Compensation and Benefits Specialist Job Description Template

Job Brief

We are looking for a Compensation and Benefits Specialist to oversee and administer the employees perfect rewards and smart benefits. You will assess personnel needs and draft targeted programs that will increase performance, organisational trust and satisfaction.

The goal is to attract, retain and motivate high quality employees while reducing turnover and enhancing our company’s profile as best place to work.

Responsibilities

Define a fair, equitable and competitive total compensation and benefits package that fits and is aligned to our company’s strategy and business goals
Develop a consistent compensation philosophy in line with work culture and organisational objectives
Ensure that compensation practices are in compliance with current legislation (pay equity, human rights, etc)
Use various methods and techniques and make data based decisions on direct financial, indirect financial and nonfinancial compensations
Assess employees needs by conducting organisational psychology surveys to find out what motivates and engages employees
Prepare job descriptions, job analysis, job evaluations and job classifications
Participate in salary and labour market surveys to determine prevailing pay rates and benefits
Differentiate pay systems to invest in the segments of workforce that contribute the most value
Deploy effective communication strategies and success metrics
Conduct ongoing research into emerging trends, issues and best practices
Conduct periodic audits and prepare reports

Requirements

Proven working experience as a Compensation and Benefits Specialist
Prior experience in HR practices and compensation cycle management
Working knowledge of job evaluation and job analysis systems
Previous experience with organisational psychology and labour market surveys
Adequate knowledge of current labour rules and regulations
Familiarity with various types of incentives and benefits
Extensive knowledge of HRIS and MS Office
Strong quantitative and analytical skills
BS degree in human resources, business administration or finance

What does Compensation and Benefits Specialist do?

A Compensation and Benefits Specialist is responsible for managing and implementing the compensation and benefits programs within an organization. On a day-to-day basis, their tasks may include:

Conducting salary benchmarking and market analysis to ensure the competitiveness of the organization's compensation packages.
Developing, reviewing, and implementing compensation and benefits policies and procedures.
Evaluating job descriptions and analyzing job classifications to determine appropriate salary levels.
Administering employee benefits programs, such as health insurance, retirement plans, and leave policies.
Processing payroll and ensuring accurate and timely payment.
Collaborating with HR and finance teams to ensure that compensation and benefits programs are within the organization's budget and comply with legal and regulatory requirements.
Analyzing compensation and benefits data to identify trends, issues, and potential areas for improvement.
Conducting research on industry trends and best practices to continually improve the organization's compensation and benefits programs.
Assisting employees with inquiries related to compensation, benefits, and payroll.
Managing relationships with external vendors, such as insurance providers and pension administrators.

The specific responsibilities can vary depending on the organization's size, industry, and structure.

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