The International Foundation of Employee Benefit Plans (IFEBP), in addition to its certification programs, offers a certificate series in topics such as compensation and benefits, and compensation management. CEBS is a joint program of the IFEBP and the Wharton School of the University of Pennsylvania. Many compensation certification courses qualify as recertification credits, so you may want to consider taking one to keep your certification up to date. university michigan state professional compensation workers certified doctoral benefiting organizations msu allowance skill salary rupees nepali thousand nepalijob Why the apparent limitations? Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRMs permission. Applicants now have the option to test from home. Compensation plays an essential role in attracting and retaining the key talent you need in your organization. Every HR person ought to learn enough about compensation to understand what impact it has on staffing and development, performance management, and the rest of HR.. Industry experts do agree that having a consultant with compensation experience could take you there. } Next, an individual needs to determine whether it is crucial to learn both benefits and compensation management, or just compensation. For some, the term compensation specialist may spark less-than-exciting visions of crunching numbers on a calculator and sorting spreadsheets on your desktop, but those who wear the title say their work is a cutting-edge adventure. Was this document helpful? How do I motivate this employee population? Additionally, the compensation professional is charged with making sure the compensation costs are aligned with the business culture, philosophy and objectives.. lpic lpi certification linux professional Please purchase a SHRM membership before saving bookmarks. accreditation flukecal They are parallel ladders, but the compensation one only goes up so far, Dorf says. You may be trying to access this site from a secured browser on the server. grp ccp global whom certification 5. I would have pursued it sooner in my career. A certificate merely states you have completed a certain course or group of courses. ), The CEBS program is more detailed and takes longer to complete than the CCP program. $("span.current-site").html("SHRM China "); On average, compensation professionals earn higher salaries than HR generalists or any other HR specialty, according to the Certification isnt mandatory for compensation specialists. [Compensation specialists] have to be detail- oriented and good at research and mathematical skills.. I sought out an MBA early on in my career, and it has helped my compensation career. compensation workers certified professional environment learning CCP Certification is the certification needed to become a Certified Compensation Professional (CCP). Individuals who become certified may place recognized designations (acronyms) after their names and often must agree to adhere to a code of conduct. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organizations culture, industry, and practices. Its a highly specialized area., While executive compensation is important, its not the biggest specialty. $('.container-footer').first().hide(); Please confirm that you want to proceed with deleting bookmark. Its a well-rounded, broad overview of compensation concepts, says Barbara Swarthout, SPHR, CEBS, director of the educational program for IFEBP in Brookfield, Wis. Its good for those who are brand-new to the field or HR generalists looking for a refresher.. certification cissp worth tech salary }. Virtual & San Diego, CA | October 24-26, 2022. Compensation and benefits are somewhat linked, but not all companies group them together. Applicant must have their career goals in line with the potential rewards of the position. var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); There's quite a bit of quantitative analysis involved in the day-to-day activities. compensation workers certified professional environment learning "Normally, in a 1,000-plus organization, you would have an analyst reporting to a compensation and benefits manager who reports to the head of HR. grp ccp global whom certification UpCounsel accepts only the top 5 percent of lawyers to its site. You would miss out on the face-to-face time and networking that you'd get from attending the in-class courses. in Economics from Princeton University in 1993 and a Ph.D. in Economics from Princeton University in 1995. sales compensation methods mba institute training techniques Perks may be compelling, but keep in mind that choosing to become a compensation specialist might preclude working at smaller organizations. You have the right mix of skills and abilities. Compensation specialists spend more time with senior management than other mid-level HR professionals, which can translate into more prestige and visibility. In surveys, compensation and benefits are [HR professionals] weakest areas, says Greene. calculates overall compensation for employees, maintains databases for compensation structure, benchmarks the compensation outside of the organization, Highly technical with a lot of research and interpretation of data. This modal dialog contains payment options. There are six core examinations plus three elective examinations that assess the applicant's competence of compensation