How to become a compensation and benefits manager.
- 1. Determine if the career is right for you. The first step to becoming a compensation and benefits manager is making sure it's the right career for ...
- 2. Obtain the necessary undergraduate degree.
- 3. Gain professional experience in compensation.
- 4. Consider obtaining a graduate degree.
- 5. Become benefits and compensation certified.
How do I become a compensation and benefits manager?
How to Become a Compensation or Benefits Manager. Compensation and benefits managers need a combination of education and related work experience. Most jobs require a bachelor’s degree.
What does a benefits manager do?
Benefits managers administer a company’s employee benefits program, which may include retirement plans, leave policies, wellness programs, and insurance policies such as health, life, and disability.
What is the median annual wage for compensation and benefits managers?
The median annual wage for compensation and benefits managers was $121,010 in May 2018. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.
Do managers administer both compensation and benefits programs?
Although some managers administer both the compensation and benefits programs in an organization, other managers—particularly at large organizations—specialize and oversee one or the other.
What do you need to be a benefits manager?
For most positions, compensation and benefits managers typically need a bachelor's degree in business, human resources, or a related field, such as social science or psychology.
What does a benefits manager do?
A benefits manager's role is to design and administer each one of these unique benefit packages, while also researching packages provided by competitors. By gaining this valuable market information, they ensure that their company is offering benefits packages that are fair and competitive.
Is compensation and benefits manager a good job?
The success of a business depends on the skill level and talent of its employees. Compensation and benefits managers help add to growth and profitability by making sure that pay structures and benefits plans attract and retain a quality employees.
Is being a compensation manager hard?
Compensation managers have a tough job. Making decisions about how much to compensate employees for their efforts often involves 'dancing' between profitability and fairness.
How much money does a payroll manager make?
The salaries of Payroll Managers in the US range from $15,716 to $415,934 , with a median salary of $82,542 . The middle 57% of Payroll Managers makes between $82,544 and $193,588, with the top 86% making $415,934.
What does a payroll and benefits manager do?
As a payroll and benefits manager, you manage the entire payroll process within your organization. Your responsibilities include conveying benefit information to employees and update them on any changes with their benefits.
How do I start a career in compensation?
Follow these steps to become a compensation and benefits specialist:Earn your degree. ... Develop your skill set. ... Apply for an entry-level HR role. ... Level up in your career. ... Earn a certification.
How do you become a Total Rewards manager?
Required Minimum Qualifications • Bachelor's degree from an accredited institution. Four years of progressive and combined experience managing self-funded benefits programs. Two years' experience managing large (over $1 million) budgets and vendor contracts. Two years' experience in a supervisory role.
How do I become a compensation analyst?
Compensation Analyst Requirements:Bachelor's degree in business administration or human resources.CCP or similar certification.PHR certification.3+ years of work experience as a Compensation Analyst.Proficient with MS Office Word, Excel and PowerPoint, and HRIS systems.Outstanding people skills.More items...
Is compensation a good career?
The federal agency expects the number of compensation managers to grow by 4% between 2020 and 2030. “Good talent is needed in this area, and you're going to become a vital partner and understand all parts of HR, including recruiting, retaining, and pay,” Dinkin said. “It's a very good path if you want to be in HR.”
What skills are needed to be a compensation & benefits manager?
Analytical skills are essential for compensation and benefits managers. In addition to analyzing data on salaries and the cost of benefits, they must assess and devise programs that best fit an organization and its employees. Business acumen.
How much does a benefit manager make?
Benefits Managers in America make an average salary of $67,085 per year or $32 per hour. The top 10 percent makes over $94,000 per year, while the bottom 10 percent under $47,000 per year.
What does a benefits manager do?
Benefits managers lookout for employees' best interest in organizations. They are hired to manage benefits packages, including pay, compensation, and insurance. Benefits managers also review employee performance to determine which employee compensation plans need to be reviewed. These professionals usually work in the HR department.#N#As a benefits manager, you may also manage the process of creating, enrolling, and updating employee benefits. You will also be actively involved in performance reviews. Since the goal is to compensate employees adequately, benefits managers may seek to create new compensation plans or improve new ones.#N#They oversee the process of creating proposals for new plans and highlighting their benefit. Sometimes, benefits managers have to take a holistic view of the organization's current resources to identify opportunities for employees.#N#To become a benefits manager, you need a bachelor's degree in Human Resource Management. You'll also need to become accredited with an HR practicing board in your state or country. Interpersonal and communication skills are also necessary for this role.
What are the best states to work as a benefits manager?
