CECP Certification and Benefits
A 2020 study by Natalia Emanuel and Emma Harrington from Harvard University called, "The Payoffs of Higher Pay", showed that a $1 increase in hourly pay can lead to a 2.8% increase in retention rates. Yet many employees don’t feel that they’re compensated fairly.
This is where a CECP® certification can benefit the workplace and employees. A Certified Executive Compensation Professional has the necessary knowledge and skills to design, administer, evaluate, and manage the company’s executive compensation program, which aligns with the company’s short- and long-term goals and makes employees feel valued and appreciated.
See also: Best HR Training Programs
Realizing the importance of a fair and reliable compensation system, many professionals choose to pass a comprehensive exam to become experts in one of the most dynamic aspects of human resource management. In addition to the benefits to the workplace and employees, it can also give you an edge as a knowledgeable HR professional.
Why seek a CECP certification?
In 2022, a study showed that the involuntary and voluntary turnover rates were 47.2%. Voluntary turnover accounted for more than 30%. Job dissatisfaction due to unfair compensation and lack of recognition were among the main reasons that resulted in employee disengagement and turnover.
HR professionals are responsible for learning about employees' challenges in the working environment. Their job involves answering questions, resolving issues, and overcoming obstacles hindering employees from focusing on their jobs.
A certified compensation professional has specific knowledge and skills that enable them to identify the most crucial compensation aspects. These factors matter the most when employees consider moving to another company or quitting. They also keep employees motivated and engaged.
As an HR manager or professional, gaining a CECP certificate from WorldatWork® or a similar institute will benefit you in a variety of ways.
See also: What is a Benefits Certification?
Enhanced career prospects and opportunities
In today's competitive market, having a CECP will help your resume stand out among other professionals when you’re applying for a job. The certificate proves that you studied and passed a test that qualifies you to design and implement a reliable compensation system that aligns with a company’s goals. You’ll also have the confidence to resolve workplace conflicts affecting productivity and culture.
You'll be considered an asset with the body of knowledge gained through the certificate program. This will also improve future promotion opportunities because the top managers know that they can depend on you when an issue arises in this area.
Recognition and credibility in the industry
A compensation program doesn’t just affect the relationship between managers and employees, and it can also affect the company’s image in the industry and market.
A certified compensation expert will be able to handle talks and negotiations with governmental bodies, insurance companies, and other organizations that affect pensions and other forms of compensation.
They will also be able to communicate ideas between top managers, board members, and employees to help maintain a healthy work environment. Having the designated badge on your resume means you have the experience your company can rely on.
Who should pursue a CECP certification?
The main purpose of getting a CECP certificate is to enhance your years of experience with a competency-based exam that shows that you can resolve compensation, reward, pension, and benefits issues that arise in the workplace.
Getting certified will work for you in the following cases.
- You’re an aspiring HR professional and want to improve your promotion and career prospects in the HR field.
- You’re a manager who wants to become the perfect candidate for a better position in the HR department.
- You’re a senior HR leader who wants to back up your years of experience with practice exams and a certificate to showcase your competency.
How do you earn the CECP certification?
Ideal candidates have three or more years of experience to be able to get the CECP® designation.
This certificate is different because it can be achieved by passing one comprehensive competency-based exam rather than various curriculum-based exams for other designations like the Certified Benefits Professional, Global Remuneration Professional, and Certified Compensation Professional certificates.
When it comes time to recertify, you can turn to continuing education opportunities like the Workhuman® Live Conference to gain creditsOpens in a new tab to be put toward recertification. With access to content created by industry leaders and the biggest names in the HR and compensation field, you'll gain the credits you need and much more.
Get more content like this in person. Find your focus at Workhuman Live, April 15-18, 2024 in Austin, TX
You can test your readiness for this education by passing multiple practice exams that test your knowledge. They’ll show if you have the base and ability that qualify you for this opportunity. After that, you can finish your educational courses to complete the Body of Knowledge of this certificate.
Finally, experts recommend that you continue your online and offline studies to be able to publish industry-related studies. These will show that you’re qualified to apply for better career opportunities in the HR world.
FAQs
Why hire a compensation expert?
This expert will work with the top-level management to design and implement a compensation system that aligns with the company’s long and short-term goals. The program also aims at increasing efficiency and productivity in the workplace.
Am I eligible to become a CECP®?
Regardless of your experience, you can become eligible for this certificate after reviewing these steps.
- Review the certificate’s Body of Knowledge.
- Study to supplement your knowledge.
- Take practice exams.
- Register for and pass the comprehensive exam.
Conclusion
The CECP certification qualifies you to become an expert in the compensation field. A reliable and fair compensation system guarantees that the company’s goals are aligned with its employees’ best interests. It leads to decreased issues in the workplace and increased productivity.
As an HR professional, getting certified will help improve your career prospects, help you stand out as a valuable asset, and make a demonstrative impact at your organization.
About the author
Ryan Stoltz
Ryan is a search marketing manager and content strategist at Workhuman where he writes on the next evolution of the workplace. Outside of the workplace, he's a diehard 49ers fan, comedy junkie, and has trouble avoiding sweets on a nightly basis.