Compensation and Benefits Specialist Qualifications and Skills

Compensation and Benefits Specialist Qualifications and Skills

A Compensation and Benefits Specialist sits at the right side of senior HR management in taking responsibility for employee remuneration, benefits and perks.

They manage everything from industry remuneration research to pay reviews and performance management and are the central point of control for salary and benefits arrangements, often working hand in glove with department heads and senior leadership on making sure the right workers are rewarded the right way for their labour.

They are central to the efficient running of HR operations and are vital components of a company’s recruitment and retention strategy, often advising and leading recruitment efforts through their management of compensation.

As we discuss below, the pathways to becoming an expert C&B professional straddle both finance and HR, with a healthy dose of business administration and management thrown in for good measure.

Academic Qualifications

The academic foundations that build good accountants and finance professionals make a good C&B professional, such as strong numeracy skills and strong maths, business or economics qualifications at A-Level/Baccalaureate level. Within those formative schooling years, C&B experts would be wise to develop key communication skills and the ability to distil complex language into simple terminology.

At further education level, C&B experts ideally must have a bachelor’s degree in one of the following:

  • Business Administration,
  • Human Resources,
  • Finance

A master’s degree in equivalent sectors is desired but not essential.

Certifications

Compensation and Benefits Specialist certifications are required to build a career in their chosen HR sector and are often combined with work experience and in-work time served as a basis for getting said certifications.

Well-regarded professional C&B certifications include:

  • Certified Professional – Human Resource (IPMA-CP)
  • Certified Cost Professional (CCP)
  • Certified Employee Benefit Specialist (CEBS)
  • Certified Benefits Professional (CBF)
  • Senior Professional in Human Resources (SPHR)
  • Society for Human Resource Management Certified Professional (SHRM-CP)

Work Experience

As with any specialist role in finance, work experience is an essential component of developing the right skills and connections to build a career as a Compensation and Benefits Specialist.

Significant time served in a finance role, or in an HR department, is vital, as it will give you a general overview of the impact of organisational budgeting, staff management, recruitment and benefits preparation and organisation. Work experience can also be gained from apprenticeships, and through non-graduate placement means with financial institutions, consultancy companies or HR departments both internally or externally sourced.

Internships

For finance professionals looking at a career as a C&B specialist, internships in entry-level financial or HR roles are vital in building essential C&B skills, such as business analysis, finance, HR legislation, recruitment, performance management and budgeting.

What skills are needed to succeed as a Compensation and Benefits Specialist?

  • Analysis – A high degree of competency in business management analysis, including experience with quantitative data management and industry remuneration trend research, is essential if you want to become a Compensation & Benefits Specialist.
  • Computer skills – Solid knowledge of HR software and performance management platforms will be held in high regard, as will a functioning understanding of KPI measurements and real-time benefits analysis.
  • Human-centric service – Discretion is key to the role of a C&B expert, as is the ability to communicate and build remuneration packages fit for purpose. This takes a uniquely empathic, understanding and human-centric sort of HR expert.

Learn more about Compensation and Benefits Specialist careers.

The following articles cover Job Description & Profile, Salary & Pay and CV, Template & Examples etc.

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