Introducing.....People Pathways: Where Your HR Journey Could Go
- villanovahrd
- Oct 7, 2024
- 3 min read
Hello fellow HRD faculty, students, alumni, and friends! We’re kicking off a brand new blog series that gives you the inside scoop on different subfields of the HR world. This week we begin with Compensation and Benefits. Dealing with the total rewards of any organization is a tough job and requires skills like empathy and communication to help people understand the policies and limitations related to properly compensating an organization's employees. Now, let's take a deep dive into what a career in comp and benefits could look like.
What is a compensation and benefits specialist?
A compensation and benefits specialist is someone who manages the financial and other compensation for all employees. This can include research, planning, implementation, and communication concerning compensation and benefits programs offered by an organization. Someone in this role would know how to effectively communicate the benefits that employees can take advantage of, and even be a part of advertising these benefits so that employees are aware of the resources available to them.
Different companies may have multiple people in this position under different titles all working in this subfield. These titles include HR Business Partner, HR Generalist, HR Manager, or Total Rewards Specialist. If you are seeking a job in this field, it's important to read the job description thoroughly and ask the recruiter if this job deals directly with compensation and benefits programs.
How do these specialists fit into HR and the larger organization as a whole?
As much as HR wants to create a culture where people enjoy showing up to their jobs, being paid is probably the biggest motivator overall. Compensation and benefits specialists might engage in market research, financial analysis, and communication with executives to determine what the total rewards package looks like for employees at their organization. Then, they have to communicate those decisions to the employees they represent. Any organization depends on comp and benefits experts to work with managers on things like promotions, counteroffers, and benefits packages that are being offered to employees. Compensation and benefits specialists are a core part of communicating how an organization values and supports employees through recognition programs, promotions, counteroffers, and bonuses. While HR works hard to ensure employees feel connected to the mission, compensation and benefits specialists have the responsibility to make sure they are being treated and compensated fairly for the hard work they contribute to the organizational structure and mission.
What skills are most valued in this role?
This role deals with numbers but also deals with people. The decisions you can make as a compensation and benefits specialist affect real people with real jobs and perhaps real families that depend on a fair salary and benefits package. Empathy is a great attribute to carry into this role when communicating your decisions, but analytical and data comparison skills will help you make the most informed decisions for all parties involved. Good judgment is key in a role like this to avoid bias and inequality in salary.
How to become a compensation and benefits specialist?
There are many pathways to achieving this title. For many careers in HR, a Bachelor's degree in a related field is a great place to start. In your early career, try to work on projects or teams that focus on compensation and benefits. You could even go the extra mile and attain certifications like the HR Business Partner certificate degree within the Villanova HRD program. Creating goals like this will help provide you with the experience and understanding you'll need to be a successful compensation and benefit specialist!
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