on nine 100-question multiple-choice examinations. Compensation Certification Comparisons. Most of the time, compensation specialists report to the head of HR, says Maxwell, CEO of Capita-Global Group, a training company in Carefree, Ariz. Normally, in a 1,000-plus organization, you would have an analyst reporting to a compensation and benefits manager who reports to the head of HR. domino certification salaries survey exclusive stay bowen ibm barbara worldwide programs manager professional vmware vcp6 salary certified average professional count experience does much Another reason to consider this specialty is because of the nature of their work; compensation professionals are exposed to the highest levels of management. Compensation plays a critical role in attracting and retaining the right talent to meet organizational goals. Some other qualities of a great compensation specialist include: Compensation requires not only a knowledge of numbers, but also of people and how a determined compensation fits into the overall behavioral environment and objectives of the company. Becoming a compensation specialist offers some impressive career rewards, including healthy job prospects and the potential for higher earnings. An effective compensation strategy should ensure individual performance and organizational outcomes are connected. Certification sets a minimum standard of knowledge. So there isnt as great a need for executive compensation people as for other types of compensation professionals, Kabin points out. Kathryn Tyler, M.A., is a freelance writer and former HR generalist and trainer in Wixom, Mich. SHRMarticles:On the Rise: the 2003 Human Resource Management Compensation Survey(HR Magazine)Compensation & Benefits Forum Webcast: Compensation Trends 2004 Experts say individuals who succeed in the field tend to have the following characteristics: Strong numerical skills. Milwaukee Area Technical College - Downtown Milwaukee Campus, Columbus State Community College - Columbus Campus, Pharmacy Technician Certification Board (PTCB) Certification, Environmental Protection Agency (EPA) Certification, National Center for Construction Education and Research (NCCER) Certification, Adult Cardiopulmonary Resuscitation (CPR) Certification. It requires a lot of analytical capability. What Type of Company Does a Compensation Professional Work For? It costs your organization effort and money every time you need to bring in someone new. They can get credit in a variety of ways, which include (but are not limited to): In the end, compensation specialists choose their education path according to their immediate needs. authorization professional cap certified certification They [compensation professionals] spend a lot of time benchmarking and keeping job documentation up-to-date, strategizing how to tie pay to performance, says Robert Greene, SPHR, CCP. Doing so will allow you to attract and retain key talent within your organization while also identifying internal equity concerns that may exist. CEBS is a joint program of the IFEBP and the Wharton School of the University of Pennsylvania. Dr. Barringtons published research addresses employee compensation, gender issues in the workplace, employees with disabilities, and workforce demographics. HRCI does not offer specialty certifications. Discretion and an ethical orientation. Managerial skills. A compensation specialist must know when information is sensitive and also know when there will be layoffs, as they are responsible for the design and setup ofseverance packages. For instance, HRCertification.com offers a certificate program in compensation. She teaches courses in microeconomics, labor economics and personnel economics. vmware vcp6 salary certified average professional count experience does much CCP Certification is the certification needed to become a Certified Compensation Professional (CCP). The CEBS program covers both benefits and compensation, but the CCP program covers compensation only. The CCP designation assesses strategic and functional competence in rewards management, with the primary focus on compensation. $(document).ready(function () { Through the research and expertise of Dr. Barrington and Dr. Thomas, this course will teach you to compare and contrast different pay systems. Dr. Thomas earned her Ph.D. in Economics from the New School for Social Research. lpic lpi certification linux professional ", "I wish I knew how prepared I was -- I would have sought it earlier in my career. We know when there will be layoffs because were designing severance packages. No need to spend hours finding a lawyer, post a job and get custom quotes from experienced lawyers instantly. The Society for Human Resource Management (SHRM) and its affiliate, the Human Resource Certification Institute (HRCI), and both are headquartered in Virginia. To grow, evolve and inspire we must engage in continuous learning. Please enable scripts and reload this page. 8 min read. Nothing on the site is a guarantee, warranty, or prediction regarding any legal matter. But even HR professionals who do not plan to become certified should consider some level of compensation training, experts say. Certification isn't an obligation for compensation specialists, but it is becoming more common. in Economics, Summa Cum Laude, from the University of Massachusetts at Amherst in 1991, a