Compensation and Benefits Manager

Career Overview

In big firms, the compensation and benefit management is divided into two separate professions. In several firms with less compared to 210 employees but, the same person has oversight for both equally areas.

Compensation analysis and pay scale setting needs analysis of market rates along with analysis of in-house job descriptions, which can be worthy of parity, or supposed to be scaled. Benefits oversight could be a complex assignment in a firm, which provides health insurance to its workers. Management of 401K plans or additional retirement instruments even falling into the compensation and benefits manager.

Education

Compensation and pay scale setting involves analytical tactics along with budgetary skills. Through benefits administration would help you in getting a law a background, as a minimum in the human resources field. A bachelor’s degree in finance or accounting or a business degree through emphasis on human resources can be superb add-ons to a resume in concerning for compensation and benefits manager post. Experience in the field may be obtained by taking an entry-level post in the accounting department or controller’s office in order to learn the current pay structure and benefit packages.

Employment

In 2008 there were around 50,100 experts working in the profession of compensation and benefit analysis. An additional approximately 61,250 workers were working as job analysts, a field closely associated with compensation management in large firms.

Job Outlook

Jobs in this profession are expected to rise at a somewhat faster rate compared to likely average development of jobs overall. Compensation and benefits packages are varying, as employer-sponsored health insurance turn into the exception somewhat than the rule. Companies through long compensation histories and/or companies among union contracts would be challenging in future earnings along with benefits decisions and would get to devote more experts to the issue.

Salary

  • Lowest 10th Percentile $50,450
  • Median Salary $87,100
  • Top 90th Percentile $148,350