Compensation and benefits managers essential career information:
- 2011 median pay: $95,250
- 2011, number of jobs: 19,960
- Employment growth forecast, 2010-2020: 3 percent
- Entry-level education requirements: Bachelor’s degree
Compensation and benefits managers; what they do:
Compensation managers and benefits managers directly and largely affect the possibilities for your current and future financial status. A compensation manager career involves planning, directing, and coordinating how much employees are paid. A benefits manager career involves planning, directing and coordinating retirement plans, health insurance and other benefits a company offers its employees.
Compensation managers determine employee’s salaries based on market conditions and government regulations, attempting to keep salaries competitive while also not overspending. Compensation managers engage in a lot of data collecting, analyzing, and developing pay scales.
A compensation manager career may involve developing performance plans that award bonuses and incentive pay, as well as determining commission rates and other incentives for employees.
Benefits managers specifically conduct employee benefits programs, including retirement plans and health, life, and disability insurance policies.
A benefits manager career includes managing enrollment, renewal, and distribution processes. A benefits manager career also includes working with a variety of vendors and monitoring government regulations to ensure their programs remain compliant, as well as competitive with others.
In smaller companies, the same individual may hold the responsibilities of both a compensation manager and a benefits manager.
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Compensation and benefits managers job titles:
- Human Resource Director
- Compensation Coordinator
- Compensation Director
- Director of Compensation
- Director of Compensation and Benefits
Compensation and Benefits Managers Education, Certification and License Requirements
Both a compensation manager career and a benefits manager career typically begin with at least a bachelor’s degree, such as a Bachelor of Human Resources, Bachelor of Business Administration, Bachelor of Business Management or a degree in a related field such as finance.
Some compensation manager and benefits manager positions require a minimum of a Masters of Human Resources Management, Masters of Finance or a Master of Business Administration (MBA).
Some employers expect a compensation manager to have previous work experience in performing complex financial analysis.
Benefits managers greatly benefit from previous work experience in human resources, finance, or management. They are also expected to have a solid understanding of government regulations and benefits practices.
Compensation and benefits manager programs cover subjects such as:
- Business law
- Human resource management
- Organizational behavior
- Business ethics
- Organizational structure
- Interpersonal communications
Compensation managers and benefits managers typically don’t need certification; however certification demonstrates mastery of certain skills and professional dedication. The International Foundation of Employee Benefit Plans and WorldatWork provide compensation manager certification and benefits manager certification.
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Compensation and Benefits Managers Job Outlook
Forecast: 3 percent employment growth from 2010 to 2020 for compensation managers and benefits managers, much slower than the average for all occupations.
Organizations contracting out some of their compensation and benefits functions to a human resources consulting firm to reduce costs lowers the demand for compensation and benefits managers.
The growing complexity of benefits packages encourages employers to contract out benefits work to human resources organizations. Automating tasks and utilizing oversees call centers to lower costs decreases the demand for compensation and benefits managers.
Compensation and Benefits Managers Salary
- 2011 median annual wage: $95,250
- 2011, workers at the 75th percentile annual wage: $130,200
- 2011, workers at the 25% percentile annual wage: $71,000
- A wide array of industries
- Management of companies and enterprises industry