Skills & Competencies for Compensation Analyst III

Compensation Analyst III job profile

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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%
$101,694
TOTAL 50%
$105,907
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
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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)
Compares the pros and cons of two benefits vendors.
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Level 2 Behaviors
(Light Experience)
Collects required information to support the analysis of benefits program objective.
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Level 3 Behaviors
(Moderate Experience)
Communicates benefits clearly to employees based on company policies.
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Level 4 Behaviors
(Extensive Experience)
Develops a periodic evaluation process to determine effectiveness of benefits program.
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Level 5 Behaviors
(Mastery)
Analyzes current benefits costs and creates a budget spreadsheet outlining annual benefits costs.
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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)
Cites state laws and regulations that impact our organization's compensation management processes.
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Level 2 Behaviors
(Light Experience)
Assists the management in developing a compensation structure based upon employee performance.
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Level 3 Behaviors
(Moderate Experience)
Communicates compensation recommendations to fulfill gaps between the expectations of our employees.
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Level 4 Behaviors
(Extensive Experience)
Delivers training on compensation processes to help determine the appropriate employee compensation.
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Level 5 Behaviors
(Mastery)
Champions the adoption of new philosophies and technologies for compensation management.
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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)
Compiles a list of basic issues and risks for conducting our budget processes.
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Level 2 Behaviors
(Light Experience)
Assists in developing and improving budgeting models, plans, and strategies.
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Level 3 Behaviors
(Moderate Experience)
Compares planned budgets vs. actual expenditures, identifies, reports, and explains variances.
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Level 4 Behaviors
(Extensive Experience)
Anticipates organizational income and expenses to make forecasts and develop budget plans.
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Level 5 Behaviors
(Mastery)
Adapts relevant industry trends on techniques in financial budgeting in our organization.
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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)
Lists skills, traits, and characteristics of analytical thinkers.
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Level 2 Behaviors
(Light Experience)
Makes a list of items without order or set of priorities.
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Level 3 Behaviors
(Moderate Experience)
Summarizes historical experience to find probable causes of the problem.
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Level 4 Behaviors
(Extensive Experience)
Leads brainstorming to encourage teammates to create new perspectives.
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Level 5 Behaviors
(Mastery)
Promotes the adoption of business intelligence analysis technology to drive strategic decisions.
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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.

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