A compensation manager average salary is $108,844 whereas senior compensation analysts make an average salary of $78,787. Strong research skills are essential if you hope to thrive in your role as a compensation analyst. The Certified Cost Professional (CCP) certification is most common among senior compensation analysts. Nursing - Education (BSN-to-MSN Program) M.S. They research and evaluate job requirements, competitors benefits and salaries and assess current roles to ensure the organization is competitive and complies with state and federal regulations. View our privacy policy, Compensation Analyst: All You Need to Know About the Role. This certificate requires more than two years of work experience. CSCP will be of value to anyone seeking to validate his or her expertise in the field of sales compensation. To that end, IPMA-HR offers two internationally recognized certification programs to the public HR community: the IPMA-CP and the IPMA-CS. Business Administration, Accounting B.S. Check out the WGU Blog! Another option is to get a People Analytics certification. Executive you have demonstrated expertise in the field of compensation. Compensation Basics, Legislation Affecting Compensation, Fair Labor Standards Act (FLSA), Job Analysis and Job Descriptions, Job Evaluation and Market Pricing, Salary Surveys and Market Analysis, Compensation Program Development, Pay and Performance, Salary Planning, Variable Pay Programs and Communicating Compensation, 101 MiddlesexTurnpike They will take courses in business, finance, and accounting, in addition to their human resources coursework. Location Analysis With the labor market constantly in flux, companies that find themselves ready are the ones regularly updating their salary range midpoints. Youve heard the expression"Cash is King,"and when it comes to short-term incentive rewards, it certainly rings true as most incentives take the form of a cash payment. Gaining a thorough understanding of the compensation analyst role, its responsibilities, and what skills, competencies, and qualifications you need will help you prepare for future interviews and obtain the role you want. Mathematics Education (Middle Grades) M.A. Site Map | Survey Data Policy | Email This provides a solid foundation through courses in business administration, finance, accounting, psychology, and HR. However, more and more companies are dropping the degree requirement, focusing on candidates skills and experience instead. Preferences, Privacy ", "ERI Distance Learning Center courses not only provide valuable information that is relevant to my field (Compensation), but the courses also give historical background information pertaining to HR Law, which is an essential part of Compensation administrationI also like the mimic-to-real world scenarios to further enhance my learning experience.". education on the National Registry of CPE Sponsors. 2022 Aon plc. As organizations continue to offer competitive compensation packages to attract top talent, there will be an increase in opportunities for compensation analysts. Nursing Education (RN-to-MSN Program) M.S. In addition, we tie up all of our chapters to a real life data sample from our Radford surveys so you can identify how to apply survey data directly to some common and not so common compensation issues. They are an organizations key researcher for all things remuneration. Update employee roles and pay into the system as and when required, Salary planning and program administration, Quantitative and qualitative research methods, Microsoft Access, Excel, Office, PowerPoint & Outlook, Bachelors degree in Human Resources or related field, Previous experience in an HR or finance-related field. Analyzing a companys remuneration structures and policies and implementing improvements. The ability to read, understand, interpret and apply data in your organization is vital and will help you demonstrate to an employer how effective you can be in your role. A bachelor of science business administration in human resource management encompasses coursework like business management, accounting, psychology, industrial relations, and more, ensuring students have the business understanding to confidently enter an HR department. Cash awards require careful plan design considerations, similar to any other rewards-based system. ERI Distance Learning Center's Compensation Analyst Credential (CAC) designation is a Evaluating and implementing job analysis tools, techniques, and materials. Compensation data analysis is more than making in-the-moment recommendations for a company. Training can be delivered at your site for a minimum of 5 participants. Following their bachelors degree, analysts might explore options from the International Foundation of Employee Benefit Plans and WorldatWork, which offer certification programs that specialize in compensation and benefits. Preferences. Then email it to the Companies also balance a variety of reward opportunities based on their overall strategy. Senior Compensation Analyst Certifications. Analysts tend to earn the highest salaries in the professional scientific and technical service industries, followed by management companies and government agencies. When making an offer to a prospective hire, base salary is only the beginning of a total rewards package. Teaching, Mathematics Education (Middle Grades) M.A. Salaries for a compensation analyst will vary depending on the location of the position and the years of experience you bring with you. After you have passed the 12 required CAC courses (listed above), please print A compensation analyst role typically requires candidates to hold a Bachelors degree (either in HR or a related field). Contact us for more details and discount pricing for 6 or more attendees. DLC Home|Webinars|Continuing Education|HR Resources|College Instructors|Training History|Order History. That way, you can accurately advise your organization on compensation policies and if you need to make any changes. FAQ. Some days are filled with research and others are full of on-the-ground employee assessments. As employees learn new skills and their value to the organization grows over time, an increase in pay should be expected from both parties. Collecting and analyzing data from market-based compensation surveys to determine market trends. ContentsWhat is a compensation analyst?A sample compensation analyst job descriptionHow to become a compensation analystCompensation analyst salary. Compensation, Private Company To get started, order the CAC. Preferences CAAs faculty is comprised of highly experienced practitioners, consultants and educators, making this a valuable learning experience for participants. You may exit a course at any time and later return to the page you left by clicking the Page Index link in the final exam (8 out of 10 questions answered correctly). Workforce Planning Compensation analysts are extremely data driven and detail-oriented in their roles. To learn more about Compensation Estimates, please see our Ready to apply now?Apply free using the application waiver NOWFREE. We analyzed online job postings to determine the most commonly asked-for certifications. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Complaints regarding registered sponsors may be submitted to the National Registry Excellent written and verbal communication skills. Whats more, it will serve as proof of your competencies when applying for jobs. This course provides the knowledge and know how required for careers in sales management. As competitive fields continue to recruit competitive talent, knowledgeable analysts will be needed to fine-tune compensation and benefits packages. This may include management, design and administration of sales compensation plans; communication and implementation of the sales compensation plans; and evaluation and analysis of sales compensation effectiveness. Equity Services, Compensation 101 Learn about the latest updates for North American minimum wage changes on a monthly basis. Learn everything from benchmarking salaries and job grading to sales compensation and pay gap analyses. If you are not ready to pass the certification program but still want to improve your skills, these online courses may help. Voluntary certification is available for those looking to expand their qualifications. It's not as simple as writing a check, however. Preparing and maintaining job classifications and salary scales. Graduate Degrees and Degrees for Licensed Teachers. Compensation analysts can see both sides. Business Administration, Healthcare Management B.S. Upon successful completion of the Certification Program, graduates will receive the designation of Certified Compensation Analyst (CCA). the most fundamental areas of salary planning. Conducting data on employee productivity and cost analyses for use in employee negotiations and bargaining agreements. Sales Compensation They are responsible for designing the organizations pay structure. However, it will certainly help you differentiate yourself from other candidates and provide you with the skills and confidence you need to perform at work. Others, including the HR Certification Institute and the Society for Human Resource Management, offer general human resources credentials. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. They are someone who is analytical as well as understanding. in Human Resources and help build strong organizations. A bachelors of science in business administration with a major in human resource managementis one of the most popular degree paths, as it sets analysts up particularly well for the HR department. The Certified Cost Professional certification could help you to get a compensation manager position in your career path. Mathematics Education (Middle Grades) B.S. Map out your HR Career path. How much you should pay someone is a relative term. By earning the Senior Professional in Human Resources® (SPHR) certification you demonstrate that you have mastered the strategic and policy-making aspects of HR management as practiced in the United States. According to the Society for Human Resource Management (SHRM), compensation analysts also need: The median pay for compensation analyst in 2022 was $65,905annually, according to Payscale. More than two years of work experience required? Individualized Training: CAA supports concentrated, practical, one-to-one Compensation training sessions, with individuals receiving the full-time attention of specialized and experienced instructors. Endorsement Preparation, English Language Learning (PreK-12). This designation is intended for compensation professionals, HR professionals and sales operations professionals with responsibility for any aspect of sales compensation in their organization. They train to become experts on industry salaries, benefits, and remuneration policies and advise senior members of an organization on what to pay team members at various points of their employment. Nursing Nursing Informatics (BSN-to-MSN Program) M.S. They are data-minded with a compassion for people, allowing them to prioritize both the financial health and goals of a business, alongside an understanding of what the people in their organization need. Benchmarks, ADVICE WGU is an accredited online university offering onlinebachelorsandmastersdegree programs. Some direct experience within HR or finance through an internship or entry-level administrative role is also usually required. Free resource ahead! Successful compensation analysts apply skills and competencies like business and financial acumen, strong data literacy, including qualitative and quantitative research methods and analysis, and knowledge of HR policies. The Rewards Solutions practice at Aon and other Aon group companies will use your personal information to contact you from time to time about other products, services and events that we feel may be of interest to you. Send me more information about WGU and a $65 application fee waiver code. Organizational Compensation analysts are experts in labor and compensation structures. Compensation, Email (state, province, or country). Private Company Then, go to your Business Administration, Accelerated Information Technology Bachelor's and Master's Degree. Whether you're writing paychecks or wondering where yours comes from, this course is for you! Human resource roles, in general, are projected to grow 7% in the next 10 years, while compensation and benefits roles are projected to grow 8%, according to the U.S. Bureau of Labor Statistics. At WGU, your experience is our obsession! We will review your application and Compensation analysts can find opportunities in any industry, and in any location. *Salary estimates (ZipEstimate) are not verified by employers; actual compensation can vary considerably. If you know your password, you can go to the sign in page. However, not all certifications are created equal. To become a certified senior compensation analyst with Certified Cost Professional (CCP), you need to pass the exam. info@caa.compensationhr.com, Low cost, high quality compensation training, Approved by national certifying authority, Faculty mentoring is available to graduates. Science Education (Secondary Chemistry) B.S. Obtaining the CCP designation is beneficial for human resources professionals responsible for their organization's base pay and incentive compensation programs.
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