Compensation and Benefits Analyst Job Description
The compensation and benefits analyst is the entry level in the Compensation and Benefits function. As C&B is one of the most specialized functions in Human Resources, it requires more detailed breakdown of job positions and their key responsibilities. The C&B department cooperates closely with the Finance function and provides financial and compensation analyses to the top management. The data and reports have to be accurate and accountable.
The C&B Analyst works under the supervision of the Compensation and Benefits Specialist. The analyst is responsible for the data cleaning, the preparation of reports and the data accuracy. The analyst usually does not run the critical HR C&B processes, but contributes strongly to the data preparation.
C&B Analyst Job Description
Role of C&B Analyst
As the junior in the C&B team the analyst focuses on the preparatory and repetitive tasks as he/she gains the experience and recognizes the quality of data. The analyst learns to use right data sources and the main C&B processes in the organization. The analyst prepares analyses of basic C&B stuff under a supervision of the more senior C&B specialist.
The C&B Analyst participates in HR projects as the regular team member and provides inputs for the successful completion of projects.
Key Responsibilities of C&B Analyst
- Prepares data for compensation and benefits analyses
- Clean reported data and checks the quality of data
- Provides support to HR Business Partners with data
- Cooperates with the salary benchmarking external consulting company
- Calculates the variable pay for employees under a close supervision of C&B specialist (bonuses, incentives, stock option plans, etc)
- Run the audit reports and informs C&B Manager about the results of audit tests
- Approves compensation changes using defined rules (salary changes, variable pay changes, incentive plan change/allocations)
- Advices other members of HR team on basic C&B topics
- Analyses the compensation data against the compensation policies and reports non-compliant cases and behavior
- Learns C&B processes and practices to advance the career
- Strong analytical skills
- Excellent MS Office skills (MS Excel, MS PowerPoint)
- Communication skills
- Negotiation skills
- Strong Time Management skills
- Self-management skills
- Team Player
The Compensation and Benefits Analyst usually advances the career to the job position of the Compensation and Benefits specialist. Some analysts advances the career in Finance or Operations department.