- 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 be a compensation and benefits manager?
Many employers prefer to hire compensation and benefits managers with a Master's Degree in Human Resources Management, Labor Relations or Business Administration with a concentration in human resources management is recommended for individuals seeking higher positions as compensation and benefits managers.
What is HR compensation and benefits management?
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 is the role of compensation and benefits in business success?
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.
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.
What to do with a bachelor's degree in compensation?
Do all positions require certification?
About this website
How do I become a compensation and benefits Analyst?
How Can I Become a Compensation and Benefits Specialist?Step 1: Enroll in a Bachelor's Degree Program. ... Step 2: Complete an Internship While in School. ... Step 3: Become a Certified Benefits Specialist. ... Step 4: Enroll in a Graduate Degree Program.
What does a compensation and benefits manager do?
Overall, compensation and benefits managers create and manage plans for employee salaries and benefits packages. This responsibility ensures that a company's compensation structure is competitive in the industry and compliant with current federal and state regulations.
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.
How do I get compensation experience?
How to become a compensation and benefits managerDetermine if the career is right for you. ... Obtain the necessary undergraduate degree. ... Gain professional experience in compensation. ... Consider obtaining a graduate degree. ... Become benefits and compensation certified. ... Apply for compensation and benefits manager positions.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.”
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 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 and benefits?
How to become a compensation and benefits manager? If you want to be a compensation and benefits manager, you'll generally need a bachelor's or master's degree in business or HR and several years of experience in Human Resources. You will also need a strong background in finance and statistical analysis.
What are the four types of compensation?
The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay.
What is the role of HR in compensation?
Duties are Many, Varied Keep competitive pay rates current. Ensure that payroll complies with state laws and federal regulations. Oversee pay distribution to employees. Work with managers to develop employee promotion and retention strategies.
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 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 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.
Compensation and Benefits Managers
Compensation and Benefits Managers plan, direct, or coordinate compensation and benefits activities of an organization.
What degree do you need
We did a survey to ask other Compensation and Benefits Managers what degree they had when they became a Compensation and Benefits Manager. Here are the results.
How hard is it
You will need a considerable amount of work-related skill, knowledge or experience to be a Compensation and Benefits Manager. For example, an accountant must complete 4 years of college and work for several years in accounting to be considered qualified.
License and certifications
Many professional associations for Compensation and Benefits Managers offer classes to enhance the skills and credibility of their members. Some associations, including the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that specialize in compensation and benefits.
Skills required
We asked other Compensation and Benefits Managers if they could only have 5 skills, what would they be. Here is what they said.
Knowledge required
Just like any other job, you will need certain know-hows to excel at your job. Compensation and Benefits Managers are generally very knowledgeable in these 5 key areas.
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.
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.
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.
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.
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 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.
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…