Compensation And Benefits Managers Compensation and Benefits Managers salary statistic
Compensation And Benefits Managers Job Description
There are two main components defining the duties of a compensation and benefits manager. The first is creating compensation and benefits packages that keep current employees happy, and that appeal to potential hires as well. The second is to ensure that compensation and benefits packages comply with any applicable laws, and that they are administered effectively. This includes insuring that employees understand the benefits they are entitled to, can access those benefits, and understand their rights and responsibilities as well.
Benefits managers are human resources employees. They contribute to their organization by designing compensation packages. They are often given the task of writing outa employee handbook documentation and benefits summary documents. In addition to this, they must stay on top of industry trends and demands as they apply to benefits and compensation.
This position requires keeping adequate records, and working closely with payroll staff or vendors. This is important as it is the responsibility of the compensation manager’s responsibility to ensure that any payroll deductions related to benefits are handled correctly. They also need to ensure that bonuses, commissions, and other forms of payment go out in a timely manner.
Benefits and compensation managers must understand regulations that relate to their work duties. This includes federal and state laws relating to insurance coverage, and federal and state department of labor regulations. They must also understand how decisions relating to benefits and compensation can impact the organization’s bottom line.
Compensation Manager Salary Report: Education Requirements
Because of the large amounts of knowledge and experience required to successfully execute the duties of this position, most companies will require that hires have obtained at least a Bachelor’s degree. In some cases a Master’s degree may be preferred. Continue education training may be required so that the manager can gain needed certificates.
However, in smaller organizations or companies with smaller budgets, the compensation manager duties may be taken over by a payroll administrator or other employee. In this case, the educational requirements may be lower. An individual with an Associate’s degree or other specialized training may be hired instead. In these cases, the compensation and benefits manager salary is likely to be at the low end of the pay scale.
Benefits Manager Salary Report: Wages And Other Compensation
The exact salary earned by a benefit manager depends on a variety of factors. First, the exact position and years of experience matter significantly. For example a workers compensation case manager salary is going to be much higher than that of an inexperienced benefits coordinator. This is because one position requires significant and extensive, specialized knowledge. The median salary is about 87K. The total pay range goes from just under 60K to 110K.
Compensation And Benefits Manager Salary Report: Outlook
The career outlook for these positions is extremely good. Companies need people in these positions to remain competitive. In addition to this, constantly changing political landscapes mean that businesses need people who can stay on top of laws and regulations relating to pay and benefits.
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