A well thought-out compensation and benefits strategy can make an organisation attractive to top talent, while it can also help to motivate and retain high quality staff.
When recruiting a compensation specialist, it is important to find a professional who can implement and develop the policies already in place. Through hiring a high calibre candidate and strengthening your HR team, you can make sure that your program remains competitive, up-to-date and valuable to your business.
Working for a company that operates on a worldwide scale may also necessitate global mobility. It is important for large companies to have HR strategies in place to cope with the complexities involved in relocating individuals and ensuring they are compensated appropriately. The compensation specialist is instrumental in establishing staffing needs within the company, and working with the HR department to establish structures.
A compensation specialist is expected to focus on the employee compensation programs within an organisation. During the recruitment process, businesses should look out for candidates who demonstrate their ability to complete key compensation specialist tasks, including:
Calculating employee pay and benefits – focusing on the pay structure and benefits package to make sure that they are well-maintained, while also attractive and financially suitable for the business.
Industry benchmarking and analysis – comparing your pay structure and compensation policies with others to ensure that you are competitively placed in the market.
A compensation specialist can also help to determine job descriptions and pay grades. They also implement and develop compensation strategies including incentive compensation, executive compensation and pension benefits.
In modern business, benchmarking is no longer restricted to salary but top calibre candidates will still expect a high grade employee benefit package. This makes benchmarking a particularly important task, and indicates the diligence of a candidate if they are aware of who your competitors are. Through efficient industry benchmarking you are able to provide employee benefits which meet the objectives of the organisation. For instance you may offer: private health care, a premier gym membership, retirement plans, life insurance and a company car as a basic package.
The advantages of employee benefits
If you have yet to implement an employee benefits package and currently lack the expertise within your company, Portfolio can help you find the ideal candidates. Similarly to compensation candidates, employee benefits specialists will use industry benchmarking and your yearly budget to assess an appropriate benefits package for individuals.
Talented candidates in this area are highly sought after in the current economical climate, and as more organisations strive to deal with pension auto-enrolment in an efficient fashion. The analytical skills and ability to initiate new programs within companies make those candidates particularly desirable. Whether you are hiring for this specific role or a compensation specialist job, the knowledge and capabilities of quality compensation, benefits and rewards professionals are transferable.
Specialist recruitment guidance
Highly experienced in compensation recruitment, Portfolio CBR supports employers throughout the process to make sure that they hire a compensation specialist perfectly matched to the requirements and ethos of their organisation.
At the start of your recruitment campaign, a dedicated consultant will find out your exact expectations to gain a full understanding of which the professionals that would be most suitable to your organisation. We then pull perfectly matched applicants with experience in HRIS and compensation analysis from our talent pool for the interview stage, saving you the time, energy and costs typically involved in finding a group of top candidates.
If you are currently looking for a compensation specialist, compensation consultant or want to fill other compensation, benefits and reward jobs in London and across the UK, contact Portfolio CBR on 020 7650 3190 for an initial consultation.