Compensation & Benefits Manager
- Manage all aspects of the health benefits programs, including group health, dental, vision, short-term and long-term...
- Continuously monitor and report on performance of benefit plans, including overall claims experience, high claimants and...
- Collaborate with internal technology team to develop and continuously enhance systems supporting...
Full Answer
Do you want to become compensation and benefits manager?
If you would like 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 need a strong background in finance and statistical analysis, as these are critical when working with salary.
What are the benefits of having a good manager?
- You deliver for the organisation with your team, managing them consistently and effectively.
- You communicate regularly to your team – acknowledging good work and celebrating success.
- You are confident in coaching and supporting those that need your help.
- You continue to develop yourself by listening to and learning from others.
How do I become a compensation manager?
- Demonstrating financial management and budgeting skills
- Making informed decisions based on data and statistics
- Structuring compensation and benefits packages, and measure their success
- Identifying ways to develop and conserve human resources
- Leveraging advanced knowledge and skills to succeed as a compensation and benefits manager
How to become a compensation manager?
- Developing organizational plans and procedures
- Managing quality control and assurance practices
- Overseeing budget performance, reporting and planning
- Directing storage and distribution of inventory
- Collaborating with executives to initiate operational strategies
What does a compensation and benefits managers do?
Compensation and benefits managers analyze data on wages and salaries and the cost of benefits, and they assess and devise programs that best fit an organization and its employees.
How do I become a compensation benefits manager?
Candidates for the role of compensation and benefits manager typically need entry-level experience in human resources, finance, business, or management. 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.
Is it hard to become a compensation and benefits manager?
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.
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 makes good benefits manager?
Good Analytical Skills In addition to analyzing data to support an organization's benefits programs the benefits manager is sometimes also responsible for analyzing data on salaries and the overall cost of benefits.
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 I become a compensation expert?
Explore the career requirements for compensation specialists....Step 1: Get a Bachelor's Degree. Bachelor's degrees in human resources management or labor relations are typical degree programs for this career. ... Step 2: Obtain an Entry-Level Position. ... Step 3: Advance Your Education. ... Step 4: Become Certified.
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...•
What do you need to work in compensation?
To become a Compensation and Benefits Manager, you need to have a bachelor's degree in business, human resources, and experience as a benefits specialist. You can make an annual salary of $111,000 as a Compensation and Benefits Manager.
What is a Certified compensation Professional?
A CCP certification is an HR accreditation you can earn to become a certified compensation professional (CCP). This specialized designation describes an HR practitioner who possesses the knowledge and training to implement compensation programs within a company's framework.
What is compensation and benefits manager?
A compensation and benefits manager is responsible for ensuring fair and accurate compensation, including regular salaries, bonuses, stock options, pensions, and any additional types of employee benefits. In bigger companies, this may be an entire department, in which case the C&B manager coordinates all compensation and benefits efforts, while in a smaller one it may be just one of the duties of an HR Generalist.
How much does a C&B manager make in a year?
Salaries will vary depending on specific duties, company size, and location. A C&B manager in Iowa, for instance, would expect a median salary of $64,560 per year, according to Glassdoor, while one in Washington, DC, would expect $79,017.
What certifications should I get for compensation?
Certifications include Certified Employee Benefits Specialist, Compensation Management Specialists, or Certified Compensation Professional. Broader Human Resources Certifications, such as those offered by the Society for Human Resources Management (SHRM), the HR Certification Institute (HRCI), and certain online HR courses can provide general knowledge of compensation and benefits but are not as specialized as the previous certifications are.
What is benefits software?
Benefits software. An often-forgotten aspect of compensation and benefits is managing the relevant HR software. Increasingly, organizations are deploying flexible compensation and benefits structures. An expat may want a few more days off to visit family home, while a single dad may have more benefits of company-sponsored childcare. Being able to tailor benefits packages to individual demands can have a highly positive impact on employee morale and motivation. Software is a key enabler in this.
What are the two types of bonuses?
Building Bonus Structures. There are two types of bonuses: Discretionary and non-discretionary.
How do C and B managers determine market value?
They often do this through salary surveys and statistical analysis to determine what the market value is for each job .
Why do companies have pay bands?
