Compensation and Benefits Manager
Need a school? ★ Find a College
Compensation managers plan, develop, and oversee programs to determine how an organization pays their employees and how much the employees are paid. Benefits managers plan direct and coordinate benefits that an organization offers its employees, like health insurance, retirement plans, and other benefits.
Compensation and benefits managers make sure that pay and benefits plans comply with federal regulations. Compensation and benefits managers work in nearly every industry in offices on a full time basis with extra hours during peak season.
How to become a Compensation and Benefits Manager
Because compensation and benefits manages require experience with education most aspirants start out as job analysis, compensation and benefits specialists, or a related field. A candidate needs at least a bachelor's degree in human resources, finance, business administration, business management, or a related field.
Some employers have a preference for candidates holding a master's degree with a focus in finance, business administration (MBA), or human resources management. Compensation and benefits managers are not legally required to be certified. However, it could be advantageous to a candidate to have the certification to prove credibility and expertise. Certification programs typically require many years of work experience to qualify for the certifying exam.
Job Description of a Compensation and Benefits Manager
The duties of a compensation and benefits manager usually include setting the pay structure and benefits offerings of the organization. They modify or develop compensation plans and determine competitive wages. He or she studies the organization's benefits policies to determine that they are current, legal, and competitive.
They must choose and manage outside partners, such as investment managers, benefits vendors, and insurance brokers. Compensation and benefits managers coordinates and supervises the work activities of support staff and specialists. They would have the duty to oversee the pay and benefits distribution information to the employees of the organization.
He or she ensures the organization is in compliance with federal and state regulations for benefits and pay. They develop a budget program and ensure operations remain within budget.