Practice your trade after completing an apprenticeship.
In any business, there are a variety of jobs and pay grades, each of which has it’s own salary and benefit range. A Compensation Analyst is the person who ensures that salaries and benefits are equitable and fair for each job and employee within a company, and this involves more than just looking at the newspaper want ads.
Compensation Analysts determine appropriate wages and benefits by gathering, evaluating, and analyzing data regarding compensation. Wages vary by area, occupation, experience, and industry, and these factors are all taken into account to make sure their company’s wages are competitive and fair. This is done through surveys and job evaluations, as well as market research and analysis. If you’re a Compensation Analyst, you might create a compensation survey, then evaluate the results to determine whether a particular job within the company is being adequately compensated.
You examine current and proposed positions, and classify them into pay grades. You also provide support and guidance to management personnel regarding compensation practices and programs. Re-evaluating a current position’s compensation, creating accurate job descriptions to attract prospective employees, and administering compensation programs are part of your job as well.
This position requires you to be organized, detail-oriented, and self-directed. You also need strong verbal, written, and analytical skills. Additionally, knowledge of survey methods, labor laws and regulations, and human resource practices, as well as familiarity with computer spreadsheets, is helpful.