M.A. HR professionals need to decide whether they want a specialization in domestic or international compensation planning. compensation It takes about two to three years [to become a CCP], says Koss. It really helps their careers.. Please log in as a SHRM member before saving bookmarks. Professor of Economics and Human Resource Studies, Fill out the form below to download program information and connect, This site is protected by reCAPTCHA and the Google. Kevin F. Hallock is Professor of Strategy and Business Economics at the Cornell SC Johnson College of Business and the Joseph R. Rich 80 Professor of Economics and Human Resource Studies and Founding Director of the Institute for Compensation Studies in the ILR School at Cornell University. He is also a Research Associate at the National Bureau of Economic Research. Maxwell adds, Those who enjoy statistics find this type of career satisfying.. All information on this page, including but not limited to price, cost, instructions, descriptions, and the content of a certification course, is presented for informational and promotional purposes only, is not legal advice, may be an approximation, is subject to change, and may have been generated by third parties. ", "How important it has been to my career progression. In 2013, he was elected a Fellow of the National Academy of Human Resources. This team of authors and educators offers a learning experience that combines real-world case studies with an evidence-based, social science approach to the field of compensation. At larger organizations, there can be a dozen compensation professionals or more. Hear from a Compensation Studies certificate program faculty author. Earning a CCP is valuable, especially to people interested in the compensation portion of HR, as compensation is a huge piece of HR. Dr. Thomas and Dr. Barrington examine how incentive pay benefits an organization with an emphasis on assessing the value of the performance pay plan. New OSHA Guidance Clarifies Return-to-Work Expectations, Trump Suspends New H-1B Visas Through 2020, Faking COVID-19 Illness Can Have Serious Consequences, Virtual Physical Therapy Is Poised to Take Off, U.S. One could probably self-study out of the job description module, but other modules, like the statistical, are much more difficult. They examine the value including not only the profit margin but also the many other factors such as increased productivity, lower turnover, and improved morale. Get the tools you need today to build more inclusive workplaces tomorrow. While executive compensation is important, it's not a popular specialty. Compensation professionals' career paths are varied,but typically begin in the HR world. certification cissp worth tech salary Another drawback is that compensation professionals can get so specialized and consumed that they don't have the same opportunities as an HR generalist. The classes are taught by experienced compensation professionals, and there is always the opportunity to self-study for all nine exams. Compensation professionals need to have 12 continuing education units (CEUs). Most of the time, compensation specialists report to the head of HR. Courses for the CCP certification are much shorterthree-day workshopsthan those for the CEBS, which are traditional, three-hour weekly classes that run for 10 weeks. It was a great experience. Applicant must have the right combination of abilities and skills. Kabin notes that WorldatWork gets about 1,000 job postings for compensation specialists per year, and, of those, 80 percent require or prefer CCP-designated candidates. The downside? A younger compensation specialist tends to have certification more often than an experienced compensation specialist. Its a niche., Switching to the compensation specialty from another area of HR is possible, but timing is key. Compensation specialists need to be discreet since they deal with confidential information day in and day out. We offer the PHR, SPHR and GPHR certifications, which are generalist in nature, says Cornelia Springer, HRCIs executive director. salary certificate loan bank template word You can take the two-day class offered by WorldatWork before the third morning exam or you can self-study. However, certification requirements will likely increase as more companies are looking for certain credentials and ask to verify a candidate's qualifications. Another potential drawback to the specialty, depending on your long-range goals, is that compensation may not lead you to the top rung on the HR ladder. A great compensation program will attract the right people, reward the right behaviors, and retain valued employees. HR professionals who have the interest, stamina and mathematical abilities to complete certification training establish a standard of excellence in this specialized field. Moreover, compensation professionals need to be comfortable developing and delivering oral presentations to senior management. Compensation management can put you on the path to success. How do I make every person feel good about themselves and affirm their value? We feel we make a difference. What advice would you give to a friend or family member interested in earning this certification? However, the main responsibility of any compensation specialist is to efficiently and effectively manage the company's rewards and compensation programs. salary