Compensation Analyst

Job Description

Compensation Analyst

Job Family

Human Resources

Job Title

Compensation Analyst

Role Summary

This position is responsible for compensation related data analytics, career pathing, and project management. This role is integral in shaping and optimizing compensation strategies, employee career development paths, and supporting key HR initiatives in benefits and payroll.

Responsibilities include researching, analyzing and implementing the organization's pay structure by studying market trends, comparing salaries to industry standards, and advising leadership on competitive compensation packages for employees across different roles, ensuring fair and equitable pay practices within the company and determining appropriate pay levels for employees based on their job responsibilities and market data.

Additional Responsibilities

Compensation -Specific Responsibilities :

• Analyze and benchmark compensation data against industry standards and internal structures to ensure competitive pay practices.
• Support the development, implementation, and maintenance of compensation programs that align with business goals.
• Assist in the creation and management of job evaluations, salary structures, and incentive programs.
• Provide data-driven insights and recommendations to leadership regarding compensation adjustments, pay equity, and retention strategies.
• Utilize HR data and analytical tools to produce reports, track compensation trends, and provide actionable insights on workforce compensation.
• Develop and manage regular compensation reports, dashboards, and metrics to track program effectiveness and make recommendations for improvements.
• Perform in-depth analysis of payroll data, turnover, and market trends to provide data-backed recommendations for strategic HR decisions.
• Collaborate with HR leadership to design and implement career pathing frameworks to guide employee development and retention.
• Conduct analysis on career progression trends within the organization, identify opportunities for skill development, and make recommendations to enhance growth opportunities.
• Support talent management and succession planning by leveraging compensation and career pathing data to inform development initiatives.
• Lead or participate in HR projects related to compensation, benefits, payroll, and employee engagement initiatives.
• Manage the administration and implementation of compensation-related projects, ensuring timely and accurate delivery of results.
• Assist in benefits enrollment, administration, and compliance support, ensuring alignment with compensation programs.
• Partner with payroll teams to ensure proper alignment of compensation data, payroll processing, and employee benefits.
• Support the coordination of payroll operations, ensuring accurate and timely processing of employee compensation.
• Collaborate with benefits teams to ensure the integration of compensation with benefits offerings, including retirement plans, bonuses, and incentive programs.
• Assist in the management of compensation and benefits communications to employees, ensuring clarity and transparency.
  
  

Core Required Skills And Competencies

• HR Compensation Expertise.
• Critical Evaluation.
• Communication.
• Relationship Management.
• Ethical Practice.
• Consultation.
  
  

Function-Specific Required Skills And Competencies

• Strong proficiency in HRIS and compensation software; experience with data visualization tools (e.g., Power BI, Tableau) preferred.
• Strong understanding of compensation strategies, salary benchmarking, payroll processes, and benefits administration.
• Excellent project management skills with the ability to handle multiple projects simultaneously while meeting deadlines.
• Analytical mindset with a high attention to detail, ensuring accurate reporting and data analysis.
• Excellent communication and organization skills. Ability to communicate effectively with key stakeholders and tailor messages accordingly.
• Ability to maintain the highly confidential nature of sensitive HR matters.
  
  

Required Minimum Years Experience

• 3-5 years of relevant experience in HR analytics, compensation, benefits
  
  

Required Minimum Education

• Bachelor's degree preferred.
• PHR, SPHR, SHRM-CP, SHRM-SCP, CPP, or CEBS professional designations a plus