Often, a compensation and benefits (comp and bens) officer will have started out in a general HR role, and gained specific reward knowledge that enables them to move into this more specialist position.
What you need to succeed
As well as about 18 months’ comp and bens experience, you will need a statistical or analytical degree and a CIPD qualification. You will have a proven track record of applying an analytical approach to business issues, with market research and benchmarking experience an advantage. Occasionally, a company may look for accountancy qualifications – especially if it is linking the role to payroll administration.
What is involved
This depends on the size and nature of the organisation. Within larger companies, a comp and bens officer tends to play more of a supporting role. Here responsibilities may include the administration of pension and private healthcare schemes, producing management information statistics, along with some payroll administration. In smaller firms, you are likely to be responsible for providing comp and bens advice to managers and the HR team itself, evaluating current policies and assisting with any comp and bens-related issues.
Very good indeed. Those with expertise in the field of comp and bens are normally able to command premium salaries and enhanced packages. Once you have gained significant experience (including knowledge of a full project life cycle), there will be opportunities to move into senior comp and bens or consultancy roles.