What Do Compensation Specialists Do?
Wondering what the job is really like for compensation specialists?
You've come to the right place.
Keep reading to find detailed information about what compensation specialists do, including the type of work they are tasked with on a daily basis, industries in which they work, and the specific skills needed for a successful career.
Compensation Specialists Overview & Description
Let's get started with the basics about compensation specialists by taking a look at a simple description and popular job titles.
Compensation Specialists conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas, such as position classification and pension programs.
Popular Job Titles For Compensation Specialists
Sample of Reported Job Titles
- Compensation Analysts
- Benefit Specialists
- Benefits Analysts
- Benefits Administrators
- Benefits Coordinators
- Payroll and Benefits Specialists
- Benefits Specialists
- Retirement Plan Specialists
- Compensation Specialists
- Compensation Consultants
- Lawn Care Specialists
- Benefits Representatives
Read on for insight into the industries where the highest concentration of jobs for compensation specialists can be found.
Best Industries for Compensation Specialists
Compensation Specialists Jobs By Industry
- Agencies, Brokerages, and Other Insurance Related Activities: 15.3%
- Management of Companies and Enterprises: 12.6%
- Local Government, Excluding Education and Hospitals: 7.4%
- Management, Scientific, and Technical Consulting Services: 7%
- State Government, Excluding Education and Hospitals: 6.2%
- Insurance Carriers: 4.5%
- Other: 47%
When it comes to jobs in the United States, the largest single category of compensation specialists can be found working in the Agencies, Brokerages, and Other Insurance Related Activities sector. In 2023, about 15.3% of all jobs for compensation specialists were found there.
Other top industries by percentage include Management of Companies and Enterprises (12.6%), Local Government, Excluding Education and Hospitals (7.4%), Management, Scientific, and Technical Consulting Services (7%), State Government, Excluding Education and Hospitals (6.2%) and Insurance Carriers (4.5%).
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Degree Options for Compensation Specialists
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- Accreditation: IACBE
- Class Type: 100% online
- Years To Complete: 3
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- Class Type: 100% online
- Months To Complete: 14
- Accreditation: IACBE
- Placement Tests: GMAT/GRE not required for admission
What Do Compensation Specialists Do on a Daily Basis?
So you have a high-level understanding of what compensation specialists do and the types of industries in which they work - but what do they really do each day?
A great way to understand the type of work compensation specialists do is to examine actual job postings and focus on the specific skills that employers are seeking. That will help paint a clearer picture of the tasks that compensation specialists tackle each day.
Continue reading for a breakdown of specialized skills found in job postings for compensation specialists, as well as common skills - interpersonal qualities and attributes - that can help you thrive in the workplace.
In-Demand Skills for Today's Compensation Specialists
Based on 109,906 job postings
Top 5 Specialized Skills for Compensation Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Auditing | 13,860 | 13% |
| Finance | 9,100 | 8% |
| Accounting | 8,902 | 8% |
| Human Resources Information System (HRIS) | 8,472 | 8% |
| Project Management | 7,456 | 7% |
Top 5 Common Skills for Compensation Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Communication | 37,610 | 34% |
| Customer Service | 28,086 | 26% |
| Management | 22,937 | 21% |
| Detail Oriented | 20,106 | 18% |
| Microsoft Excel | 19,130 | 17% |
Based on 109,906 job postings related to compensation specialists, auditing was the top specialized skill sought by employers, with 13% of all postings looking for that skillset. Skills for finance, accounting, human resources information system (hris), project management and compensation analysis were also highly sought.
As for common skills, communication was the most desired skill found in job postings for compensation specialists, followed by customer service, management, detail oriented, microsoft excel and problem solving.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Auditing | 13,860 | 13% |
| Finance | 9,100 | 8% |
| Accounting | 8,902 | 8% |
| Human Resources Information System (HRIS) | 8,472 | 8% |
| Project Management | 7,456 | 7% |
| Compensation Analysis | 7,309 | 7% |
| Benefits Enrollment Processes | 6,794 | 6% |
| Billing | 6,490 | 6% |
| Data Analysis | 6,290 | 6% |
| Benefits Administration | 5,503 | 5% |
| Process Improvement | 5,298 | 5% |
| Marketing | 5,104 | 5% |
| Invoicing | 3,871 | 4% |
| Workflow Management | 3,835 | 3% |
| Data Entry | 3,818 | 3% |
| Workday (Software) | 3,814 | 3% |
| Case Management | 2,954 | 3% |
| Social Work | 2,896 | 3% |
| Administrative Support | 2,853 | 3% |
| Continuous Improvement Process | 2,758 | 3% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Communication | 37,610 | 34% |
| Customer Service | 28,086 | 26% |
| Management | 22,937 | 21% |
| Detail Oriented | 20,106 | 18% |
| Microsoft Excel | 19,130 | 17% |
| Problem Solving | 17,161 | 16% |
| Writing | 14,318 | 13% |
| Microsoft Office | 13,973 | 13% |
| Research | 12,986 | 12% |
| Sales | 12,978 | 12% |
| Operations | 12,276 | 11% |
| Leadership | 11,427 | 10% |
| Interpersonal Communications | 10,505 | 10% |
| Microsoft PowerPoint | 9,701 | 9% |
| Organizational Skills | 9,585 | 9% |
| Presentations | 9,359 | 9% |
| Time Management | 8,626 | 8% |
| Multitasking | 8,474 | 8% |
| Coordinating | 8,452 | 8% |
| Planning | 8,421 | 8% |
Most In-Demand Jobs for Compensation Specialists
Top 5 Posted Job Titles
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Compensation Analysts | 12,608 | 19.8% |
| Benefit Specialists | 8,069 | 12.7% |
| Benefits Analysts | 5,210 | 8.2% |
| Benefits Administrators | 3,040 | 4.8% |
| Benefits Coordinators | 3,771 | 5.9% |
According to job postings that were published between September 2022 and August 2023, the top job sought by employers was compensation analysts, with 5,993 unique job postings. Benefit specialists were second, with 2,428 postings, followed by benefits analysts, benefits administrators and benefits coordinators.
Expand the section below to see unique job postings for all occupations related to compensation specialists.
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Compensation Analysts | 12,608 | 19.8% |
| Benefit Specialists | 8,069 | 12.7% |
| Benefits Analysts | 5,210 | 8.2% |
| Benefits Administrators | 3,040 | 4.8% |
| Benefits Coordinators | 3,771 | 5.9% |
| Payroll and Benefits Specialists | 3,251 | 5.1% |
| Benefits Specialists | 3,031 | 4.8% |
| Retirement Plan Specialists | 2,601 | 4.1% |
| Compensation Specialists | 2,498 | 3.9% |
| Compensation Consultants | 2,015 | 3.2% |
| Lawn Care Specialists | 4,384 | 6.9% |
| Benefits Representatives | 1,586 | 2.5% |
| Benefits Advisors | 1,943 | 3.1% |
| Total Rewards Analysts | 1,309 | 2.1% |
| Service Technicians | 1,823 | 2.9% |
| Workers' Compensation Claims Specialists | 1,543 | 2.4% |
| Benefits Consultants | 1,213 | 1.9% |
| Sales Compensation Analysts | 1,045 | 1.6% |
| Workers' Compensation Specialists | 1,525 | 2.4% |
| Patient Benefits Specialists | 1,140 | 1.8% |
Additional Links
Ready to dig deeper into career information for compensation specialists? Visit our other pages focused on salary and education for compensation specialists.
How much do compensation specialists make?
Compensation Specialists: How do you become one?
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