Members of your compliance team who will create retention labels need permissions to the Security & Compliance Center. By default, your tenant admin has access to this location and can give compliance officers and other people access to the Security & Compliance Center, without giving them all of the permissions of a tenant admin. To do this, we recommend that you go to the Permissions page of the Security & Compliance Center, edit the Compliance Administrator role group, and add members to that role group.
Reference:
https://docs.microsoft.com/en-us/microsoft-365/compliance/labels#permissions