Skills & Competencies for Compensation Analyst III

Compensation Analyst III job profile

Book a Demo and Receive a Sample Job Profile

JOB SUMMARY for Compensation Analyst III

Analyzes, designs, and administers employer compensation programs, including base pay, long and short-term incentives, spot bonuses, commissions, and stock that align with company objectives for recruiting, retention, and employee engagement.

JOB RESPONSIBILITIES for Compensation Analyst III

Designs and communicates pay structures, grades, compensation budgets, and guidelines. Advises managers on making effective pay decisions that support employee engagement and comply with compensation policy and budgetary guidelines. Evaluates jobs and develops and maintains job descriptions and job architecture. Participates in compensation surveys, conducts research and analysis on market competitiveness, pay equity, and compensation trends.

Compensation Analyst III SALARY RANGE

BASE 50%
$101,951
TOTAL 50%
$106,174
Job Level
P03
Job Code
HR09200006
Education/Degree
Bachelor's Degree
Reports To
Manager or Head of a Unit/Department

Compensation Analyst III Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Compensation Analyst III skill and competencie below to view definitions.
JOB FAMILY COMPETENCIES CORE COMPETENCIES
BOOK A DEMO

9 general skills or competencies (Job family competencies) for Compensation Analyst III

1 Job Family Competencies – Benefit Programs
Proficiency Level -3
Skill definition-Designing, managing, assessing and implementing compensation plan to attract and retain talent.
Level 1 Behaviors
(General Familiarity)
Describes the process of designing employee benefits program.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Documents and maintain administrative procedure manuals for managing the benefit program.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Formulates a benefits plan program based on the results of employee needs assessment and gap analysis.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Facilitates employee benefit seminars and trainings for employees to ensure mutual understanding.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Develops communication strategies to ensure benefit programs are fully understood by stakeholders.
See 4 More Skill Behaviors
2 Job Family Competencies – Compensation Management
Proficiency Level -4
Skill definition-Managing and determining the salary, bonuses, and benefits to ensure competitive and appropriate compensation for employees.
Level 1 Behaviors
(General Familiarity)
Explains the fundamentals and principles of employee compensation management.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Conducts compensation research to adapt and update best practices in compensation management.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Helps in interpreting salary survey results to support the management of compensation programs.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Drafts plans of compensation initiatives to ensure successful execution of employee compensation.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Develops and administers effective compensation programs under our organization's reward strategy.
See 4 More Skill Behaviors
3 Compensation Analyst III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Compensation Analyst III
Proficiency Level - 4
5 Competency for - Compensation Analyst III
Proficiency Level - 5

10 soft skills or competencies (core competencies) for Compensation Analyst III

1 Core Competencies – Budgeting
Proficiency Level -3
Skill definition-Applying specific policies, tools and practices to plan and prepare projected revenues, expenses, cash flows, and capital expenditures.
Level 1 Behaviors
(General Familiarity)
Describes the procedures for capital and expense allocation and budgeting.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Gathers data from financial statements to help create budget plans and improve budgeting strategies.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Implements strategic operational efficiencies and techniques for conducting successful budgeting.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Evaluates past decisions on budgetary considerations to improve the budgeting process.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Develops financial models to support the strategic improvement of our budgeting processes.
See 4 More Skill Behaviors
2 Core Competencies – Analytical Thinking
Proficiency Level -3
Skill definition-Gathering, organizing, and analyzing information to identify the root cause of organizational problems and develop alternative solutions accordingly.
Level 1 Behaviors
(General Familiarity)
Describes the importance of analytical thinking in the workplace.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Asks the right questions to ensure clarity on business goals and requirements.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Develops alternative solutions and compares the pros and cons.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Determines and prioritizes the sequence of steps for a specific situation.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Evaluates potential risks using extensive industry knowledge when considering new opportunities.
See 4 More Skill Behaviors
3 Compensation Analyst III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Compensation Analyst III
Proficiency Level - 4
5 Competency for - Compensation Analyst III
Proficiency Level - 5

Summary of Compensation Analyst III skills and competencies

There are 0 hard skills for Compensation Analyst III.
9 general skills for Compensation Analyst III, Benefit Programs, Compensation Management, Data Gathering and Analysis, etc.
10 soft skills for Compensation Analyst III, Budgeting, Analytical Thinking, Attention to Detail, etc.
While the list totals 19 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Compensation Analyst III, he or she needs to be skilled in Budgeting, be skilled in Analytical Thinking, and be skilled in Attention to Detail.

It's Easy to Get Started

Get the precision you need to assess, hire, and develop top talent with skills and competencies – see how with a personalized demo.