Building Pay Bands. Because the value of a job varies based on who does the work (as not everyone has the same skills), many companies have salary bands. These salary ranges have a mid-point, which is considered the market rate for the position. Your relationship to this midpoint is called a compa-ratio.
What is compensation and benefits management?
Compensation and benefits managers plan, develop, and oversee programs to pay employees.
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 pay tab?
The Pay tab describes typical earnings and how workers in the occupation are compensated— annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation. It does not include pay for self-employed workers, agriculture workers, or workers in private households because these data are not collected by the Occupational Employment and Wage Statistics (OEWS) survey, the source of BLS wage data in the OOH.
Why is certification important for compensation?
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.
Why do organizations contract out compensation and benefits?
However, organizations may contract out a portion of their compensation and benefits functions to human resources consulting firms in order to reduce costs and gain access to technical expertise. For example, to reduce administrative costs, organizations commonly use an outside vendor for processing payroll and insurance claims. These consulting firms automate tasks and operate call centers to handle employee questions, thereby reducing the need for compensation and benefits managers.
What do compensation managers do?
Compensation managers are part of an organization’s human resources team. Their role focuses on managing all aspects of employee compensation plans.
How much do compensation managers earn?
The BLS reports that the median annual salary for compensation managers in 2018 was $121,010. 1
What types of skills do compensation managers need?
It comes as no surprise that professionals in this role spend a lot of time working with numbers, so aspiring compensation managers should be comfortable with basic business math, according to the BLS. 1 It should come as no surprise that skills like the ability to put together a budget and understand business finances are essential in this career.
How do you become a compensation manager?
Most compensation managers require a business-related bachelor’s degree, especially one like human resources or business administration. To help you get a better feel for what employers are seeking, we used job posting analysis software to analyze over 11,000 compensation and benefits manager positions nationwide.
Why is it important to have strong decision making skills in compensation management?
Because of this, compensation managers should also have strong decision-making skills as they’re often tasked with weighing different options and choosing the best fit for their company. And effectively communicating those decisions with others in the organization is key.
What is the best way to start a compensation management career?
Trust believes that most aspiring compensation managers should start out in an entry-level HR position, using their experience and growing knowledge of the industry to work their way up. “One should likely spend some time supervising others on this track, and also learn other parts of HR on at least a basic level to understand how compensation interacts with other parts of HR,” he says.
Is certification required for compensation managers?
Certification is also an option for compensation managers who want further proof of their expertise, though this isn’t required in most states. “As HR overall becomes more and more complex, more and more organizations want both experience and relevant certifications,” Trust says.
What Does Compensation and Benefits Manager Typically Do?
A Compensation and Benefits Manager develops and administers benefits schemes, salary and commission structures, and all other areas relating to remuneration and reward in the organization.
How much does a compensation manager make?
The national average salary for a Compensation and Benefits Manager will typically be between $100,000 and $130,000 annually in the U.S. The median is around $115,466.
What are benefits schemes?
Benefit schemes can include pension plans, healthcare, gym memberships, crèche facilities, housing or relocation allowances, or in-house staff catering. The Compensation and Benefits Manager must determine all the financial implications, identify suppliers, and set up metrics to measure the effectiveness of all the benefits schemes.
What is benchmarking compensation?
Benchmarking the organization’s compensation system to determine its competitiveness
What is the role of a salary officer?
The role is responsible for salary, benefits, bonuses, incentives, and rewards throughout the organization, and plans and executes the whole system in consultation with senior management.
What changes must be implemented quickly, communicated to employees, and fed into the organization’s financial plans and record-?
Any legislative changes must be implemented quickly, communicated to employees, and fed into the organization’s financial plans and record-keeping systems.
What is compensation and benefits management?
Compensation and benefits managers plan and coordinate a company's compensation plans and benefit packages. They work closely with a company's human resources department, review and update existing benefit and compensation-related policies, and ensure these comply with current legislation.
What are the responsibilities of a compensation and benefits manager?
Compensation and Benefits Manager Responsibilities: Evaluating and modifying existing compensation and benefits programs, policies, and procedures. Developing and implementing new compensation and benefits programs, policies, and procedures. Ensuring all programs, policies, and procedures comply with current legislation.
How many years of experience is required to be a compensation and benefits manager?
