep up-to-date technically and apply new knowledge to their job as instantly as it appears on the market. It is vital when working with people and companies that they stay up to date with any new laws that become effective by state or federal in order to handle the clients taxes properly.
Abilities:
- The Compensation Specialist needs to be able to develop specific goals and plans to prioritize, organize, and accomplish their work in a timely manner. They are responsible for their time as well as the time of others that are on the staff.
- The Compensation Specialist needs the ability to listen to and understand information and ideas presented through spoken words and sentences.
- The Compensation Specialist needs the ability to communicate information and ideas in speaking so others will understand information and ideas in speaking so others will understand.
- The Compensation Specialist needs the ability to read and understand information and ideas presented in writing.
- The Compensation Specialist needs the ability to apply general rules to specific problems to produce answers that make sense. They also need the ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem. In most cases they resolve the problem through mathematics.