Compensations and Benefits Specialist
4 weeks ago
Job Summary:
The Compensation and Benefits Specialist is responsible for managing and administering the company's compensation and benefits programs. This role involves evaluating, designing, and implementing competitive and cost-effective compensation and benefits plans that align with the company's objectives and comply with legal requirements. A key function of this role is sound knowledge in payroll administration to ensure accurate and timely compensation to employees.
Key Responsibilities:
Compensation Management:
- Develop and implement compensation strategies that attract, motivate, and retain talent.
- Conduct regular salary surveys and benchmarking to ensure competitive pay structures.
- Design and manage job evaluation and classification systems.
- Provide guidance on compensation issues and make recommendations for salary adjustments, promotions, and market adjustments.
Benefits Administration:
- Oversee the administration of employee benefits programs, including health insurance, retirement plans, wellness programs, and other employee perks.
- Evaluate and compare existing benefits with those of other employers by analyzing other plans, surveys, and other sources of information.
- Ensure compliance with legal and regulatory requirements related to employee benefits.
- Coordinate and manage annual benefits enrollment and communication processes.
Payroll Administration:
- Manage and oversee the payroll process to ensure accuracy and compliance with company policies and legal regulations.
- Ensure timely and accurate processing of payroll, including salaries, benefits, taxes, and other deductions.
- Address and resolve payroll-related issues and discrepancies.
- Maintain payroll records and generate reports as required.
Policy Development:
- Develop, review, and update compensation and benefits policies and procedures to ensure compliance and efficiency.
- Communicate policies and procedures to employees and ensure understanding and adherence.
Data Analysis and Reporting:
- Analyze compensation and benefits data to identify trends, issues, and opportunities for improvement.
- Prepare and present reports on compensation and benefits metrics to management.
Qualifications:
- Bachelor's degree in Human Resources, Business Administration, Finance, or a related field.
- Proven experience as a Compensation and Benefits Specialist or similar role.
- Strong knowledge of compensation and benefits principles, best practices, payroll administration, and regulatory requirements.
- Proficiency in HRIS and MS Office especially Excel.
- Excellent analytical, problem-solving, and decision-making skills.
- Strong communication and interpersonal skills.
- Ability to handle sensitive and confidential information with discretion.
Preferred Qualifications:
- A degree in a related field.
- Professional certification in compensation and benefits e.g., CCP, CEBS.
- Experience with compensation and benefits benchmarking and surveys.
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