Compensation and Benefits Managers
If you are people’s person and have good analytical skills then consider taking up a career in management as Compensation and Benefits Manager. These managers manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions and develop salary and benefits packages that could lure the best applicants.
Compensation and benefits managers sometimes specialize in a particular area such as healthcare or pensions, but overall, they’re responsible for administering compensation programs for employers as well as benefits programs. In small organizations both compensation and benefits manager functions are performed by one manager but in large organizations there is specialization.
To sum up
- Compensation managers are responsible for managing an organization’s pay structure
- Benefits managers administer a company’s employee benefits program
Role of Compensation and Benefits Manager
- Monitoring salary structure and benefits at all times
- Developing competitive benefit packages
- Ensuring all packages and benefits are legal
- Negotiating with unions
- Maintaining and developing personnel record systems
- Helping to decide whether a job should be paid hourly or a set yearly salary
- Build relationships with other companies that can provide further services (food, transport etc)
- Preparing and distributing information to employees
Skills of Compensation and Benefits ManagersAnalytical Thinking:
Compensation and benefits managers analyze data on salaries and the cost of benefits, thus analytical skills are essential.Decision-making Skills:
Compensation and benefits managers need strong decision-making skills to weigh the strengths and weaknesses of different pay structures and benefits plans and choose the best options for an organization. Management Skills:
Compensation and benefits managers must coordinate the work activities of their staff and properly administer compensation and benefits programs. Verbal Skills:.
Compensation and benefits managers rely on speaking skills when directing their staff and giving presentations. Writing Skills:
Compensation and benefits managers need strong writing skills to prepare informational materials on compensation and benefits plans for an organization’s employees.
Some Job Titles
Companies recruit Compensation and Benefits Manager under different job titles: Some of the commonly used terms under are:
Compensation Manager, Benefits Manager, Compensation and Benefits Manager, Administrative Services Manager, Compensation, Benefits, and Job Analysis Specialists, Financial Managers, Human Resources Managers, Human Resources Specialists, Labor Relations Specialists, Purchasing Managers, Buyers, and Purchasing Agents, Top Executives, Training and Development Managers, Training and Development Specialists
Where to study
To become a Compensation and Benefits Manager you need a bachelor's degree in human resources, business administration, business management, finance, or a related field. Courses are offered worldwide through different Commerce, Management and Business Schools. To find a suitable programme go to University Hub