Compensation & Benefits Consulting
Design compensation structures, benefits programs, and total rewards strategies
Overview
Comp and benefits consultants charge $150-$350 hourly or $10,000-$100,000 per project.
Serving 15-40 clients generates $200,000-$1,500,000 annually with 70-85% margins.
In 2025, competitive compensation attracts and retains talent.
Revenue from compensation strategy and structure design ($15,000-$75,000), salary benchmarking and market analysis ($8,000-$35,000), benefits program design and RFPs ($10,000-$60,000), executive compensation consulting ($20,000-$150,000), equity and incentive plan design ($15,000-$100,000), and ongoing advisory retainers.
Services include compensation philosophy and structure design, job evaluation and salary range development, market compensation benchmarking, benefits program design and vendor selection, incentive and bonus plan design, and total rewards communication.
Successful consultants have compensation expertise and certifications (CCP), access compensation survey data, design competitive equitable structures, understand benefits and healthcare, and demonstrate ROI on retention.
Mid-size to large companies as clients.
Marketing through HR networks, compensation associations (WorldatWork), benefits brokers and advisors, executive compensation expertise, and compensation credentials.
Required Skills
- Compensation Strategy
- Benefits Design
- Salary Benchmarking
- Job Evaluation
- Incentive Plan Design
- Market Data Analysis
Pros and Cons
Pros
- Very high project fees for comp and benefits work
- Specialized expertise in high demand
- Access to compensation data valuable
- Long-term compensation consulting relationships
- Help companies attract and retain talent
Cons
- Need specialized compensation credentials (CCP)
- Expensive compensation survey data subscriptions
- Competitive compensation consulting market
- Economic downturns affect compensation budgets
- Complex executive compensation regulations
How to Get Started
- Build compensation and benefits expertise
- Get compensation credentials (CCP, WorldatWork)
- Subscribe to compensation survey databases
- Develop compensation consulting methodologies
- Market to HR and compensation leaders
- Design compensation structures and programs
- Provide ongoing compensation advisory
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