Compensation and Benefits Managers
What is a Compensation and Benefits Manager?
A Compensation and Benefits Manager is a human resources professional responsible for designing and overseeing an organization's compensation structure and benefits programs. This role involves ensuring that employees are fairly compensated for their work and that the benefits provided align with the organization's goals and employee needs. The manager analyzes labor market trends, salary structures, and benefits offerings to create competitive packages that attract and retain talent. They also ensure compliance with legal regulations related to compensation and benefits, conduct audits, and make recommendations for improvements. By collaborating with various departments, they work to align compensation strategies with organizational objectives and promote a positive workplace culture.
Tasks
- Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
- Design, evaluate, and modify benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.
- Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
- Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
- Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.
Technology Skills
- Enterprise resource planning ERP software
- Presentation software
- Human resources software
- Data base user interface and query software
- Medical software
Tools Used
- Photocopiers
- Read write digital versatile disc DVD
- Personal digital assistant PDAs or organizers
- Notebook computers
- High capacity removable media drives
Knowledge
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Personnel and Human Resources
Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
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English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
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Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
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Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Skills
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Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
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Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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Speaking
Talking to others to convey information effectively.
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Writing
Communicating effectively in writing as appropriate for the needs of the audience.
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Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Abilities
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Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
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Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
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Written Comprehension
The ability to read and understand information and ideas presented in writing.
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Written Expression
The ability to communicate information and ideas in writing so others will understand.
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Problem Sensitivity
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
Education
How much education does a new hire need to perform a job in this occupation?
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Bachelor's degree
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Master's degree
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Post-baccalaureate certificate
Awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree, but do not meet the requirements of academic degrees carrying the title of Master
Work Activities
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Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
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Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
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Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Detailed Work Activities
- Manage human resources activities.
- Administer compensation or benefits programs.
- Evaluate program effectiveness.
- Maintain regulatory or compliance documentation.
- Prepare financial documents, reports, or budgets.
Work Interests
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Enterprising
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
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Conventional
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
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Social
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
Job Outlook
Projected salary and job growth
$76550.0 - $229970.0
New job opportunities are less likely in the future. : Below Average
Assessment
Related assessments and tests
No assessment available.