compensation analyst certification

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Compensation Basics, Legislation Affecting Compensation, Fair Labor Standards Act (FLSA), Job Analysis and Job Descriptions, Job Evaluation and Market Pricing, Salary Surveys and Market Analysis, Compensation Program Development, Pay and Performance, Salary Planning, Variable Pay Programs and Communicating Compensation, 101 MiddlesexTurnpike IT Certifications Included in WGU Degrees, See all Health & Nursing Bachelor's Degrees, View all Nursing Post-Master's Certificates, Nursing EducationPost Master's Certificate, Leadership and ManagementPost Master's Certificate. The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Some days are filled with research and others are full of on-the-ground employee assessments. To become a compensation analyst, you need a bachelors degree in human resources, business, finance, or related field. External factors such as the economic and legal environments will also influence compensation decisions. They will take courses in business, finance, and accounting, in addition to their human resources coursework. A compensation analyst role typically requires candidates to hold a Bachelors degree (either in HR or a related field). They should have a high level of respect for compliance and confidentiality, and take an interest in effective communication. Certifications can be a powerful tool to show employers you know your stuff. We analyzed online job postings to determine the most commonly asked-for certifications. According to the U.S Bureau of Labor Statistics, employment of compensation analysts is projected to grow by 10% by 2030. Researching is one of the primary skills needed in this position, as you will be required to gather multiple data sources both within and outside your organization. The compensation and benefits landscape is constantly changing, which means that strategies that worked a few years ago will no longer ensure your organization is compliant and competitive now and in the future. Aspiring compensation analysts must have excellent analytical and communication skills. Sales jobs span nearly every industry, from agribusiness and pharmaceuticals, to telecommunications and property management. Human resource roles, in general, are projected to grow 7% in the next 10 years, while compensation and benefits roles are projected to grow 8%, according to the U.S. Bureau of Labor Statistics. Teaching, Science Education (Secondary) M.A. Courses in business administration and compensation and classification are helpful. Compensation analysts are experts in labor and compensation structures. They are someone with both hard and soft skills who can determine what is best for an organizations financial goals while also knowing what is fair and competitive. Youve heard the expression"Cash is King,"and when it comes to short-term incentive rewards, it certainly rings true as most incentives take the form of a cash payment. More than two years of work experience required? General Disclaimer They research and evaluate job requirements, competitors benefits and salaries and assess current roles to ensure the organization is competitive and complies with state and federal regulations. Develop your legal knowledge and ensure youre aware of when new laws are passed. A colleague introduced me to the website. Location Analysis Proficient with Office Suite software, particularly Excel. A compensation analyst helps determine when to give raises, analyzes trends that will shape compensation, and makes recommendations on how the organization can respond to those trends. This includes the FLSA, Equal Pay Act, ADA, minimum wage requirements, overtime regulations, and more. From there, we'll explain how to align your organization's objectives, its pay philosophy, and ultimately the way it designs and implements its salary structure, short-term incentives, long-term incentives, and benefits. Certification is not typically a requirement for the role. Variable incentives in the form of an enticing cash bonusorrobust equity packagewill more often than not be the deciding factor and can likely swaythe decision to accept vs. reject a job offer. Cash awards require careful plan design considerations, similar to any other rewards-based system. Teaching, Mathematics Education (Middle Grades) M.A. Preferences | Legal | Privacy More than two years of education or training after high school required? If you know your password, you can go to the sign in page. Most compensation analysts will be required to hold a bachelors degree at a minimum. (There is no charge for retaking an exam, either to get a pass or to To use information contained herein, please write to our team. However, more and more companies are dropping the degree requirement, focusing on candidates skills and experience instead. At WGU, your experience is our obsession! Successful compensation analysts apply skills and competencies like business and financial acumen, strong data literacy, including qualitative and quantitative research methods and analysis, and knowledge of HR policies. