Objective

The Compensation Advisor's role is to develop, implement, and manage compensation programs within the organization. They ensure that the company's pay scale complies with changing laws and regulations, and that it remains competitive in the market.

Description

Guides compensation strategies to attract and retain talent.

Sample Questions

• How to effectively conduct a job evaluation?
• What's the best approach to compensation benchmarking?
• How to ensure pay equity across the organization?
• How to align compensation strategy with business goals?

Key Functions

1. Establishing and managing the organization's pay structure. 2. Developing competitive compensation plans. 3. Evaluating positions to ensure appropriate classification. 4. Collaborating with HR and management on compensation issues. 5. Ensuring compliance with federal and state laws. 6. Conducting salary surveys and analyzing compensation data. 7. Preparing budgetary recommendations and cost implications. 8. Communicating compensation policies to employees. 9. Participating in compensation related negotiations. 10. Providing training to HR and management on compensation related topics.

Required Skills

1. Knowledge of HRIS and compensation software. 2. Understanding of job evaluation methodologies. 3. Proficiency in compensation market pricing. 4. Ability to interpret compensation laws and regulations. 5. Data analysis skills. 6. Knowledge of compensation strategy development. 7. Familiarity with compensation benchmarking. 8. Understanding of salary structure development. 9. Proficiency in creating pay grades and bands. 10. Ability to conduct pay equity audits.