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Degrees and Schools
There is not a particular major generally required for entry-level jobs in this field, however some good choices are human resources, personnel, labor relations, and training and development. Some schools do offer a degree in compensation and benefits. Master's degrees are also available.
Compensation and benefits specialists can obtain professional certifications from notable organizations including International Foundation of Employee Benefit Plans, the American Society for Training and Development Certification Institute and the Society for Human Resource Management.
Classes
Students typically study subjects such as:
- Business
- Personnel administration
- Human resources
- Instructional technology
- Organizational structure
- Public administration
- Communication
- Training and development
- Statistics
Online Classes and Programs
Flexible, convenient online programs are available in subjects such as human resources, personnel and labor relations.
Employment Requirements
A bachelor's degree is necessary for most compensation and benefits specialists. Strong verbal and analytical skills are important for the occupation. Being proficient with computers, particularly database software, is also important.
Many companies, especially median size and large firms, employ compensation and benefits specialists. They're also employed by local, state and federal governments and school systems and colleges. Some of these specialists are self-employed and work as consultants for private and public employers.
How to Evaluate Schools and Programs
Answers to the following questions can be helpful in selecting a school:
- Training - Are students provided an externship in a human resources or related department? Do students have to find their own externship?
- School's Reputation - What kind of reputation does the school have with local employers? Is the school nationally ranked in human resources and related fields?
- Job Placement - Are job placement services available? What is the school's job placement rate for graduates seeking compensation and benefits specialists positions and related jobs? Does the school provide job fairs? Do companies visit the campus to recruit students?
- Curriculum - Can students specialize in their subject of interest? Does the school offer accelerated degree programs? Are students prepared to take certification exams?
- Financial Aid - What types of financial aid are available? Has the school been approved to provide federal financial aid?
- Accreditation - Is the school accredited by an agency that has been approved by the Council for Higher Education (CHEA) or the United States Department of Education?
Compensation and Benefits Specialists Job Description
Compensation and benefits specialists play an important role in an organization. It's vital for an organization to keep its quality employees so offering competitive salaries and benefits is essential. Compensation and benefits specialists help create the systems that determine competitive wages and benefit packages for an organization's employees.
Their role is especially vital in large companies and for the federal government since the salary structure and benefits plans they create need to be consistent throughout the entire organization. In large organizations compensation and benefits specialists may specialize in a specific area. Some examples of their responsibilities are show below:
- Determine the optimal pay structure and benefits packages
- Classify jobs based on their importance to the organization and their level of responsibility
- Perform salary surveys
- Stay current with federal and state laws and regulations
- Prepare analysis reports to summarize job evaluations
- Advise employees and management regarding employment regulations and compensation and benefits policies
- Prepare job classifications and salary scales
- Work with health insurance and pension plans
- Work with thrift savings, 401K plans, stock ownership options and profit sharing
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