HR Compensation 101 | Why You Should Get A Job In Compensation | Salary, Degree, Duties, and More!
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- Опубликовано: 7 июл 2024
- LET'S CHAT about working in Compensation, a sub-function of HR. We will talk about what Compensation is, why you should get a job in compensation, and about the salary, degree, duties, and more!
Thank you for stopping by to learn more about why you should get a job in Compensation, a sub-function of Human Resources. In this video, I'll talk about the duties, degree, salary, and work-life balance of a compensation professional. I'll also go through 5 reasons why you should consider a career in compensation. If you're interested in a specific section, check out the time stamps below!
✨ Timestamps ✨
00:00 - Intro
00:57 - Degree
01:53 - Duties [Broad Based Compensation - 02:34 | Executive Compensation - 06:40]
08:50 - Work-Life Balance
09:30 - Salary
11:52 - Why you should consider a job in compensation!
15:29 - Outro
➤ Subscribe to my channel here 💌 / @janellknowsmoney
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Would love to learn more about all the broad-based comp tasks as a series! I’m also curious if you have thoughts on what kind of experience/tasks companies are explicitly looking for when they say “3-5+ yrs of compensation experience” in job postings. Thank you!
I agree many people move into Compensation by accident or by movement in the HR Area. Some HR Tech Analysts work with the compensation module, which can lead to focusing on that area.
Thank you for this! I plan on taking a compensation class for this very reason! So I know where I stand compared to my counterparts!!
I'm so glad I found this video! Thank you so much for making this, you provided so much information and helpful insights :)
Of course! Thank you for watching! If there’s anything specific you’d like to learn more about, let me know! 🥰
Thank you Janell, especially for the overview of tasks revolving around the two different comp fields. I especially liked the part with being creative with math and the part with contributing to closing the gender pay gap. Best wishes from Vienna
I found this video very helpful. Thank you so much!!
This is really helpful. I'm a new AM at a comp survey firm, and it's great to get this Comp Pro perspective. Thanks!
So glad this was helpful, Brain!
Your video gives a great summary on compensation, thank you so much!!
I’m starting a masters program in HR Management in the Fall at one of the top schools in the field and this video really made me interested in pursing a Comp position after getting the degree. Thanks!
That’s great! Responded to your other comment before I saw this one. I hope that you love it! Come back with any Comp related questions. I’m happy to help!
Which school?
Thank you! This video was extremely insightful
Thank you! I’m so glad you found it helpful. If you have any additional questions, don’t hesitate to ask!
I have been in compensation for several years and absolutely love it. I knew in college right after taking the compensation course that its what i wanted to do. I agree with you that more people should look into it as a career.
Idkkk idk what that means im watching video now 😅
I’ve in HR for 15 years as as an HRM. how do I break into comp?
I never knew what I wanted to do as a job, even today I don't know.
I have looked at Project, HR, Supply Chain, Fraud manager positions, and their counterparts. I have yet to find a job I like.
My dream place is on a farm that I run with my family on a valley somewhere in Tennessee.
But I think this is only a dream of what I want to do outside of work.
My ideal job would be one that I can work remotely, I can potentially create my own business, work anywhere in the world, pay is enough $80k+, has many different avenues like hr manager is to compensation analyst. I also never want to be in sales, I dislike to be customer facing, and I need a boss that isn't overbearing
I really think this a good segue into HR for me since I currently work as a Budget Analyst. I use excel for 90% of my job, so I think the biggest challenge would be learning HR processes and software.
This was great! I found you from TT! 🎉
After this, HR C&B sounds like my dream job! Thanks for the awesome video!
That's great! I love getting folks interested in C&B. If there is anything specific to this topic that you'd like to learn more about, let me know. I'm in the process of planning more videos & would love any outside input! Happy Friday! - Janell
@@JanellKnowsMoney Thank you for your reply! Yes, I would love to know more (or see a video on) the hours required. Is it 40 hrs? Or does it require more than that? Is it something that an "older" worker can do? And one last question ... Does it have a high turn over rate? I'm looking for something that has a good work/life balance as I get older since I'm not going to retire for many years. Law was not an option b/c of the insane hours needed, so how is HR? Thank you for your thoughts!
Proud Compensation professional❤
Thanks so much for sharing this video! I haven’t had any direct compensation experience but am interested in this sub-function. Looking for some insight. What are some good questions to ask when interviewing for compensation analyst roles?
