At larger companies and corporations, the director of compensation and benefits is a high-level executive position in human resources. This person is tasked with overseeing the fair wage structure offered to employees, all benefits and insurance, and the accurate compensation for any work-related injuries or accidents. The director is expected to set a wage scale that is competitive but also company-friendly, while assembling a benefits package that will help bring good, talented workers to the company.
The director of compensation and benefits will typically be a person with extensive experience in human resources and company finance. The director will normally work with a staff to identify and classify every strata of jobs in the company. This person will then work with human resource metrics to help determine scarcity and surplus of qualified workers in those positions. The director then works with the financial and budgeting sectors of the company to determine the parameters of compensation to be offered for the various job duties within the organization.
As an executive, this person will typically oversee a staff involved in collecting data from within the company and from the industry at large. As with most high- level executives, most employers will look for persons with post-graduate degrees in business management for this position, and many companies may prefer to promote from within. A director of compensation and benefits typically works regular business hours during the week in an executive office.
Director, Compensation & Benefits Tasks
- Plan, develop and evaluate compensation and benefits programs.
- Direct staff engaged in the compensation and benefits department's programs; job evaluation, salary, benefits and incentive programs.
- Ensure services are in compliance with professional recordkeeping, reporting standards, state and federal regulatory requirements and laws.
- Monitor compensation and benefits expenditure budgets.