Compensation Consultant Job Description Template
A Compensation Consultant is responsible for conducting job evaluations and surveys to determine fair compensation for various positions within an organization. They work with Human Resources staff and management to develop salary ranges and bonus programs that are competitive and compliant with labour laws. In some cases, they may also be involved in developing employee benefits packages. Compensation Consultants typically have a background in human resources, business administration, or economics.
Compensation Consultant Job Responsibilities
- Conduct job evaluations to determine appropriate pay rates
- Research and analyze compensation data for jobs within the company
- Make recommendations to management on compensation levels for new and existing positions
- Assist in the development and administration of salary structures
- Participate in salary surveys to ensure competitiveness of company pay levels
- Prepare reports on compensation trends and analysis
Objectives
- To develop and administer compensation programs that are designed to attract, retain and motivate employees.
- To consult with clients on all aspects of compensation including job evaluation, salary administration, incentive pay and benefits design.
- To conduct market surveys to ensure that client organizations remain competitive in the marketplace for talent.
- To work with senior management to design and implement creative solutions to unique or challenging compensation issues.
- To keep abreast of new developments in the field of compensation and benefits and share this knowledge with clients through presentations, seminars and written materials
Compensation Consultant Job Skills & Qualifications Needed
- A bachelor's degree in human resources, business administration, or a related field is typically required for this position. In addition, many employers prefer candidates who have experience working in compensation or a related field. Strong analytical, research, and communication skills are also important for this role.