Compensation And Benefits Specialists: Schools and Careers

About Compensation And Benefits Specialists

Compensation and Benefits Specialists are responsible for doing research and helping develop systems that allow organizations to pay salaries and provide benefits that are equitable and competitive so that the organization can attract and retain competent employees. In many organizations, the specialist is part of a staff working under the direction of a Compensation and Benefits Manager, who has the responsibility of planning, directing, and/or coordinating the organization's pay system and employee benefits programs.

Specialists typically work in an organization's personnel department. Their role is especially important in large firms, where the salary structures and benefit plans they develop need to remain consistent throughout the entire corporation. The same is true for specialists employed by the Federal Government, where the compensation structures that are implemented apply to entire government bodies.

Compensation and Benefits Specialist Responsibilities

Compensation and benefits specialists have a wide array of responsibilities. In order to identify the optimal pay structures and benefits packages for their organization, they conduct research on salaries of comparable jobs and the benefit options that are offered elsewhere. They also do evaluations of existing jobs within the organization in order to properly classify them according to level of responsibility and importance to the organization. Very often, especially in larger organizations, specialists will focus on specific areas. For example, a Benefits Specialist will focus on a company's employee benefits program, most notably its health insurance and pension plans. To an increasing extent specialists are needed in this area in order to deal with the expanding number of complex benefit options such as thrift savings or 401K plans, profit-sharing or stock ownership options, and long-term catastrophic illness insurance. More recent benefits designed to meet the needs of a changing workforce include parental leave, child care, and employee wellness programs.

A list of duties a compensation and benefits specialist might have could include any or all of the following:

• Keeping abreast of changing Federal and state regulations and legislation that may affect employee benefits
• Writing job descriptions
• Conducting salary surveys
• Tracking market trends
• Preparing analysis reports to summarize job evaluations
• Ensuring company compliance with federal and state laws and regulations
• Providing advice on the resolution of classification and salary complaints
• Working with insurance brokers and plan carriers to implement employee insurance, pension and savings plans
• Advising employees and management on employment regulations and benefit and compensation policies
• Preparing job classifications and salary scales
• Assisting in the preparation and maintenance of personnel records

A typical work week for a compensation and benefits specialist is a standard 40-hour one; however, occasional overtime is sometimes required. The type of work specialists do usually takes place in pleasant and comfortable office settings.

The job can be very exacting and is also sensitive. In order to be successful, an individual needs strong analytical and verbal skills. Specialists must also be totally familiar with how their firm and similar organizations function. In addition, a good specialist must have knowledge of laws and regulations pertaining to affirmative action, fair labor standards, and job preference for veterans.

Employment Outlook

The U.S. Department of Labor Bureau of Labor Statistics (USDL BLS) projects employment in this field to grow faster than the average for all occupations through the next several years. Increasing efforts throughout both industry and government to attract and retain quality employees should create many jobs for compensation and benefits specialists. Demand for specialists will also be fueled by the increasing complexity of laws and regulations governing employee benefits. Rising health care costs is another factor that will continue to spur demand for specialists who are able to develop creative compensation and benefits packages that firms can use to attract and retain quality employees. As with many other types of jobs, demand for specialists could be affected by shifts in the economy and the possible corporate restructuring and downsizing that may result. Unlike some other personnel positions, however, compensation and benefits specialists are generally considered particularly important during recessionary times so that salaries can be adjusted and jobs can be reclassified.

Compensation and Benefits Specialist Education, Certification, and Licensing

For most specialist positions, a bachelor's degree is required. There are some employers, however, who are willing to substitute professional experience for education. Although there is no specific major generally required for entry-level positions in this field, coursework in business or personnel administration provides good preparation for employment in this area. Proficiency with computers, especially database software, is also very desirable. Jobs with government agencies usually require applicants to take and pass a civil service exam.

There are many professional certifications available to compensation and benefits specialists. These certifications can serve as valuable credentials for employment and professional growth. Some of the more prominent ones are the following:

• The World at Work Society of Certified Professionals awards a Certified Compensation Professional (CCP) designation to candidates who successfully take and pass an exam on the practice and theory of compensation. This same organization also confers the Certified Benefits Professional (CBP), Global Remuneration Professional (GRP), and Work-Life Certified Professional (WLCP) certifications to qualified candidates.
• The International Foundation of Employee Benefit Plans confers a certification with three distinct areas of specialization: group benefits, retirement, and compensation. The Certified Employee Benefits Specialist (CEBP) designation is awarded in one or more of the specialty tracks to individuals who complete a series of college-level courses and pass qualifying exams.
• The American Society for Training and Development (ASTD) Certification Institute offers certification in the learning and performance field which addresses nine areas of expertise. In order to earn this certification, individuals must possess a certain amount of work experience and also pass a knowledge-based exam.
• The Society for Human Resource Management offers two certifications: the Professional in Human Resources (PHR) and the Senior Professional in Human Resources (SPHR). These certifications require both work experience and a passing score on a comprehensive exam.

Resources for Compensation and Benefits Specialists

• World at Work
• International Foundation of Employee Benefit Plans
• Society for Human Resource Management
• The American Society for Training and Development (ASTD) Certification Institute
• International Society of Certified Employee Benefit Specialists
• The International Public Management Association for Human Resources
• Employee Benefits and Compensation

Major Employers of Compensation and Benefits Specialists

Compensation and benefits specialists are employed by federal, state, and local governments; by school systems and universities; and by many businesses, mostly medium-sized and large ones. Some specialists are self-employed and work as consultants to public and private employers. Some others work for consulting firms specializing in employee compensation and/or benefits.

Schools for Compensation And Benefits Specialists are listed in the column to the left.

The Top Cities tab shows employment statistics for Compensation And Benefits Specialists by major metro area.

The Top Industries tab shows which industries have the most jobs for Compensation And Benefits Specialists, along with salary data by industry.

The Find Schools tab lets you search for schools by field of study, degree level, and location.