At least 5 years of experience as a compensation and benefits manager or in a related role.
What is compensation and benefits management?
Compensation and Benefits Manager leads the development, implementation, and administration of compensation and benefits programs, policies, and procedures. Manages common compensation functions, including survey participation, job evaluation, salary structure development, incentive plan design, and associated analysis. Being a Compensation and Benefits Manager manages common benefits functions, including life, health, and disability insurance, retirement benefits and paid time off. Ensures that compensation and benefits programs remain competitive and conform to current compensation strategy. Additionally, Compensation and Benefits Manager may also manage profit-sharing and performance management programs. Requires a bachelor's degree. Typically reports to a head of a unit/department. The Compensation and Benefits Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Compensation and Benefits Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
How many years of experience is required to be a compensation and benefits manager?
Has full authority for personnel actions. To be a Compensation and Benefits Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
What does a compensation and benefits manager do?
These are some of the regular duties a compensation and benefits manager conducts daily:
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.
What is compensation and benefits manager?
Being a Compensation and Benefits Manager manages common benefits functions, including life, health, and disability insurance, retirement benefits and paid time off. Ensures that compensation and benefits programs remain competitive and conform to current compensation strategy.
How many years of experience is required to be a compensation and benefits manager?
Has full authority for personnel actions. To be a Compensation and Benefits Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
How much does a compensation manager make in 2021?
the United States. How much does a Compensation and Benefits Manager make in the United States? The average Compensation and Benefits Manager salary in the United States is $116,962 as of June 28, 2021, but the range typically falls between $100,862 and $132,172.
How much should you be paid?
Skills associated with Compensation and Benefits Manager: Compensation Management Software, HR Regulatory Environment & Compliance, Retire ment Benefits, Compensation & Benefit ... More
What is Compensation & Benefits?
Compensation and benefits refers to the compensation/salary and other monetary and non-monetary benefits passed on by a firm to its employees. Compensation and benefits is an important aspect of HRM as it helps to keep the workforce motivated. It helps give benefits to employees based on their performance and actions and brings the best out the employees at workplace.
What are the components of compensation and benefits?
Mostly it is given in terms of a CTC or gross salary. Some of the various components of compensation and benefits are mentioned below: 1. Fixed pay.
What is compensation package?
A company offers a salary package to an employee which has both compensation structure and benefits plans. The compensation plan would entail the components like fixed pay etc. and benefits would include medical insurance and work from home etc.
Why is compensation important?
The more the compensation and benefits offered to employees, the more is their loyalty, motivation to work and do well. However, companies which offer lesser salaries see a high attrition rate and less productivity from employees. All these factors help in making compensation and benefits an important factor in managing workforce. Salaries of employees are defined by several parameters like experience, education background etc.
What is fixed pay?
Fixed pay is mostly the largest component of the compensation and benefits package offered by an organization to an employee. 2. Variable Pay. This is the additional compensation paid to employee based on employee’s performance, company performance etc. Since variable pay is based on the performance of an individual, ...
What is medical compensation?
Medical is part of the compensation package for most of the companies now. Medical includes the health insurance, free checkups, medical facilities on campus etc. which keeps the employees safe as well as motivated.
What is basic salary?
This is the basic salary plus other fixed components paid to the employee irrespective of any other factor. This is stated clearly in the employment contract. This is the compensation or salary or wage which an employee or a worker will definitely get as long as he or she is an employee of the company.
What Is The Compensation and Benefits Manager?
Compensation and Benefits Manager Job Description
- The compensation and benefits manager works with hiring managers, recruiters, and other Human Resources personnel to ensure that job offers are both based on market rate and have internal equity (an explanation is provided below). Here are some of the tasks that a Compensation and Benefits Manager has responsibility for. Determining Market Rates.C&B man…
How to Become A Compensation and Benefits Manager
- If you would like 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 need a strong background in finance and statistical analysis, as these are critical when working with salary. Strong candidates should have compensation certifications that demonstrate an un…
Compensation and Benefits Manager Salary
- Salaries will vary depending on specific duties, company size, and location. A C&B manager in Iowa would expect a median salary of $112,560 per year, according to Salary.com, while one in Washington, DC, would expect $79,017. In larger companies, you may have director-level employees who supervise others and command much higher salaries. A Compensation Director …