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What is a Compensation and Benefits Specialist?

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.

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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.