Compensation Analyst Job Description Template
The Compensation Analyst will be responsible for conducting job evaluations, analyzing survey data, and developing and administering compensation programs. In addition, the Compensation Analyst will participate in salary administration and merit budget planning. The Compensation Analyst will also work with management to ensure compliance with internal equity guidelines and external market competitiveness.
Compensation Analyst Job Responsibilities
- Conducts job evaluations to determine appropriate salary ranges for positions.
- Analyzes survey data to ensure company competitiveness in the marketplace.
- Reviews and analyzes individual compensation programs to identify internal equity issues and make recommendations for resolution.
- Develops, implements, and administers shortand longterm incentive plans (e.g., annual bonus, long-term incentive).
- Participates in the development of organizationwide salary structure updates/revisions.
- Provides guidance and consultation to managers on all aspects of compensation including position classification, FLSA determinations, pay grades, etc
Objectives
- Develop and administer compensation programs that are responsive to the organization's business goals and objectives.
- Conduct job evaluations to determine appropriate pay levels for new and existing positions.
- Research, analyze, and recommend updates to the organization's salary structure.
- Manage the development and implementation of incentive plans, including shortterm and long-term programs.
- Monitor compliance with internal equity guidelines and external market data to ensure competitiveness of pay practices.
Compensation Analyst Job Skills & Qualifications Needed
- A compensation analyst typically needs a bachelor's degree in human resources, business administration, or a related field. In addition, analysts should have strong analytical and communication skills. They must be able to effectively analyze data and present their findings to management.