Human resources are an organization’s most valuable asset. As a result, a company pays special attention to the expectations and needs of its human capital. Compensation and Benefits Managers are hired by companies to keep workers engaged and committed to the organization’s goals.
Let us learn about Career as a Compensation and Benefits Manager!
About Compensation and Benefits Manager
A compensation and benefits manager is in charge of ensuring that employee remuneration is fair and accurate, including regular wages, bonuses, stock options, pensions, and any other forms of benefits. This may be a full department in larger businesses, in which case the C&B manager oversees all compensation and benefits initiatives, or it may be one of the tasks of an HR Generalist in smaller firms.
Roles and Responsibilities
- Compensation and benefits manager perform task like designing compensation packages and various bonus programs according to the company’s strategic plan
- They identify trends and then implement new practices for engaging and motivating employees.
- Compensation and benefits managers also ensure that the salaries and benefits comply with the current legislation about human rights.
- They conduct various research on employee satisfaction as well as renew compensation plans with monetary and non-monetary benefits based on employee needs.
- They also keep track of prevailing pay rates and make sure that competitive compensation plans are offered.
- Next, they evaluate and report on the effectiveness of employee benefit programs as well as track compensation and benefits benchmarking data.
Desirable Qualities
Analytical skills. Compensation and benefits managers examine salary and benefit data, as well as assess and design programmes that are best suited to a business and its workers.
Business skills. Compensation and benefits managers are responsible for managing a budget, making suggestions, and understanding how compensation and benefits programmes influence the company’s profitability.
Communication skills. Compensation and benefits managers supervise employees, make presentations, and collaborate with coworkers. For example, they may write about and explain to management the benefits of a certain pay scale, as well as address any concerns.
Decision making skills. Compensation and benefits managers evaluate the advantages and disadvantages of various pay structures and benefit programmes to determine the best alternatives for a company.
Leadership skills. Compensation and benefits managers organise their employees’ job activities and run compensation and benefits programmes effectively, ensuring that work is performed accurately and on time.
Career prospects
If you want to work as a compensation and benefits manager, you’ll need a bachelor’s or master’s degree in business or HR, as well as many years of HR experience. When it comes to working with salaries, you’ll need a good foundation in finance and statistical analysis. Although certification is not needed by law for pay and benefits managers, it can demonstrate knowledge and trustworthiness. Some occupations may need certification, and employers may prefer to recruit qualified applicants.
Strong applicants should have compensation credentials that show they know what they’re talking about. Human Resources certifications with a broader scope, such as those given by the Society for Human Resources Management (SHRM), the HR Certification Institute (HRCI), and certain online HR courses, can help further your career.
You can assume the following mentioned roles after you have suffice knowledge about the field. All the roles involves, more or less, similar functions as to the role of a compensation and benefits manager –
- Benefits managers
- Compensation directors
- Compensation managers
- Employee benefits coordinators
- Employee benefits directors
- Employee benefits managers
- Managers
- Wage and salary administrators
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.
Resources for Compensation and Benefits Manager
Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain a full understanding of the domain, you can use the following tools:
- Firstly, Online Tutorials for Compensation and Benefits Manager
- MBA in Compensation and Benefits Management
- Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
- In addition, Online communities
- Moreover, Blogs and study material from experts in this field and many more.
Here are some examples of how you can improve your abilities:
- Freelancing
- Internships
- Apprenticeship programs
The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.
Some resources offered by Vskills
Vskills offer Compensation and Benefits Manager certification for all those interested in working in this field. This certification course covers the following topics –
- 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
- ESI
Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –
Discover the career opportunities and other prospects of career as Compensation and Benefits Manager. Hurry up and start preparing now with Vskills.in!
