Compensation Specialist: 5 Steps to Becoming a Compensation Specialist
Companies that desire to pay competitive wages rely on compensation specialists to determine the best salary offer for a job. Employees also rely on compensation specialists to make sure they are getting the pay they deserve. In this profession, you can be the bridge that connects your company's and the employees' best interests. Continue reading to find out how you can become a compensation specialist. Schools offering Human Resource Management degrees can also be found in these popular choices.
What is a Compensation Specialist?
A compensation specialist is a human resources professional who responsible for managing a company's compensation distribution system. They sometimes perform research to compare internal wages with national wage statistics and ensure that compensation practices are in accordance with federal and state regulations. According to the U.S. Bureau of Labor Statistics (BLS), most companies require that compensation specialists have a bachelor's degree in a specific area of study such as human resources management (www.bls.gov).
Step 1: Get a Bachelor's Degree
Bachelor's degrees in human resources management or labor relations are typical degree programs for this career. The BLS reported that due to the diverse nature of human resources professions, completing a liberal arts degree program studying subjects such as behavioral and social science can be useful. Some courses you can take that are relevant to this career include accounting, finance, labor law and management.
Step 2: Obtain an Entry-Level Position
Participating in a human resources internship program can increase your chances of finding work. Some companies offer training programs that allow you to start out in an entry-level position to develop your knowledge and skills. Internships and entry-level jobs can give you experience in the administrative side of compensation work. You can learn about job classifications and benefits administration. You might also be able to interview potential new hires. Once you've gained some experience, you may be able to advance to a compensation specialist position either within your company or at a different firm.
Step 3: Advance Your Education
You may advance your education by completing a graduate certificate or master's degree program. A graduate certificate program in benefits and compensation can equip you to perform functions such as analyzing variable pay and evaluating compensation practices.
Your job duties as a compensation specialist may involve significant time spent reviewing and analyzing government regulations, so a Master of Science in Employment Law can be beneficial to your career. Courses offered in this degree program can give you a more in-depth understanding of federal employment regulations and laws dealing with hours and wages.
Step 4: Become Certified
You may obtain a Certified Compensation Professional (CCP) or Certified Sales Compensation Professional (CSCP) credential through the WorldatWork Society of Certified Professionals. Certification requirements include passing nine exams for the CCP and 10 exams for the CSCP credentials. Exams cover topics including compensation management, job analysis, regulatory programs and variable pay. The International Foundation of Employee Benefit Plans also offers certification in compensation.
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