A Compensation and Benefits Specialist, also known as remuneration professional, oversees employee compensation, compensation databases, job descriptions, benchmark compensation, annual performance reviews, and employee benefits. A C&B Specialist also takes full responsibility for the compensation budget and manages costs to avoid exceeding budget.
What Does a Compensation and Benefits Specialist Do?
A Compensation and Benefits Specialist’s responsibilities vary in complexity, based on the employer's size and needs. The main function of a C&B Specialist is to oversee and administer the employees rewards and benefits. He or she assesses personnel needs and drafts targeted programs that will increase performance, organizational trust and satisfaction.
How Do I Hire a Compensation and Benefits Specialist?
In hiring a Compensation and Benefits Specialist, first, you must check if the candidate has a degree in human resources, business administration or finance. Next, check if the candidate has a prior working experience as a compensation and benefits specialist. Lastly, an extensive knowledge of HRIS and MS Office is a must-have for the position. As for key skills, analytical, communicative and self-management are extremely helpful in fulfilling a C&B's tasks.
How Much Does a Compensation and Benefits Specialist Cost?
The cost of a Compensation and Benefits Specialist is influenced by three factors: education, working experience and load of responsibilities. The highest paying skills associated with this job are Human Resources Information System (HRIS) and ADP Benefits System.
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