What is a reward specialist's job description?
A reward specialist – which could be a reward analyst, consultant, manager or head of reward – is usually positioned within the HR department of a large company or corporation. They are responsible for planning, implementing and reviewing the reward package that a company offers its employees. This includes the salary and bonuses, but also any healthcare or childcare schemes, pensions, stock, company cars and more. Their day-to-day work will include research, analysis, and administration of the reward scheme, as well as relationship building with providers, payroll, directors and employees.
A total reward specialist differs in that they have hands on experience of all the elements of the rewards program including: compensation, benefits, work-life, performance and recognition and development and career opportunities. This program of practices is what a company uses to attract, motivate and retain talent, which is why Portfolio CBR puts great emphasis on advising businesses to hire the right candidate for your HR department to take on total reward jobs.
Why is reward important?
The key to successful reward management is putting together a package that is cost effective for the business, but which will appeal to the talented individuals the company wants to employ. Banking, corporate services, engineering, property development and law are just some of the sectors where reward is vital, while many reward jobs in London are based in the financial district – wherever success depends on employing highly skilled professionals, a benefits and reward specialist will be instrumental.
What employee benefits should be offered?
Employee benefits packages should be designed to meet the objectives of the business and vary between sectors. These benefits should preferably be tax-efficient to maximise the take home amount, examples that employees most frequently seek include: private health care, life insurance, retirement plan/pension scheme, premier gym memberships and company cars.
Retaining employees is of equal importance to attracting the highest calibre candidates. To do this successfully, compensation managers and reward specialists must be able to demonstrate their experience and knowledge of putting together an employee benefits package reflective of the organisation and the employee’s position within the company.
What skills and experience are desirable?
A reward specialist will be highly numerical and analytical in their approach, but also a great communicator and negotiator. Although CIPD accreditation and other qualifications are available, most recruiters will be looking for experience above all else, particularly in a similar role or sector. In some roles, leadership or project management skills will also be essential, while timekeeping and planning will be vital if tight deadlines are involved.
What questions should be asked at interview?
The most important thing for an employer to determine when interviewing a reward specialist is their approach to reward. How have they improved strategies in the past? How do they cooperate or liaise with others? How do they measure success? What do they consider most important? What awareness do they have of the company brand or reputation, and how could reward be aligned with this? Of course, employers should also look to ascertain what relevant experience the candidate has in complex areas such as pensions, variable pay, share schemes and international workforces.
Reward specialist jobs
Contact Portfolio CBR on 020 7650 3190 for advice on filling or finding reward specialist or compensation and benefits jobs. Our experience in pairing top quality candidates with some of the UK's leading companies and blue chips means we're sure to find the perfect match for you.