- 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 you.
- Obtain the necessary undergraduate degree. Almost all compensation and benefits manager positions require the candidate to have at least a bachelor's degree.
- Gain professional experience in compensation. Once you have your bachelor's degree, you may need to gain experience as a compensation and benefits specialist.
- Consider obtaining a graduate degree. Though not all compensation and benefits management positions require the candidate to have a master's degree, it may be helpful to obtain one.
- Become benefits and compensation certified. Though not all positions require you to have certifications, there may be some companies that do. ...
- Apply for compensation and benefits manager positions. Conduct a job search for compensation and benefits management positions. ...
- Invest in continuous education and improvement. As a compensation and benefits manager, it's important that you understand the constantly shifting job market.
What degree do I need to become a compensation and benefits manager?
With skills and the right education and training, professionals can be well on their way to a successful compensation and benefits manager career. Consider a Master of Science in Human Resources Development degree to gain a competitive edge and the advanced knowledge professionals need to pursue this challenging human resources career.
What does a compensation and benefits manager do?
In general, a compensation and benefits manager is primarily responsible for designing, overseeing, and implementing a firm’s compensation and benefits programs.
What personality traits do compensation and benefits managers have?
Compensation and benefits managers have distinct personalities. They tend to be enterprising individuals, which means they’re adventurous, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic. They are dominant, persuasive, and motivational.
How can HRM compensation and benefits managers contribute to HRM growth?
HR compensation and benefits managers can help contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive, and that they are designed and managed to attract and retain a quality workforce.
What does a compensation and benefits manager do?
Compensation benefits managers plan, develop, and oversee programs to determine how an organization pays their employees and how much the employees are paid. Benefit managers plan direct and coordinate benefits that an organization offers its employees, like health insurance, retirement plans, and other benefits.
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.”
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.
What skills do you need to be a benefits manager?
Analytical skills. 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.
Is compensation a salary?
Compensation is the combination of salaries, wages and benefits that employees receive in exchange for them doing a particular job. It can include an annual salary or hourly wages combined with bonus payments, benefits, and incentives.
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...
Are compensation and benefits managers happy?
At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, compensation and benefits managers rate their career happiness 2.7 out of 5 stars which puts them in the bottom 13% of careers.
What's the future outlook for compensation?
Job Outlook for: Compensation, Benefits, and Job Analysis SpecialistsCompensation, Benefits, and Job Analysis Specialists Quick StatsTotal Jobs in 201684,200Expected Growth9% (As fast as average)New Jobs To Be Added from 2016 to 20267,200Median Pay$55,000 to $74,999
How do you become a benefits director?
To work as a compensation and benefits manager or specialist requires having at least a bachelor's degree. The degree may be in human resources, business management, business administration or finance. The degree may also have a specialization or concentration in compensation and 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.
What size companies typically have a compensation manager?
In organizations with 250-500 people, it's common for at least one person within the HR function to manage compensation as part of their job description.
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 the job of HR compensation and benefits manager?
In general, an HR compensation and benefits manager’s primary responsibilities are designing, overseeing and implementing a firm’s compensation and benefits programs. They can also monitor salary structures, balance staffing needs with cost controls, and help ensure that policies, procedures and programs are in alignment with ...
How much does an HR manager make in 2016?
According to the latest statistics from the BLS, HR compensation and benefits managers earned an average annual salary of $106,910 in 2016. The lowest 10% reported earning $63,140, while the highest 10% earned more than $190,000.
How does HR help a business?
In general, business success depends on employee skills and talents. HR compensation and benefits managers can help contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive , and that they are designed and managed to attract and retain a quality workforce.
What does a compensation and benefits manager do?
If you want to be a Compensation and Benefits Manager, you will coordinate and supervise the work activities of staff. You will set the organization's pay and benefits structure and monitor competitive wage rates to develop or modify compensation plans. You need to know the four major types of employee benefits that include medical insurance, ...
How many compensation and benefits managers have a masters degree?
In terms of higher education levels, we found that 19.0% of compensation and benefits managers have master's degrees. Even though most compensation and benefits managers have a college degree, it's possible to become one with only a high school degree or GED. Choosing the right major is always an important step when researching how ...
What are the best states to work in as a compensation and benefits manager?
The best states for people in this position are Alaska, New York, Maine, and Washington. Compensation and benefits managers make the most in Alaska with an average salary of $140,469. Whereas in New York and Maine , they would average $138,173 and $135,304, respectively. While compensation and benefits managers would only make an average of $133,610 in Washington , 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.
How much does a compensation manager make?
Compensation And Benefits Managers in America make an average salary of $114,317 per year or $55 per hour. The top 10 percent makes over $183,000 per year, while the bottom 10 percent under $71,000 per year.
What are the benefits of being an employee?
You need to know the four major types of employee benefits that include medical insurance, life insurance, disability insurance, and retirement plans. It would also be good to have experience in human resources, employment laws and have customer service experience. Skills required in this field include leadership skills, ...
What degree do compensation managers need?
When we researched the most common majors for a compensation manager, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on compensation manager resumes include associate degree degrees or high school diploma degrees.
How much does a compensation manager make?
Compensation Managers in America make an average salary of $108,844 per year or $52 per hour. The top 10 percent makes over $164,000 per year, while the bottom 10 percent under $72,000 per year.
How many compensation managers have a masters degree?
In terms of higher education levels, we found that 18.7% of compensation managers have master's degrees. Even though most compensation managers have a college degree, it's possible to become one with only a high school degree or GED. Choosing the right major is always an important step when researching how to become a compensation manager.
What is the role of compensation managers in human resources?
Human resources departments employ compensation managers to establish and maintain the payment system of the company. Professional activities involve commissions and pay scales to make sure that compensations are being competitive within the industry. They also schedule compensation reviews of the employee and assist them in the evaluations.
What is compensation manager?
The salary of a compensation manager varies depending on experience, employer, eligibility, and location. They can work in any industry with a motive to ensure fair pay rates and impartial to reserve or recruit employees. There is more than meets the eye when it comes to being a compensation manager.
What are the best states for compensation managers?
The best states for people in this position are California, Maine, New Jersey, and Alaska. Compensation managers make the most in California with an average salary of $125,381.
How does compensation and benefits management help a business?
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.
How many hours does a compensation and benefits manager work?
Most of these managers work full-time (40 hours a week) in an office setting.
Why do compensation and benefits managers conduct research?
The reason that compensation and benefits managers conduct research is to find out what their company’s direct competitors are offering their employees.
Why do compensation managers work more hours?
They may work more hours during peak times in order to meet deadlines, especially during the benefits enrolment period of their organization. Compensation and Benefits Managers are also known as: Remuneration Professional.
How many years of experience is required to be a compensation manager?
To be a Compensation Manager typically requires 5 years experience in the related area as an individual contributor. 1 to 3 years supervisory experience may be required.
How much does a compensation manager make?
The average salary range for a Compensation Manager is from $110,331 to $141,656. The salary will change depending on your location, job level, experience, education, and skills.
What is compensation manager?
Being a Compensation Manager ensures that base pay, incentive pay and performance management programs remain competitive and conform to current compensation strategy. Requires a bachelor's degree. Additionally, Compensation Manager typically reports to head of a unit/department.
Why is it important to negotiate compensation?
Being able to negotiate for more attractive compensation will help your organization to become a preferred employer, thus gaining top-level talent that enables more innovation and growth. A compensation manager's salary can vary depending on location, experience, and employer.
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…
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…