Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Compensation and Benefits Manager job description.
What does a Compensation and Benefits Manager do?
As a compensation and benefits manager, your job is to plan and organize a company's compensation and benefits programs. You will work closely with the human resources department to review and update existing policies and ensure they follow current laws.
Job Description
We are seeking a compensation and benefits manager to oversee our company's compensation and benefits programs. Your responsibilities will include reviewing and modifying current programs, making sure they follow laws, supporting the hiring process, and managing daily compensation and benefits tasks.
To be successful in this role, you should be able to create competitive and cost-effective programs that help retain employees and attract top talent. You should have extensive experience in managing compensation and benefits programs and strong decision-making abilities.
Job Duties and Responsibilities
- Evaluating and updating current compensation and benefits programs, policies, and procedures.
- Creating and implementing new compensation and benefits programs, policies, and procedures.
- Making sure all programs, policies, and procedures follow current laws.
- Communicating with outside services to negotiate benefits and resolve issues.
- Assisting the HR team with hiring and managing employees.
- Developing programs for profit-sharing, incentives, employee wellness, and performance management.
- Managing a team of HR employees and overseeing daily compensation and benefits tasks.
- Preparing budgets, reports, and presentations.
Requirements and Qualifications
- Bachelor's degree in human resources management, business administration, or a related field.
- At least 5 years of experience as a compensation and benefits manager or in a similar role.
- Relevant certifications, like CEBS or SHRM, are preferred.
- Extensive knowledge of benefits and compensation programs, policies, and laws.
- Proficiency in MS Office.
- Experience using a Human Resources Information System (HRIS) to manage benefits and compensation.
- Excellent communication and organizational skills.
- Strong people and project management skills.
- Excellent problem-solving and decision-making abilities.
Compensation and Benefits Manager Salary
The earning potential of a Compensation and Benefits Manager can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Compensation and Benefits Manager in the United States is approximately $137557.