Job Description
The compensation and benefits specialist are also known as remuneration specialists. They are generally responsible for overseeing employee compensation and benefits, compensation databases, job descriptions, benchmark compensation as well as annual performance reviews. The compensation and benefits specialist must be familiar with the type of benefits and compensation in an organization like wellbeing, cafeteria benefits, etc.
Job Duties:
- Figuring out how much to compensate an employee for their job title, roles, and responsibilities.
- Researching compensation and benefit plans to create a competitive offering for their company.
- Working with benefits vendors and investment brokers.
- Support managers in their decisions about compensation packages and ways to motivate employees.
- Assess employee's needs by conducting organizational surveys.
- Create and analyze job descriptions evaluations and classifications.
- Conduct salary and labor market research to define benchmarks.
- Coming up with new ways to motivate the employees.
- Updating the existing compensation and benefits program.
- Conducting detailed research on salaries and labor markets.