The best states for people in this position are Alaska, Maine, Rhode Island, and New Hampshire . Benefits managers make the most in Alaska with an average salary of $106,433. Whereas in Maine and Rhode Island, they would average $91,369 and $88,262, respectively. While benefits managers would only make an average of $87,341 in New Hampshire , you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
Job Duties
Benefits managers are usually part of the overall HR department of the organization. Their primary aim is to ensure all matters relating to employee benefits are properly handled. Usually, if they work in medium to large organizations, this focuses on programs relating to health care insurance, although other elements can also be included.
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 15,800 compensation and benefits managers in 2016. The largest employers of these professionals were:
How to Become
Usually, benefits managers are expected to hold a bachelor’s degree with a major in business or related field. Some organizations are now looking for those who have a master’s degree in human resources or business instead.
Education Requirements
Benefits managers usually need a bachelor’s degree in a field such as business administration, human resources, finance, or business management. Work experience is also essential. Usually, they enter the workplace as administrators for compensation and benefits, and then choose to specialize in one of those two areas.
Traits & Qualities
The most effective benefits managers have the following traits to some degree or other:
National Salary
The national average salary estimate for Benefits Manager was $74,059. This number is estimated from over 314,824 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $38.57 and monthly of $6,172.
Salary by State
The following section lists Benefits Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Connecticut had the largest quoted salary of $92,562 while West Virginia had the smallest quoted salary of $50,000.
What to do with a bachelor's degree in compensation?
Once you have your bachelor's degree, you may need to gain experience as a compensation and benefits specialist. Seek employment with a company that prioritizes employee growth. Be sure to consider company values and workplace atmosphere when accepting offers, as it's possible that you could move to management within the company you work for.
Do all positions require certification?
Though not all positions require you to have certifications, there may be some companies that do. Determine which related certifications are right for you and complete them. Some companies may sponsor certification, but if your company doesn't, completing certifications could help you show your initiative.
Why is it important to become a compensation and benefits manager?
It is important for an individual researching how to become a compensation and benefits manager to understand the essential responsibilities of this important role. Compensation and benefits managers research the perks that competing organizations offer employees by analyzing job market statistics. They also have to navigate legal policies, state ...
What are the essential skills for a compensation and benefits manager?
Learning how to become a compensation and benefits manager means developing essential skills, including: Leadership. Analytical and critical thinking. Technical knowledge. Business acumen. Communication. Data analysis. Decision-making.
What does a senior manager do?
They research the benefits of other organizations and meet with senior managers to discuss market trends and new state and federal regulations. They help oversee employee benefits programs that may include health insurance, retirement plans, dental insurance, disability pay, leave policies, and health and wellness programs.
How many years of experience do you need to be a compensation manager?
The U.S. Bureau of Labor Statistics (BLS) states that individuals should have at least five years of such experience before they can qualify for the position.
What is the role of human resource manager?
The human resource manager role depends on the organization, with large companies employing a greater number of compensation and benefits managers than small companies. Overall, compensation and benefits managers create and manage plans for employee salaries and benefits packages. This responsibility ensures that a company’s compensation structure ...
What is an Employee Benefits Manager
The primary role of an employee benefits manager is to conduct research and analyze data to design benefits programs for employees. This may include medical, dental, life, and disability insurance plans, pensions, and thrift savings, among others. He/She educates human resources personnel about benefits programs.
Employee Benefits Manager Career Paths
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, an employee benefits manager can determine their career goals through the career progression.
Average Salary for an Employee Benefits Manager
Employee Benefits Managers in America make an average salary of $76,154 per year or $37 per hour. The top 10 percent makes over $128,000 per year, while the bottom 10 percent under $45,000 per year.
Online Courses For Employee Benefits Manager That You May Like
Planning for Risk, Retirement and Investment is made possible by the Brian and Sheila Jellison Family Foundation. The Planning for Risk, Retirement & Investment course is designed for individuals to build financial literacy, one of the most pressing needs Americans face today.
Top Skills For an Employee Benefits Manager
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on.
12 Employee Benefits Manager RESUME EXAMPLES
Build a professional employee benefits manager resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 12 + resume templates to create your employee benefits manager resume.
Best States For an Employee Benefits Manager
Some places are better than others when it comes to starting a career as an employee benefits manager. The best states for people in this position are Alaska, New Jersey, Maine, and Rhode Island. Employee benefits managers make the most in Alaska with an average salary of $113,786.
What is an employee benefits manager?
