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Compensation Analyst
3 months ago
Core Responsibilities
- Assess job requirements by conducting interviews with experts, analyzing completed questionnaires, and observing job tasks.
- Create and maintain comprehensive job descriptions, qualifications, and evaluation documents.
- Benchmark compensation for new hires to ensure alignment with market standards and internal equity.
- Evaluate and rank positions to ensure fair pay within the organization.
- Perform salary surveys and analyze compensation data to maintain competitive external pay practices.
- Assist in developing and maintaining pay structures, including calculating pay grades and salary ranges.
- Collect and analyze pay data to produce detailed compensation reports.
- Ensure compliance with Federal, State, and local regulations to prevent legal issues and assist others in doing the same.
- Review and align recommended pay raises and incentives with the budget, and notify supervisors of any discrepancies.
- Support and improve the performance evaluation process.
- Advise on strategies for employee retention and severance packages.
- Lead and support HR-related projects, managing the execution, communication, and delivery of key activities.
- Track trends in labor costs and develop or revise the labor cost budget as needed annually.
- Help develop strategies, policies, and documentation related to compensation programs to align with company values.
- Actively participate in ongoing improvement efforts to optimize compensation processes.
- Enhance knowledge of compensation practices through training and technical literature.
- Perform other duties as required.
Required Qualifications and Skills
- Bachelor’s degree in business is required, with a preference for Human Resources.
- Minimum of three years in Human Resources, including at least two years focused on compensation.
- Skilled in Microsoft Office [2007 or newer], with advanced expertise in MS Excel.
- Proven ability to manage projects effectively and meet deadlines consistently.
- Strong verbal, non-verbal, negotiation, and written communication abilities.
- High level of professionalism in interactions with both internal and external stakeholders.
- Excellent problem-solving, analytical, and organizational skills.
- Familiarity with short and long-term strategic development is preferred.