Job Description of Compensation & Benefits Analyst

Job Summary

A Compensation & Benefits Analyst is responsible for designing, analyzing, and managing compensation structures and benefits programs to ensure competitive and equitable employee rewards. This role plays a crucial part in attracting, retaining, and motivating top talent while ensuring compliance with labor laws and industry standards. The analyst evaluates salary trends, benefits offerings, and market data to support the organization’s compensation strategy.

Key Responsibilities

• Conduct market research and salary benchmarking to ensure competitive compensation packages.
• Analyze pay structures, job classifications, and salary bands to maintain internal equity and external competitiveness.
• Evaluate employee benefits programs, including health insurance, retirement plans, bonuses, and perks.
• Assist in salary reviews, merit increases, and incentive plans based on performance evaluations and market data.
• Ensure compliance with labor laws, tax regulations, and company policies related to compensation and benefits.
• Collaborate with HR and finance teams to manage budget planning for payroll and benefits.
• Prepare reports and presentations on compensation trends, benefits utilization, and workforce analytics.
• Support employee communication by explaining compensation policies, benefits options, and rewards programs.
• Work with external vendors and brokers to negotiate employee benefits plans and contracts.
• Monitor industry trends and recommend improvements to compensation and benefits strategies.

Qualifications

• Bachelor’s degree in Human Resources, Business Administration, Finance, or a related field.
• 3+ years of experience in compensation analysis, benefits administration, or HR analytics.
• Strong knowledge of HRIS systems, labor laws, and compensation best practices.
• Excellent analytical, problem-solving, and communication skills.

A Compensation & Benefits Analyst ensures that employees receive fair, competitive, and attractive compensation packages, supporting overall business goals and workforce satisfaction.