Human resources are the biggest asset of an organization. Therefore, an organization takes special care of the needs and demands of its human capital. Companies hire the Compensation and Benefits Manager in order to keep the employees motivated and binding towards the organizational objectives. There are many sources to learn about compensation and Benefits Management like educational sites, certification courses, degree or diploma courses, different books by experienced people in the allied field, popular videos and many more.
Despite limited employment growth, about 1,400 openings for compensation and benefits managers have projected annually, on average, over the decade. And if you are still mulling with the idea of getting into this field, the certification course can be the cherry on the cake. Here, we will provide you complete analysis of the career into compensation and benefits management along with the accessible ways of learning.
Let us dive deeper into the analysis of the certification.
What is Compensation and Benefits Management?
A compensation and benefits manager is responsible for ensuring fair and accurate compensation, including regular salaries, bonuses, stock options, pensions, and any additional types of employee benefits. Multinational corporations have a whole C&B department to take care of the needs of their employees and keep them satisfied.
They monitor market conditions and government regulations to ensure that their organization’s pay rates are current and competitive. They analyze data on wages and salaries, and they evaluate how their organization’s pay structure compares with that of other organizations. Compensation managers use this information to maintain or develop pay levels for an organization. Let us look at the roles and responsibilities of a typical manager.
To sum it up, the compensation and benefits manager plays a key role in coordinating the corporate compensation and benefits department. In this blog, we take a closer look at this role. We dive into the core responsibilities of the compensation and benefits manager and take a look at the opportunities to grow in this field.
Roles and Responsibilities
The Compensation and benefits manager job description includes the following roles and responsibilities –
- Firstly, A Compensation and Benefits Manager is responsible for ascertaining the proper market value of the job. This is because if employees are not getting the proper compensation for their job role it is more likely to increase the employee turnover of the firm. An increased employee turnover can be harmful for the organization.
- Secondly, It is also responsible for determining pay bands for the different level of employees and for different designation. As employees differ in terms of need, experience and designation.
- Thirdly, he is responsible for fixing the job description. It essential to construct the job description so as to give the employee a clear idea of what is required by him to do on the job.
- Additionally, Everything is negotiable, but a C&B manager needs to ensure that the pay is equitable internally. Excellent negotiation skills should not result in a substantially different salary for peers that are similarly situated.
- Moreover, some of the other responsibilities involved are creating the bonus structure, deciding different health care plans, insurance plans and stock options for the employees and Ensure that pay and benefits plans comply with federal and state regulations.
We will now look at the basic concepts covered while learning.
Basic concepts covered
This field is very vast and the learning portion could not be complied into a pack in order to learn everything that requires to be a good C&B manager. However, Some of the basic concepts that are needed to be completely understood in order to excel in this field are –
- Job Design
- Performance-Based Compensation
- Executive, Sales & Team-Based Compensation
- Employee Motivation
- Quantitative Tools
- International Compensation Management
Let us now move to our main question – What are the different sources through which you can learn about Compensation and Benefits Management?
How to learn about Compensation and Benefits Management?
There are unlimited sources through which you can learn about Compensation and Benefits Management. Some of the most used sources to begin your learning –
PGDM in HR management with specialization in Compensation and Benefits Management –
Going for post-graduation in this field becomes essential after a point of time. However, it is highly recommended that candidates gain some practical experience in compensation and benefits management or in general, dealing with the employees before they go for a master’s degree course. You can go for PGDM in HR management or a masters in business administration.
Diploma in Compensation and Benefits Management
You can also take the diploma in this field which will help you to gain sufficient knowledge about the field but in relatively less time as compared to a degree. You can take the diploma from any prestigious college or university which can also help you to secure job in a reputed company without much pressure.
The certification courses are becoming very popular these days. They have emerged as the real currency of the 21st century which can be used to secure a real job. Many companies hire certified candidates. Certification also helps you get an edge over others in the same domain no matter if you are already working in this domain or have started fresh in this domain.
Instructor led trainings
The online trainings and Instructor Led are also easily accessible resource. Many platforms provide various different types of courses from which you can choose that provides you with complete understanding and conceptual clarity. They provide interactive classes in which you can clear your doubts easily. The instructor led trainings are prepared by experts in subject matter which can really help to master the concepts.
You can read blogs provided on internet. You can also ask your doubts on the cloud communities without any hesitation. Cloud communities are the group of people who have cleared the exam of similar interest. You can even form the groups with the people who have same interest and wants to crack the same exam to pool resources and other advantages.
