A Compensation Specialist will partner with senior stakeholders in order to develop global compensation solutions, which will assist in the support of the company’s business objectives. The Compensations Specialist will be responsible for collaborating with a wide variety of individuals in order to determine staffing needs, devising and implementing salary structures and compensation packages. The Compensations Specialist will be responsible for managing all compensation processes, supporting benefit activities and implementing changes within the compensation and benefits policies processes.
If excelling in this role, the Compensation Specialist may have the opportunity to further progress into a Compensations Manager role. If the above sounds like a career path of interest, please view the full job description.
Compensation Specialist Job Duties:
The role of a Compensation Specialist will require you to conduct research, analysis and development into compensation processes, taking into account statistics and market analysis in order to assist with the creation of suitable compensation packages. As well as this responsibility, you can expect your duties to include the following:
- Providing area expertise to HR teams, on a local and global level, on all compensation related activities and processes.
- Working to benchmark both internally and externally, in order to devise and implement compensation decisions for new employees, as well as internal moves and existing employees.
- Offer support to the HR team, providing advice and working to review annual salary and bonus reviews.
- Create, monitor and implement changes where necessary to salary rates for all employees, and review salary ranges when appropriate.
- As a Compensation Specialist, you will be responsible for evaluating the effectiveness of data sources and statistics collected, identifying business requirements and objectives with external stakeholders and working to meet these objectives.
- Lead annual salary and bonus reviews and implement changes where necessary.
- Monitor and review global compensation programmes in order to evaluate their effectiveness and make improvements if necessary.
Key skills and qualifications of a Compensation Specialist:
The following skills will be beneficial to a candidate looking to apply for this role:
- Experience of managing complex projects is required.
- The knowledge and experience of implementing processes and reward solutions to drive a high performing culture is essential.
- The experience of building strong relationships with senior stakeholders is essential.
- Excellent communication skills and the ability to negotiate and influence within all levels of an organisation are crucial for this role.
- Being capable of working independently and also, as part of a team is essential.
- Excellent attention to detail and advances analytical skills are required.
- A strong knowledge and experience within HR and reward/compensations is required.
- Experience in job evolution and market benchmarking is crucial.
- Advanced Microsoft Excel skills are required for this role.
- Knowledge of global benefits is beneficial.
Is a Compensation Specialist job in your future?
If the above sounds like a position that you would be suitable for, then please contact us here.