She should be given a Million Dollars for putting chapters on her videos
I have worked in Compensation for about two years and I loved working as compensation analyst. But now I have hard time finding job in Compensation, because not having more experience, plus I have not finished my BA.
Hello!!!
What is the difference between stock awards vs option awards columns on summary compensation table?
Is there any connection with the tables that are below to summary compensation table?
Your compensation video was very well done. Can you make another video to elaborate further on compensation specialization?
Thank you.
I’ve been working in HR for almost 20 years now I love way to Income nation with all my HR work. I also work in accounting and I really do like accounting. I am very interested in moving to the executive branch that you’re referring to and I would like you to do some more videos if there’s not already, I’ll look and had a reward in that trailer and that public trade area that seems very interesting and quite challenging so if you could, that would be awesome would be awesome.
Hi Janell! I’ve worked in HR for the past 6 years, and got into total rewards. At my most recent position, I worked primarily in benefits but found that I love compensation and took on compensation tasks, mostly in broad-based but did some duties with executive comp to help my comp manager. All of the compensation analyst jobs tend to want more experience than what I have - but I am always ready and willing to learn, even going to get my Master’s in Human Resources Development which further helped my analytical skills. Do you have any tips to put in my resume to show that I have done analytical work (both in benefits and comp) even though my experience doesn’t match the job description qualifications?
Hi Janell, great video, thanks a lot.
What would you say the best skills you need to succeed in Compensations & Benefits and what apps/systems you should know how to use properly? Perhaps, Excel (including coding macros) and data visualisation tools such PowerBI/Tableau?
Thanks
I work in Compensation, we use Excel via Microsoft 365. Some companies user PowerBi but it is cloud based, so some companies don’t use it.
I was in finance earlier, i hopped into HR Talen Acquisition and i am not having that much fun in it and i am almost going to complete a year and comp and benefits is something I am planning to explore ahead, please can you advise
This has helped me choose between two job offers I currently have! I am wondering, what tools and software should a comp analyst become certified and proficient at?
Congrats! I'm so glad you found this video helpful. When it comes to tools & software, I'd say you need to be an Excel expert. If there is any tool we use most, it is Excel (or even Google Sheets depending on what your company uses). It'll also be vital to become an expert at your company's HRIS system. These will differ by organization. Your company might also have a compensation module that is used for merit increase, promotions, etc. Definitely take advantage of these & work with the provider to get some training.
Hi Janell, I am going for a position in compensation via a long time career in payroll with a lot of HR principles. Do you have any interview tips on how I can get them to give me a shot in compensation?
Thank you for the informative video! Do you have any advice for a student going into a Compensation internship?
Of course! I'm glad it was helpful. Here are a few things that definitely would have helped me when I was starting out in Comp.
- Take advantage of all of your internship resources. Because you're interning, folks are going to be more than happy to chat with you. Schedule an internal informational interview with someone different at the company every week. It's a great way to learn about other departments, how comp works with those departments, and is a great way to network.
- Don't be afraid to ask any & every question! When I was earlier on in my career, I was always nervous to ask a "silly" question. They don't exist & it's the best way to learn.
- Ask your manager if you can shadow them in meetings. I had an incredible boss that did this for me, and it made a HUGE difference. It's one thing for people to explain what's going on, and it's another to experience it for yourself.
- When you're providing an obstacle/problem, always always always provide a potential solution to go along with it.
I hope these help! 😺
can you provide what Compensation Structure/Philosophies for Non-Profit Organizations? Clearly they would not be able compete in the Current Market for salaries for private sector
I have an interview coming up on Wednesday 😅😅
Is a bachelor's degree required to become a compensation analyst? or can I get a certificate in HR?
What do you think of the compensation analyst certificate that is offered by the Economic research institute? It cost $400 to get.
I didn’t know this certificate was out there prior to your comment. I typically see folks getting CCPs if they get a comp cert. Like any continuing education, I don’t think they’re necessary. I think you could move into compensation without a certificate. That said, if you have the means to pay for a cert without going into debt (the CCP is expensive) & want to do it, go for it. Because I haven’t done the one you mentioned myself, I can’t say whether it’s good or not. You’ll have to let me know if you end up signing up for one or the other! Good luck!
