Vice President (VP), Compensation & Benefits Salary
The average salary for a Vice President (VP), Compensation & Benefits is $156,573 per year. Most people in this job have more than five years' experience in related jobs.
Job Description for Vice President (VP), Compensation & Benefits
The vice president (VP) of compensation and benefits oversees their company's programs for employee compensation and benefits; often, they are also responsible for working with incoming employees, including during the interview process. These vice presidents ensure that all employees are treated fairly and that benefits and compensation are distributed fairly and judiciously. Other tasks handled by the vice president of compensation and benefits include evaluating employees for annual pay increases or hourly rate raises, conducting general evaluations of compensation and benefits, communicating with all subordinates on implementing solutions to issues with compensation and benefits. Often, the vice president of compensation and benefits oversees leave of absence programs to ensure that procedures are working well and follow applicable federal laws. These vice presidents generally report to their company's president, updating them on progress and issues as needed.Read More...
A master’s degree in human resources or a related field is normally required for this position, as is related human resources experience; the exact amount of experience required - as well as educational requirements - vary based on the company and position. Vice presidents of compensation and benefits should have excellent problem-solving and management skills, as well as proficiency with basic computer programs and excellent oral and written communication skills.
Vice President (VP), Compensation & Benefits Tasks
- Plan, direct and set the strategic direction of employee compensation and benefits program.
- Oversee and guide staff engaged in the compensation and benefits department's programs; job evaluation, salary, benefits and incentive programs.
- Manage compensation and benefits expenditure budgets.