Compensation and Benefits Manager Job
Last Updated April 18, 2022
In general, business success depends on employee skills and talents. 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 Manager Salary and Job Outlook
According to the U.S. Bureau of Labor Statistics (BLS), compensation and benefits managers are expected to see a job growth of 9% through 2024. The demand for human resources professionals may be a result of a more competitive and complex employment environment, a need to attract and retain a strong workforce, and a desire by businesses to successfully navigate the complexities of labor law.
According to recent statistics from the BLS, 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 to Become a Compensation and Benefits Manager
A bachelor’s degree is usually required for this position, but some employers may show preference to individuals with several years of human resources experience, an HR master’s degree, or an HR certification.
Advanced HR training and education in compensation and benefits management is available through a Master of Science in Human Resource Development degree program. Coursework typically includes compensation, benefits, workforce planning, human resource technology solutions, and employment law.
Those seeking to propel their HR career forward may find a Master’s Degree in HR beneficial, as it can provide professionals with must-have skills and advanced knowledge. Employers can be confident that professionals who have earned a Master’s Degree in HR have demonstrated competency in:
- 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
What Does a Compensation and Benefits Manager Do?
In general, a compensation and benefits manager is primarily responsible for 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 the organization’s overall strategic objectives and HR vision.
Other typical job duties for compensation and benefits managers include consulting with internal business partners, such as department heads and management, to assess benefits, compensation, and compliance needs. They also educate, mentor, and train human resources staff on processes and professional practices within these areas. It’s also critical that they understand the evolving federal and state employee benefits regulations, and the shifting needs of an organization’s workforce.
Compensation and benefits managers may also be required to research and make recommendations on retirement and insurance plans. Additional duties may include evaluating competitor compensation and benefits packages, creating policies and procedures, monitoring the payroll interface to ensure compliance and data integrity, and managing third-party HR vendor resources such as brokers and consultants. These professionals work closely with management, providing feedback on related HR functions and processes. They are typically responsible for accurate data collection and analysis and maintaining accurate employee records.
Because their duties are critical to the overall health of an organization, skilled compensation and benefits managers are usually in high demand for their expertise.
How To Be a Successful Compensation and Benefits Manager
As a compensation and benefits manager, you can make a lasting impact on your organization’s growth and the livelihood of your fellow employees. Ask yourself the following questions to determine if this is the right career path for you:
- Do you enjoy working with others?
- Do you have strong communication, analytical and organizational skills?
- Do you have a knack for spreadsheets and data mining?
With skills and the right education and training, professionals can be well on their way to a successful compensation and benefits manager career. Consider a Master of Science in Human Resources Development degree to gain a competitive edge and the advanced knowledge professionals need to pursue this challenging human resources career.