As someone who has worked in finance (Bachelors in Accounting, Masters in Business Admin) for their professional career but looking to pivot to Comp - are there any certifications or training you think would make a candidate stand out? My university has a two month program for HR Compensation but I think you just get like a certificate of completion at the end it's not really an official certification. Would the aPHR certification help someone who has never worked in the HR field?
This is a good question! Have you found anything?
Hi! Do you have to be great with math to get into this field ?
I only took one math class in my Undergrad degree & none in my Masters. So, do with that what you will lol. All this said, you should enjoy math if you want to work in comp. I spend almost every day all day working with numbers in spreadsheets.
Hi can you tell me about a Total Rewards Analyst?....I don't have any experience in this position but would like more information. I'm interested in applying.
This was super helpful! I’m new to hr and a currently a leave of absence coordinator but want to get into compensation. What’s a good way to break into compensation?
Work your @ss off in your current position, take initiative learn and volunteer to help your team. Create a brand for yourself and once a comp position becomes available apply. Create a good reputation for yourself now you already havre your foot in the door. Good luck
How long does it take to get a CCP?
Nice video..however the mic is low, do it was difficult to hear
Thank you for letting me know! I’ll make sure to adjust in future videos!
I am gunning for a comp analyst job right now! Any tips on interviewing?
How exciting! There are a couple of things that I ALWAYS mention during my compensation interviews that I continuously receive positive feed back on...
Hiring managers love to see that you have a passion for data, but what really impresses them is you wanting to combine your excitement for data WITH storytelling. For example, in comp we do pay equity analysis frequently. It's one thing to say hi boss, we have a pay equity problem, and it's another thing to say, hi boss, when looking through our pay equity data, I'm finding that most of our issues are arising in X department. This could be because we have some folks that have been with the company an extended period of time, and some new hires. This most likely means that the folks that have been at the company for a while need a pay adjustment because their YOY merit increases haven't caught them up with the market pay for this job.
(This is going to be a novel haha.)
Another thing I always always mention that interviewers tend to love is that I like to think about the ways we can be creative & innovative with compensation. In a lot of data driven professions, the numbers are very black & white. This isn't the case with comp, and one of the things I love about it. Hiring managers tend to love folks that are very open to seeing common obstacles in a new light!
Lastly (& I feel like I have so many more), don't sell yourself short. I've sat in interviews with comp analysts that have said that they're just okay with Excel when really we want to hear that you feel incredibly confident with using Excel, and that if you don't know how to do something, you'll figure out how. (Which I think is a great tip for working just generally... if you come across an obstacle, don't just present the problem to your boss, always always offer a recommended solution too!)
Hope this very long rant helps! Good luck & come back & let me know how it goes!!
@@JanellKnowsMoney omg this was incredible insight, thank you so much for responding. I guess my biggest concern is that I have never been in a comp position. I work HR recruitment as a specialist and I am looking to advance my HR career to another level. And since being into grad school for my MPA I have come across a great interest in data and data analysis which we had to partake in throughout many projects. I actually enjoy data but most importantly working as a team in an innovative environment and developing strong professional skills when dealing with HM and executives. I guess my only concern is how to convey an employer to give you a chance in a field that you don’t have much on hand experience in.
I've 100% been there. Prior to working primarily in compensation, I was an HR Generalist. I got my first chance at a Comp Analyst role because I relayed how eager I was to dive into the position (my boss told me this later haha). I also made sure to look at my resume & at the posting & look for any & all transferable skills that matched against the job. Working in recruiting, you have access to compensation data because you work directly with employees & hiring managers on that piece. Emphasize that! Let them know that via your MPA + your experience in recruiting you are excited to dive deeper into the compensation realm. ALSO! I've seen folks make the mistake of talking too much about projects that wouldn't be relevant to the role they're interviewing for. Even if you don't have direct comp experience, always find a way to tie back the story you're telling / the skill you have into the comp sphere. AND LASTLY, don't hesitate to advocate for yourself. You can tell them that even though you might not have direct comp experience, you have all the transferrable skills. You also have a leg up because you have a really solid understanding about how compensation works with other parts of the organization, and that you will be an asset because of that. Let them know that you're someone will work hard & is a fast learner. You're going to do great! Good luck!
@@JanellKnowsMoney Thank you so much!
Hey Janell,
I just wanted to extend my gratitude and appreciation towards you for your informative feedback and willingness to give insight on getting into a career of compensation. I feel as though it was only right to let you know that I got the job!!!!!