How to Become a Compensation and Benefits Specialist

How To Become a Compensation and Benefits Specialist

C&B specialists are the unsung heroes of HR. They are often the secret to creating a great work culture. They support workers and have industry-leading staff retention rates.

Photo by Olivier Collet on Unsplash

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 about the opportunities in this niche area. The required skills are highly regarded. C&B experts are usually found in large operations. However, every operation, regardless of its size, requires the skills of a typical C&B professional. These skills include knowing industry pay bands. It’s also about understanding the benefits and having experience with general Compensation and Benefits/rewards methods.

C&B experts need hyper-detailed insight into workforce management best practices. They must also 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, they should work for a company that demonstrates a positive C&B impact. This will impact recruitment, 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 their equivalent, are highly desirable.

Step 3: Communicate Your Business Power

Central to C&B professionals’ success is how well they integrate themselves into a company’s HR frameworks. A great C&B expert requires a range of skills. These include industry expertise, research capabilities, and leadership skills. Yet, communication is central to all of them.

To step up from HR to C&B, our advice is to leverage your communication skills 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 objectively decided, sustainable, and competitive. As such, you must also be wise and honest.

Step 4: Network!

Referrals and networking are crucial in any HR, finance, or senior business role. They help professionals find new opportunities.

Fortunately, every large company needs a compensation and benefits expert. This expert bolsters recruitment and retention efforts.

Learn More About Compensation and Benefits Specialist Careers:

The following articles cover job descriptions, salaries, qualifications, skills, and CVs.

Search for jobs to learn about our Compensation and Benefits Specialist roles.