Compensation and Benefits Specialist Job Description
The compensation and benefits specialist is a key job position in C&B Department. The C&B specialist is an independent employee with the dedicated daily agenda and participating on the strategic projects and initiatives.
The C&B employees have the privilege of the direct access to the top management. They advice top managers in making strategic decisions, and they have to be mature to discuss difficult topics. The C&B specialists are required to have the opinion backed with data.
The C&B specialist makes decisions with the limited impact on compensation and benefits costs of the organization. The specialists usually prepares the budget for the year and has a deep knowledge about its content.
C&B Specialist Job Description
Role of C&B Specialist
The C&B Specialist runs the dedicated processes and the agenda independently under a lose supervision, management and leadership of the C&B Manager. The specialist introduces new processes, collects feedback about the performance of compensation processes and develops/implements the process improvements.
The specialist has the full responsibility for the compensation budget and manages costs as the budget is not exceeded. The specialists have regular training sessions for HR Business Partners and line managers. They constantly work on increasing the awareness of the compensation agenda in the organization.
Key Responsibilities of C&B Specialist
- Prepares the compensation and benefits budget, including the regular monitoring, reporting and adjusting of the budget
- Coordinates C&B processes like the salary planning, bonus planning, new benefits introduction, etc.
- Designs and develops compensation policies
- Analyzes different components of the remuneration scheme in the organization and prepares reports about the internal equity and external competitiveness
- Designs and develops different schemes of the variable remuneration (incentive schemes for the Sales functions, bonus schemes for the Back Office and Enabling functions)
- Closely cooperates and manages the relationship with the external compensation consulting company
- Leads and manages compensation projects for the entire organization
- Participates as the team member in the strategic projects and initiatives
- Design policies to close gaps in the compensation of employees (introducing the internal equity at affordable costs)
- Trains line managers in the complex usage of different HR and Compensation policies
- Advices top managers in taking difficult decisions in the area of compensation, benefits and motivation of employees
- Manages, leads and develops C&B Analysts
- Represent the organization at different HR conferences
- Strong and proven analytical skills
- Excellent MS Office skills (MS Excel, MS PowerPoint)
- Excellent Communication skills
- StrongNegotiation skills
- Strong Time Management skills
- Self-management skills
- Ability to work under pressure and tough deadlines
- Team Player
The Compensation and Benefits specialist usually advances the career to the job position of the C&B Manager. In few cases, the specialist can advance the career as the HR Business Partner.