Effectively managing compensation and benefits are essential to ensuring employee satisfaction and that all laws and other regulations are followed. The manager of compensation and benefits is a part of the organization's human resources department and assists employees with issues of pay, benefits and retirement. They also engage in methods to boost employee awareness of their options and benefits packages.
The manager of compensation and benefits meets with employees as individuals and in groups to get them signed on with the organization's benefits programs and assist with questions related to wages and/or salary, medical plans, retirement plans, and investment programs. Compensation and benefits managers also help construct the compensation levels of an organization to ensure competitive rates of pay that are in accordance with the organization's needs. Depending on the size of an organization, the manager may focus solely on compensation and benefits or may take on other human resources roles as is required.
Compensation and benefits managers must have an extensive understanding of the organization's compensation rules and benefits packages, and they need the ability to effectively explain them to employees. This requires solid communications skills and the problem-solving talents necessary to help employees solve issues that may come up. The compensation and benefits manager generally works during normal office hours in a standard office environment.
A bachelor's degree is a typical minimum requirement for most compensation and benefits manager position. Experience in a similar position is generally needed as well. A master's degree in human resources may be preferred and act as a substitute for experience requirements.
Manager, Compensation & Benefits Tasks
Design, evaluate and modify benefits programs and policies to ensure that programs are current, competitive and in compliance with legal requirements.
Manage the design and development of tools to assist employees and to guide managers through compensation decisions.
Manage the selection, training and development of staff engaged in the organizational compensation and benefit programs.
Analyze compensation policies, government regulations, and surveys to develop competitive compensation plan.