The employee benefits manager is responsible for programs that include plans for retirement, leave policies, wellness programs and many other responsibilities. The benefits manager is often responsible for selecting the benefits vendors and managing the enrollment process. They also frequently monitor government regulations and market trends to make sure that the employee benefits programs are legal and competitive. The benefits manager is required to be an expert on the subject of employee benefits, so that they can be fully prepared to answer employee and vendor questions. They will also support employee and vendor escalations, when problems arise. On a daily basis the benefits manager can work on a variety of roles including,
What is compensation manager?
The compensation manager of a company is usually responsible for managing and organizing the pay structure of all employees whereas the benefits manager is employed to administer the company’s employee benefits program. The compensations manager has to monitor market conditions and be aware of government regulations to ensure the companies pay rates are current and competitive. The compensation manager also has to work on company pay policies and designing pay-for-performance plans which will include information about annual bonuses and incentive pay. The compensation manager may sometimes be involved in determining commission rates and other staff incentives.
What are the skills required to be a compensation and benefits manager?
These managers oversee a budget, build a case for their recommendations, and understand how compensation and benefits plans affect an organization’s finances. Communication skills. Compensation and benefits managers direct staff, give presentations, and work with colleagues.
What is the job of a pay and benefits manager?
Oversee the distribution of pay and benefits information to the organization’s employees. Ensure that pay and benefits plans comply with federal and state regulations. Prepare a program budget and operate within that budget. Although some managers administer both the compensation and benefits programs in an organization, ...
How many jobs did compensation and benefits managers hold in 2019?
Compensation and benefits managers coordinate the work activities of specialists in offices. Compensation and benefits managers held about 18,000 jobs in 2019. The largest employers of compensation and benefits managers were as follows: Management of companies and enterprises.
How many hours do compensation managers work?
Most compensation and benefits managers work full time. Some work more than 40 hours per week. They may work more hours during peak times to meet deadlines, especially during the benefits enrollment period of their organization. <- What They Do How to Become One ->.
What is compensation and benefits?
Compensation and benefits managers plan, develop, and oversee programs to pay employees. Although some managers administer both the compensation and benefits programs in an organization, other managers—particularly at large organizations—specialize and oversee one or the other.
What do managers do with analytical tools?
Using analytical, database, and presentation software, managers draw conclusions, present their findings, and make recommendations to other managers in the organization.
Do compensation managers need certification?
Licenses, Certifications, and Registrations. Although not required, certification gives compensation and benefits managers credibility because it shows that they have expertise. Employers may prefer to hire candidates with certification, and some positions require it.
Job Duties
Where We Work
- According to the U.S. Bureau of Labor Statistics, there were 15,800 compensation and benefits managers in 2016. The largest employers of these professionals were: 1. Management of companies and enterprises: 24% 2. Professional, scientific, and technical services: 13% 3. Government: 10% 4. Insurance carriers and related activities: 9% 5. Healthcare and social assist…
How to Become
- Usually, benefits managers are expected to hold a bachelor’s degree with a major in business or related field. Some organizations are now looking for those who have a master’s degree in human resources or business instead. It is also expected that business managers have a good understanding of computers and systems and that they are committed to keeping their knowled…
Education Requirements
- Benefits managers usually need a bachelor’s degree in a field such as business administration, human resources, finance, or business management. Work experience is also essential. Usually, they enter the workplace as administrators for compensation and benefits, and then choose to specialize in one of those two areas. There is no legal requirement ...
Traits & Qualities
- The most effective benefits managers have the following traits to some degree or other: 1. Strong analytical skills 2. Excellent business skills 3. Great communication skills, both verbal and written 4. Strong business skills 5. Excellent decision making skills 6. Great leadership skills
Top 20 National Employers
- According to Indeed.com, the following states had employers looking to hire a Benefits Manager. The quoted salary figure represents the average salary from all job postings by this employer.
Learn More
What Is A Compensation and Benefits Manager?
What Does A Compensation and Benefits Manager do?
- These are some of the regular duties a compensation and benefits manager conducts daily: 1. Research market compensation:Compensation and benefits managers conduct market research to determine fair pay for each position and see how their company compares to others. They try to ensure they are offering competitive wages to attract the top talent in the field. 2. Manage ven…
Important Skills For Compensation and Benefits Managers
- These are some important skills compensation and benefits managers may need to be successful: 1. Communication:Compensation and benefits managers collaborate daily with other professionals in their company. These managers also rely on effective communication as they lead and direct their team of compensation and benefits specialists. 2. Computer li...
National Average Salary and Job Outlook
- The national average salary for a compensation and benefits manager is $74,067 per year. This may vary according to the company you work for, your location and your experience level. The Bureau of Labor Statisticsprojects that the job outlook for compensation and benefits managers is growing at 3%, which is about the average rate for all U.S. jobs. Please note that none of the c…