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A compensation specialist manages employee compensation, including non-wage benefits, and ensures fair and timely payment in accordance with applicable laws. They determine fair pay rates to avoid low morale and decreased productivity. Non-cash compensation can also be a significant part of overall compensation.
A compensation specialist oversees the compensation of employees in a company or organization. Compensatory practices often fall within a company’s human resources department and are almost universally considered a critical incentive for a productive and engaged workforce. There are numerous laws that govern fair and timely pay to workers for their work. Generally, a compensation specialist is expected to be knowledgeable about these regulations. Employee compensation involves more than just monetary pay, and often includes non-wage benefits such as health insurance or annual leave.
Employee compensation is one of the key factors in ensuring a productive and reliable workforce. Paying a worker more than the market rate is often seen as a loss for a company, but conversely, paying less than the interest rate is not always the bargain it appears to be on the surface. Workers are generally fully aware of what their fair market value is to an employer.
When a worker perceives that he or she is underpaid, the resulting low morale can cause a variety of problems, such as decreased productivity, less concern for quality in job performance, and less sense of task ownership. The compensation specialist seeks to avoid these problems by determining precisely what the fair rate of pay should be for a specific job description. He or she will usually be aware of the usual pay rate for a specific job description.
Employees responsible for a company’s compensation will generally be required to compensate workers in accordance with applicable laws and to ensure that due payment is provided in a timely manner. For example, in many countries, workers are expected to be paid a higher rate of pay for hours worked beyond what is considered a normal workload. This is often referred to as overtime. As these laws may change over time, the Compensation Specialist is expected to stay current with the latest requirements.
In addition to monetary compensation, it is common in industrialized countries for companies to compensate employees with health care, vacation, or paid sick leave benefits. Other benefits may include a sabbatical or extended leave to care for a sick family member. In some cases, non-cash compensation can be a sizable portion of overall compensation. While the term “compensation specialist” is commonly used in English-speaking countries, in the US the same job is often referred to as “compensation specialist”.
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