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
- Benefits Specialists
- Benefits Analysts
- Benefits Coordinators
- Benefits Administrators
- Compensation Consultants
- Benefit Specialists
- Compensation Specialists
- Benefits Consultants
- Benefits Representatives
- Payroll and Benefits Specialists
- Sales Compensation Analysts
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
- Management of Companies and Enterprises: 12.8%
- Agencies, Brokerages, and Other Insurance Related Activities: 12.6%
- Local Government, Excluding Education and Hospitals: 7.8%
- State Government, Excluding Education and Hospitals: 6.8%
- Management, Scientific, and Technical Consulting Services: 6.5%
- Employment Services: 4.8%
- Other: 48.7%
When it comes to jobs in the United States, the largest single category of compensation specialists can be found working in the Management of Companies and Enterprises sector. In 2022, about 12.8% of all jobs for compensation specialists were found there.
Other top industries by percentage include Agencies, Brokerages, and Other Insurance Related Activities (12.6%), Local Government, Excluding Education and Hospitals (7.8%), State Government, Excluding Education and Hospitals (6.8%), Management, Scientific, and Technical Consulting Services (6.5%) and Employment Services (4.8%).
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Degree Options for Compensation Specialists
Find ways to attract, train, and retain the very best talent by implementing effective benefits and labor-relations strategies.
- Class Type: 100% online
- Cost Per Credit: $398
- Accreditation: IACBE
- Class Type: 100% online
- Years To Complete: 3
Learn the strategic skills needed to be a leader in the evolving field of Human Resources.
- 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 75,004 job postings
Top 5 Specialized Skills for Compensation Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Auditing | 17,013 | 23% |
| Finance | 12,933 | 17% |
| Human Resources Information System (HRIS) | 12,547 | 17% |
| Compensation Analysis | 11,974 | 16% |
| Project Management | 10,870 | 14% |
Top 5 Common Skills for Compensation Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Communications | 36,798 | 49% |
| Management | 24,345 | 32% |
| Microsoft Excel | 24,189 | 32% |
| Customer Service | 22,335 | 30% |
| Detail Oriented | 19,557 | 26% |
Based on 75,004 job postings related to compensation specialists, auditing was the top specialized skill sought by employers, with 23% of all postings looking for that skillset. Skills for finance, human resources information system (hris), compensation analysis, project management and accounting were also highly sought.
As for common skills, communications was the most desired skill found in job postings for compensation specialists, followed by management, microsoft excel, customer service, detail oriented and problem solving.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Auditing | 17,013 | 23% |
| Finance | 12,933 | 17% |
| Human Resources Information System (HRIS) | 12,547 | 17% |
| Compensation Analysis | 11,974 | 16% |
| Project Management | 10,870 | 14% |
| Accounting | 9,513 | 13% |
| Benefits Enrollment Processes | 9,083 | 12% |
| Data Analysis | 8,145 | 11% |
| Benefits Administration | 7,337 | 10% |
| Billing | 7,200 | 10% |
| Process Improvement | 5,975 | 8% |
| Invoicing | 5,768 | 8% |
| Workday (Software) | 5,282 | 7% |
| Data Entry | 3,894 | 5% |
| Pivot Tables And Charts | 3,788 | 5% |
| Workflow Management | 3,774 | 5% |
| Healthcare Industry Knowledge | 3,509 | 5% |
| Marketing | 3,458 | 5% |
| Benchmarking | 3,376 | 5% |
| Medicaid | 3,342 | 4% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Communications | 36,798 | 49% |
| Management | 24,345 | 32% |
| Microsoft Excel | 24,189 | 32% |
| Customer Service | 22,335 | 30% |
| Detail Oriented | 19,557 | 26% |
| Problem Solving | 15,523 | 21% |
| Microsoft Office | 15,415 | 21% |
| Research | 14,686 | 20% |
| Writing | 14,543 | 19% |
| Microsoft PowerPoint | 13,903 | 19% |
| Leadership | 11,746 | 16% |
| Operations | 11,596 | 15% |
| Presentations | 11,515 | 15% |
| Sales | 10,488 | 14% |
| Organizational Skills | 10,069 | 13% |
| Planning | 9,822 | 13% |
| Analytical Skills | 9,232 | 12% |
| Verbal Communication Skills | 9,120 | 12% |
| Interpersonal Communications | 8,987 | 12% |
| Time Management | 8,531 | 11% |
Most In-Demand Jobs for Compensation Specialists
Top 5 Posted Job Titles
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Compensation Analysts | 22,757 | 20% |
| Benefits Specialists | 16,913 | 14.9% |
| Benefits Analysts | 8,551 | 7.5% |
| Benefits Coordinators | 7,657 | 6.7% |
| Benefits Administrators | 7,744 | 6.8% |
According to job postings that were published between September 2021 and August 2022, the top job sought by employers was compensation analysts, with 9,846 unique job postings. Benefits specialists were second, with 3,673 postings, followed by benefits analysts, benefits coordinators and benefits administrators.
Expand the section below to see unique job postings for all occupations related to compensation specialists.
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Compensation Analysts | 22,757 | 20% |
| Benefits Specialists | 16,913 | 14.9% |
| Benefits Analysts | 8,551 | 7.5% |
| Benefits Coordinators | 7,657 | 6.7% |
| Benefits Administrators | 7,744 | 6.8% |
| Compensation Consultants | 4,852 | 4.3% |
| Benefit Specialists | 5,913 | 5.2% |
| Compensation Specialists | 4,506 | 4% |
| Benefits Consultants | 3,224 | 2.8% |
| Benefits Representatives | 6,950 | 6.1% |
| Payroll and Benefits Specialists | 4,576 | 4% |
| Sales Compensation Analysts | 2,199 | 1.9% |
| Reimbursement Specialists | 3,006 | 2.6% |
| Benefit Programs Specialists | 1,872 | 1.6% |
| Payroll and Benefits Administrators | 2,682 | 2.4% |
| Workforce Analysts | 2,118 | 1.9% |
| Benefits Assistants | 2,418 | 2.1% |
| Health Care Consultants | 1,263 | 1.1% |
| Retirement Plan Specialists | 1,559 | 1.4% |
| Employee Benefits Specialists | 3,003 | 2.6% |
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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