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Science Education (Secondary Physics) B.S. in Human Resources and help build strong organizations. How much to pay is definitely a relative term. Business Administration, Healthcare Management B.S. To that end, IPMA-HR offers two internationally recognized certification programs to the public HR community: the IPMA-CP and the IPMA-CS. Mathematics Education (Middle Grades) M.A. We've compiled a list of the most common certifications for senior compensation analysts. Whats more, it will serve as proof of your competencies when applying for jobs. will not get the same questions every time. Nursing Nursing Informatics (RN-to-MSN Program) M.S. Compensation analysts are extremely data driven and detail-oriented in their roles. Nursing Family Nurse Practitioner (BSN-to-MSN Program) M.S. Contact us for more details and discount pricing for 6 or more attendees. Benchmarks, ADVICE Lets explore the role of a compensation analyst and how you can become one. Organizational After you have passed the exam, go to your Training History to view They are knowledgeable of best HR practices and well-versed on the financials of a business. After all, pay is only one part of the employee value proposition. To become a certified senior compensation analyst with Certified Cost Professional (CCP), you need to pass the exam. What is considered high pay at one company can be on the lower spectrum at another. Its also beneficial to have knowledge of Structured Query Language (SQL) to manage databases and work with the data in them. The ERI Distance Learning Center is registered with the National Association Executive Strong research skills are essential if you hope to thrive in your role as a compensation analyst. Senior compensation analysts are most likely to hold a combination of the following certifications: Certified Cost Professional (CCP), Certified Compensation Professional (CCP), and Certified Professional - Human Resource (IPMA-CP). Lets have a look at how you can land a compensation analyst position. 2022 Western Governors University WGU. Free resource ahead! We will review your application and With the labor market constantly in flux, companies that find themselves ready are the ones regularly updating their salary range midpoints. Collecting feedback on compensation-related issues through the above-mentioned research methods. Course 15 - Federal Employment Laws That Impact Compensation and Benefits, Course 19 - Quantitative Methods Used in Salary Administration, Course 21 - Compensation for Business Leaders, Course 33 - Job Analysis and Job Descriptions, Course 76 - Sales Compensation and Expense Allowances, Course 81 - Salary Structures and Pay Delivery, Course 82 - Creating a Market Competitive Salary Structure, Course 83 - Designing a Geographic Salary Structure, Education without the time, expense, and inconvenience of travel, Work at your own pace from anywhere you have an Internet connection, Get HRCI and SHRM recertification credit simultaneously at no additional cost. They are someone who is analytical as well as understanding. FAQ. There are already plenty of well-written guides and articles related to compensation that you can find on the internet. View our privacy policy, Compensation Analyst: All You Need to Know About the Role. The credential is designed for the HR professional who plans, rather than implements, HR policy, focuses on the "big picture," has ultimate accountability in the HR department, has breadth and depth of knowledge in all HR disciplines and understands the business beyond the HR function and influences the overall organization. To learn more about Compensation Estimates, please see our Cybersecurity and Information Assurance B.S. Employee Rewards Whether its conducting surveys and interviews with employees or collecting market data and workforce trends, you must know where to look for the information you need and be well-versed in the best method to collect and analyze it. Nursing Leadership and Management (RN to-MSN Program) M.S. However, it will certainly help you differentiate yourself from other candidates and provide you with the skills and confidence you need to perform at work. Support Extensive knowledge of human resource laws, regulations, and best practices. Suite 6, #133 Individualized Training: CAA supports concentrated, practical, one-to-one Compensation training sessions, with individuals receiving the full-time attention of specialized and experienced instructors. A SHRM-recognized online business degree program: A SHRM-recognized online business degree program: Sample careers and jobs this business degree will prepare you for: Earn your B.S. get a different type of credit.). the most fundamental areas of salary planning. Although usually regarded simply as "how much we are paying an employee," compensation is actually much more complicated than most people (even those working in HR) seem to realize. You may exit a course at any time and later return to the page you left by clicking the Page Index link in In addition, we tie up all of our chapters to a real life data sample from our Radford surveys so you can identify how to apply survey data directly to some common and not so common compensation issues. If you do not wish to receive these communications, please check here: DATA As organizations continue to offer competitive compensation packages to attract top talent, there will be an increase in opportunities for compensation analysts. Pay Equity Science Education (Secondary Chemistry) B.S. A passing score requires a grade of at least 80% on They are responsible for designing the organizations pay structure. Continue reading below , Download our free cheat sheet to gain access to key compensation metrics and learn how to create insightful C&B charts in Excel. Training History and begin taking these courses: Read through the course text answering each memory jogger question correctly in order to proceed to the next page. According to the Society for Human Resource Management (SHRM), compensation analysts also need: The median pay for compensation analyst in 2022 was $65,905annually, according to Payscale. Senior Compensation Analyst Certifications. It's back-to-school time at WGU year-round. Salaries for a compensation analyst will vary depending on the location of the position and the years of experience you bring with you. new duties in compensation planning? It includes determining new employees remuneration and regularly reviewing all employees compensation packages (base pay, incentives, bonuses, commissions, and stock options) to ensure they are fair and within the employers capacity. Mathematics Education (Middle Grades) B.S. Analysts should have a strong ability to compare and process data into a digestible format for their organization. Cybersecurity and Information Assurance M.S. Stay up-to-date with