The Compensation and Benefits Manager is responsible for overseeing the compensation and benefits division of a company. He/She analyzes compensation data within an organization and evaluates job positions to determine classification and salary. He/She administers employee insurance, pension and savings plans and works with insurance brokers and plan carriers.
Key Responsibilities
- Oversees the distribution of pay and benefits information to the organization’s employees
- Monitors the effectiveness of existing compensation practices and recommends changes that are cost-effective and consistent with compensation trends and corporate objectives.
- Designs, implements, and manages salary classification and compensation programs.
- Ensures all programs, policies, and procedures comply with current legislation.
- Oversees the participation in salary surveys and monitors salary survey data to ensure corporate compensation objectives are achieved.
- Analyzes surveys to ensure appropriate compensation across all departments.
- Designs the basic compensation structures in the organization (grading system, job evaluation system, job description policy, promotion policy, etc) aligned with the corporate culture and the corporate values
- Prepare a program budget and operate within that budget
Job Requirements/Qualifications:
- Bachelor’s degree in Human Resources, Psychology, Business Administration, or related field required.
- At least 5 years of experience as a compensation and benefits manager or in a related role.
- Knowledge of laws and regulations as they apply to base compensation and incentive compensation programs, company policies, and operations.
- SHRM Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) and certified compensation professional credentials preferred.
Skills needed for this role
The Compensation and Benefits Manager should be able to develop competitive and cost-efficient programs that will assist with employee retention and attract top talent. He/She must have extensive experience leading compensation and benefits programs, along with excellent decision-making skills.
Career Level
Managerial
Job Specializations
Human Resources, Compensation & Benefits