Compensation and Benefits Specialist II

Last Updated:
September 19, 2023

Job Description Overview

A Compensation and Benefits Specialist II plays a vital role in the Human Resources industry. This job involves managing and maintaining employee compensation and benefits programs. The specialist reviews and analyzes compensation and benefit programs, ensuring that they are competitive and align with industry standards. They also create reports on employee compensation and benefits packages, evaluating their effectiveness and making suggestions for improvements if needed. 

In addition, the specialist stays up-to-date with legislation surrounding compensation and benefits, protecting the company from legal issues. They are responsible for negotiating with vendors and insurance providers to ensure that the company receives competitive pricing on employee benefits packages. The specialist plays a significant role in the recruitment process, providing salary recommendations and benefits package details to potential employees. 

Overall, the Compensation and Benefits Specialist II job description is a vital part of any Human Resources team. It requires a keen eye for detail, excellent negotiating skills, and knowledge of compensation and benefits legislation.

Struggling with Product Marketing?ūüĎá
‚Äć
PMMTeam is a world-class Product Marketing Agency with a unique "as a service" subscription model.

Job Duties and Responsibilities

  • Researching industry salary and benefits data to ensure competitive compensation for employees
  • Designing and implementing employee benefits programs, such as health insurance, retirement plans, and employee wellness initiatives
  • Analyzing and evaluating job positions to determine appropriate salary ranges
  • Crafting job descriptions and determining job classifications
  • Managing employee compensation and benefit packages and providing guidance regarding performance management and salary decisions
  • Working collaboratively with Human Resources team members, management, and other stakeholders to ensure company policies and procedures align with applicable laws and regulations
  • Developing and delivering training sessions to educate employees on benefits packages and employee compensation
  • Maintaining an expert-level understanding of relevant HR laws and regulations, such as the Fair Labor Standards Act and Equal Pay Act
  • Conducting salary surveys and analyzing data to identify potential areas for improvement in the company's overall compensation strategy 
  • Utilizing HRIS (Human Resources Information Systems) databases to effectively manage employee compensation and benefits programs

Experience and Education Requirements

To become a Compensation and Benefits Specialist II, you need a minimum of a Bachelor’s degree in Human Resources, Business Administration or any related field. However, some companies might require additional certifications such as Certified Benefits Professional (CBP) or Certified Compensation Professional (CCP). As a specialist, you need experience in human resources, particularly in benefits and compensation, usually at least 3-5 years. You also need excellent organizational, communication, and analytical skills. The job involves analyzing and evaluating pay structures, researching market data, and administering employee benefits plans. In essence, you help plan, develop, and implement compensation and benefits strategies that align with the company's goals while ensuring that employees are adequately compensated for their work.

Salary Range

A Compensation and Benefits Specialist II in the Human Resources industry can expect to earn an average salary in the United States starting from $63,000 to $76,000 annually. However, salaries can vary based on several factors such as the organization's size, geographic location, level of education, and years of experience. For instance, individuals with more than five years of experience in this field can make up to $110,000 per year. According to Payscale, the median pay for this job is about $68,000 per year in the US. In Canada, the annual salary for a Compensation and Benefits Specialist II ranges from C$54,000 to C$96,000, as per Indeed. 

Sources: 

  • https://www.payscale.com/research/US/Job=CompensationandBenefits_Specialist/Salary 
  • https://www.indeed.com/salaries/compensation-and-benefits-specialist-salaries 
  • https://www.payscale.com/research/CA/Job=CompensationandBenefits_Specialist/Salary

Career Outlook

The career outlook for a Compensation and Benefits Specialist II in the Human Resources industry over the next five years is positive. According to the Bureau of Labor Statistics, Employment of human resources specialists is projected to grow 7 percent from 2019 to 2029, faster than the average for all occupations. As companies continue to expand globally, the need for specialists who can navigate complex benefits packages and compensation structures will continue to grow. Additionally, organizations are placing a greater emphasis on retaining their talent pool and improving employee satisfaction, further driving demand for compensation and benefits specialists. Overall, a career in Compensation and Benefits is a promising one with lots of opportunities for growth and advancement.

Frequently Asked Questions (FAQ)

Q: What does a Compensation and Benefits Specialist II do?

A: A Compensation and Benefits Specialist II is responsible for designing, developing, and implementing compensation and benefit plans for an organization.

Q: What qualifications do I need to become a Compensation and Benefits Specialist II?

A: You typically need a bachelor's degree in Human Resources, Business Administration, or a related field, as well as several years of work experience in HR or compensation and benefits.

Q: What skills are required to be successful in this role?

A: Strong analytical skills, attention to detail, and the ability to navigate complex data are essential skills for a Compensation and Benefits Specialist II. Additionally, interpersonal skills, effective communication, and customer service skills are important.

Q: What benefits can I expect to receive as a Compensation and Benefits Specialist II?

A: As an HR professional, you can expect to receive various perks such as free parking, flexible work schedules, performance bonuses, stock options, and training opportunities.

Q: What is the salary range for a Compensation and Benefits Specialist II?

A: The salary range can vary depending on your level of experience, location, company size, and industry. As of 2021, the median pay for a Compensation and Benefits Specialist II in the US is $73,000 per year.


Copyright 2023 JobDescription.org - All Rights Reserved // Privacy Policy
//
Terms and Conditions
//
Do Not Sell or Share My Personal information
All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.