the latest news, trends, and resources in HR. Compensation, Private Company Business Administration, Information Technology Management B.S. Renew certification every 3 year. Some companies can afford more than others based on their business model. This may sound simple; however, a pay raise isnt just tacking on an arbitrary value to existing pay. This course is the fourth course in a five-course Financial Reporting Specialization. Teaching, Special Education (K12) M.A. Some direct experience within HR or finance through an internship or entry-level administrative role is also usually required. Others, including the HR Certification Institute and the Society for Human Resource Management, offer general human resources credentials. In order to earn a CAC you must complete 12 courses and pass their exams for CAC credit. Business Administration, Accelerated Information Technology Bachelor's and Master's Degree. Companies also balance a variety of reward opportunities based on their overall strategy. Shani Jay is an author & internationally published writer who has spent the past 5 years writing about HR. It will also help you familiarize yourself with HR processes, policies, and planning. If you want to stand out from the crowd and deepen your knowledge and skills, consider getting general HR credentials or a dedicated Compensation and Benefits certification. Compensation analysts research, implement, and oversee an organizations pay structure. We're ready to tackle your biggest talent & rewards challenges. education on the National Registry of CPE Sponsors. You may retake a course's CAC exam as many times as necessary in order to pass - you If you're a comp analyst, HR manager, people operations, or anyone working in your company's department that handles compensation, then this guide is for you. Contact Us. Upon successful completion of the Certification Program, graduates will receive the designation of Certified Compensation Analyst (CCA). All rights reserved. Compensation data analysis is more than making in-the-moment recommendations for a company. Then email it to the Employers will know that you have received high-quality training in Site Map | Survey Data Policy | Email Compensation analysts sit within the HR team of an organization and have a strong working knowledge of the human resources structure. Terms of Use The cost is $399. The first part of understanding how much to pay is to know the philosophy and inner workings of how its established. mail you your CAC certificate. You're in charge of your college educationbut you're never alone. Science Education (Secondary Physics) M.A. This guide was written to cover everything from the basics of compensation such as how to pay and "how much to pay" to more advanced topics including "incentive plans" and "job leveling" (coming at a later date). ONLY), | Cookie All personal information is collected and used in accordance with our privacy statement. Media Contacts Nursing Education (RN-to-MSN Program) M.S. Having also used another HR training website, I found your course more engaging. A large part of your role as a compensation analyst is to be on top of ever-changing local, state, and federal laws and regulations regarding compensation and pay equity. And essential to sales is the management of the sales force. Typical duties and responsibilities can include: Compensation analysts typically hold a bachelors degree in a human resources-related field and some sort of HR or finance experience via an internship or entry-level role. Science Education (Secondary Biological Science) M.A. The Certified Cost Professional certification could help you to get a compensation manager position in your career path. Preparing and maintaining job classifications and salary scales. Global Benefits Compensation analysts can find opportunities in any industry, and in any location. Preferences, Privacy Nursing - Education (BSN-to-MSN Program) M.S. HR Metrics & Dashboarding Certificate Program, A sample compensation analyst job description. https://www.nasbaregistry.org/, ERI Economic Research Institute is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP or SHRM-SCP, "You have a very complete offering of on-line courses. Special Education and Elementary Education (Dual Licensure) B.A. ONLY) | Cookie IPMA-HR strives to encourage excellence in public sector human resources, promote continuous learning and develop the next generation of leaders. Rewards Optimization This provides a solid foundation through courses in business administration, finance, accounting, psychology, and HR. Learn modern and relevant HR skills, online, AIHR All rights reserved. They train to become experts on industry salaries, benefits, and remuneration policies and advise senior members of an organization on what to pay team members at various points of their employment. Before we can get into the question of "how much" we should be paying, we must first understand how pay works within the organization. Your privacy is our priority. this CAC application form and fill it out. Map out your HR Career path. All Rights Reserved. You will have one year from date of purchase to complete the CAC. Compensation analysts can see both sides. Statement | Cookie Notice | Do Not Sell My Data (US Learning Experience Design and Educational Technology M.S. Business Administration, Human Resource Management B.S. Knowing that a pool of resources exists, the next step is to determine exactly how much to pay. Workforce Planning Compensation analysis requires the use of Excel and different types of compensation analysis software to analyze internal and external data relating to salary, benefits, and competitiveness. The Certified Cost Professional (CCP) certification is most common among senior compensation analysts. Analysts tend to earn the highest salaries in the professional scientific and technical service industries, followed by management companies and government agencies.

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