How to get into it…
A compensation and benefits officer will often have started out in a general HR role, and gained knowledge specific to ‘comps and bens’, enabling them to move into this more specialist position.
What you need to succeed…
As well as around 18 months’ compensation and benefits experience, you will need a statistical or analytical degree and the CIPD qualification. Ideally, you will have a proven track record of applying an analytical approach to business issues, with market research and benchmarking experience often advantageous.
It is occasionally the case that companies will actively seek those with Association of Accounting Technician qualifications when recruiting – especially if they are tying the role in with payroll administration.
What is involved…
In larger companies, a compensation and benefits officer tends to play more of a supporting role, where responsibilities are likely to include administration of pension and private healthcare schemes, producing management information statistics and some payroll administration.
Within smaller organisations, you are likely to be responsible for providing compensation and benefits advice to managers and the HR team. Other duties include evaluating current policies and assisting with any compensation and benefits-related issues.
Prospects…
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Very good. Those with expertise in this field 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 ‘comps and bens’ postions or consultancy roles.
