How To Become a Compensation and Benefits Specialist
C&B specialists are the great unsung heroes of HR. They are often the secret to creating a great work culture. They support workers and have industry-leading staff retention.
But the road to becoming one can be meandering, and the skills required to be a good one develop across many fields.
Candidates looking into C&B mainly care that the opportunities are niche. The required skills are highly regarded. C&B experts are usually found in large operations. But every operation, no matter its size, needs the skills of a typical C&B professional. These skills include knowing industry pay bands. It’s also about knowing the benefits and having experience with general C&B/rewards methods.
C&B experts need hyper-detailed insight into workforce management best practices. They also need to know what pay models fit an enterprise’s people, culture, and future staff.
They need to be super communicative. C&B experts need experience working with internal and external stakeholders. They do this in C&B engagements and recruitment, staff reviews, and reporting to senior management. They will provide context and expert justification. The spending is on employee perks and benefits. These are linked to strategies for recruitment and retention.
Please visit our job description page to learn more about the daily tasks of a Compensation and Benefits Specialist.
Step 1: Get the Right Base Experience
C&B professionals need to be masters of all trades, not simply HR jacks who are floating in a sea of compensatory packages.
C&B experts must have experience in rewards and HR. Ideally, it should be for a company that can show clear lines of C&B impact. This will impact recruitment. It will also hurt morale, psychology, metrics, and retention.
You need experience in people analytics, SAP-like tools, labour rules, and HR management.
Step 2: Certifications
C&B experts ideally have a bachelor’s degree in business administration, human resources, or finance. An equivalent degree is also acceptable. Professional certifications such as CIPD, SHRM or equivalent are highly desirable.
Step 3: Communicate Your Business Power
Central to C&B professionals’ success is how well they embed themselves into company HR frameworks. A great C&B expert needs many skills. These include industry know-how, research abilities, and leadership. Yet, communication is central to all of them.
So to make the step up from HR to C&B, our advice is to lean on your communication powers as the reason you’re effective at your work. You are a central pivot point between staff, finance, leadership, and recruitment. You must clearly and confidently explain pay methods and HR analysis to many groups.
Your employees depend on you to make fair pay arrangements. They should fairly compensate them for their labour. The pay structures should be decided objectively, be sustainable, and be competitive. As such, you must also be wise and honest.
Step 4: Network!
Like any HR, finance, or senior business role, referrals and networking are a big help. They help professionals find new opportunities.
Luckily, every large company needs a C&B expert. This expert bolsters recruitment and retention efforts.
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