Conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas, such as position classification and pension programs.
What you can expect to experience while on the job
Employment of compensation, benefits, and job analysis specialists is projected to grow 6 percent from 2018 to 2028, about as fast as the average for all occupations. Organizations will continue to hire benefits specialists to analyze, select, and update their benefits policies. Employee wellness programs are a popular way to reduce healthcare costs. Organizations will need benefits specialists to design, analyze, or administer these programs. In addition, organizations must offer competitive compensation packages to attract and keep highly qualified workers. To allocate their compensation funds effectively, many organizations are using strategies such as pay-for-performance plans, which may include bonuses, paid leave, or other incentives as part of the compensation package. Organizations will need specialists to analyze these compensation policies and plans and to ensure that they are both competitive and cost effective. Many companies are continuing to outsource some of the administration of compensation and benefits plans to external providers in order to reduce costs while also staying compliant in a highly regulated field. For example, to reduce administrative costs, organizations commonly use outside vendors for processing payroll and insurance claims. These outside vendors can administer compensation and benefits plans and operate call centers more efficiently, reducing the need for as many specialists.Read More
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