Looking at the above all options, we can easily determine that the best way is getting a certification in Compensation and Benefits Management. This is the way through which you can have a proof that you have proper knowledge about the domain and it will also require comparatively less time than getting a PGDM or diploma. There are many sites that provide you with the certification courses in Compensation and Benefits Management such as VSkills, Udemy, LinkedIn, Coursera, Human Resources Management (SHRM), the HR Certification Institute (HRCI), and so on. We will be learning about the VSkills’ certification in subsequent paragraphs. Let us now look at what salary and market demand could you expect after you decide to get into this field.
Salary and market demand for Compensation and Benefits Manager
The job of a Compensation and Benefits Manager can never go out of fashion as companies always require their employees to be fully satisfied. Some of the top tier companies looking to hire are Adecco, Mercer India, TeamLease Services Limited, Bajaj Capital Limited, Ikya Human Capital Solutions, ABC Consultants, Ma Foi Randstand.
Most compensation and benefits managers work full time. Some work more than 40 hours per week. They may work more hours during peak times to meet deadlines, especially during the benefits enrollment period of their organization.
Salaries will vary depending on specific duties, company size, and location. It is expected a median salary of $64,560 per year to $79,017, according to Glassdoor. In larger companies, you may have director-level employees who supervise others and command much higher salaries. A Compensation Director in Washington, DC, has an average salary of $166,651 per year – more than double that of a manager-level role. And, of course, all of these duties can fall under an HR generalist in a smaller company.
Let us now look at the Vskills’ certification for Compensation and Benefits Management!
About the Vskills’ Certified Compensation and Benefits Manager
Vskills Certification in Compensation and benefits assesses the candidate in various areas which include methods to ensure fair and equitable pay, conducting surveys to compare their compensation systems with other companies and ensuring that the firm’s pay scale complies with changing laws and regulations. An important part of the Compensation and benefits manager’s role is performance evaluation. This area also forms the part of the assessment.
- Duration: 60 minutes
- No. of questions: 50
- Maximum marks: 50, Passing marks: 25 (50%).
- There is NO negative marking in this module.
- Mode: Online exam.
Benefits of Certification
- Firstly, Government certification
- Secondly, Certification valid for life
- Also, Lifelong e-learning access
- Subsequently, Free Practice Tests
- In addition, Get tagged as ‘Vskills Certified’ On Monsterindia.com
- Moreover, Get tagged as ‘Vskills Certified’ On Shine.com
Course Outline for Vskills’ Certified Compensation and Benefits Manager
The certification course will test you on the following parameters –
- Objectives and Principles of Compensation and Benfits Management
- Economic Theories
- Job design
- Performance-based compensation
- Team-based compensation
- Executive Compensation
- Employee Motivation and benefits
- Sales Compensation
- Legal issues
- Quantitative Tools for Compensation Management
- International Compensation Management
- Employees Provident Fund
To learn in-depth, about the certification, you can also use Vskills online tutorials and free practice tests which will help you to gain the certification by developing a complete understanding.
Why should I take Vskills Compensation and Benefits Manager certification?
This course covers the principal need of the organization which is establishing and maintaining a pay system which is fair to all. Learn how to attract, retain, and motivate people for your business to succeed & how to build pay strategy, salary structure, short-term & long-term incentives, and benefits that are aligned to your business objectives.
This course will also give an overview of key technical skills which will help you in designing incentive plans & non-monetary methods of motivating employees. Let us have look at 2 most important resources which will help you to clear the certification in the best possible way.
Vskills Online Tutorials
Vskills provides its own online tutorials and training courses. These tutorials and courses are most reliable ones as they are prepared by experts itself. However, there are many reliable sites too that provide you with the trainings. Many highly skilled professionals provide such trainings and the sites also guarantee you success. These classes are interactive enough and helps you clear your doubts along with developing a strong conceptual understanding. You can access Vskills online tutorials here.
Vskills Free practice test
Practice is the way out to judge yourself. Practice as many sample papers, test series and exercise questions as you can. This will let you identify weak portions and loopholes. You can improve to a massive extend by practicing more and more. Again, there are various reliable sites that offers practice papers and test series on regular basis which helps you to evaluate your performance. Try a free practice test now!
Give a boost to your career by getting the specialization of Compensation and Benefits Manager. Hurry up and start preparing now!