Career Videos

Video Transcript

For most organizations, the biggest chunk of their budget goes to employee salaries and benefits. Compensation, benefits, and job analysis specialists ensure that positions in an organization are classified properly, and that pay and benefits are appropriate to attract new employees, all while keeping the organization’s finances in balance. These Specialists research compensation and benefits policies and plans, keeping up to date on trends in the market to ensure their programs are current, legal, and competitive. They also write reports recommending changes to company management. Some specialize in a specific area: Compensation specialists research salary trends within a comparable industry and region. They also ensure compliance with laws and regulations, such as minimum wage and equal pay. Benefits specialists administer retirement plans, leave policies, wellness programs, and insurance. They work closely with insurance brokers and benefits carriers. Job analysis specialists write job descriptions for new or changing positions, and recommend status, classification, and salary for those jobs to managers. Compensation, benefits, and job analysis specialists work in nearly every industry. They typically work in offices, and most work regular full time business hours. A bachelor’s degree along with related work experience, is required for most positions. Courses in business, management, finance and accounting are helpful.