The Compensation and Benefits Coordinator oversees the activities and goals of subordinate employees and ensures that budgets and project milestones have been met. They are also fully empowered to make personnel decisions. The average experience for a compensation and benefit manager is between five and three years. They also must have a deep understanding of departmental processes.
Job duties
A compensation and benefits manager oversees all aspects of an organization's compensation and benefits program. Job duties include analyzing data, identifying trends, and monitoring employee benefits packages. They also consult with department heads and HR staff. The ever-changing regulations governing employee benefits are a must for compensation and benefits managers. They must ensure that employee benefits packages comply with all statutory requirements as well as tax obligations.
A compensation and benefits manager's primary responsibility is to implement employee benefits programs that are competitive and cost-efficient. They must be able to make tough decisions, analyze new programs and ensure that policies and procedures comply with regulations. In addition to supporting the HR department in recruitment and hiring, compensation and benefits managers develop employee wellness programs. They also manage department budgets.
Salary
A compensation and benefit manager makes a median annual salary of $122,270. This position's median salary is determined by education, experience, certification, and other factors. The highest-paid managers of compensation and benefits earn more than 208,000. Most compensation and benefits managers work full-time, although some work overtime or extra hours during peak times of the year. According to the Bureau of Labor Statistics (Board of Labor Statistics), compensation and benefits managers are expected to increase by 3 percent in 2018 and 2028.
Compensation and benefits managers oversee employee benefits and salary structures. They are responsible for determining company policies and researching competitive benefits. They ensure that employees are paid competitive wages and receive benefits. The annual and quarterly reviews of the employee wage budgets are also done by compensation and benefits managers. Other compensation and benefits managers oversee other compensation specialists and ensure their accuracy. Other responsibilities include coordinating employee benefits information and monitoring payroll distribution.
Education is required
A bachelor's degree in business administration, or closely related, is required to be a compensation and benefit manager. You also need at least five years work experience. Employers may prefer applicants with a masters degree. Organizational compensation managers are responsible for implementing employee benefits plans and compensation.
This job requires strong interpersonal skills and the ability work under pressure. These managers should have excellent technical and human resources skills. Most compensation and benefits managers work full time, usually working 40 to 50 hours per week. They may sometimes work overtime in order to meet deadlines. While compensation and benefit managers are skilled in many areas, they still need to have extensive leadership and management skills. They must also have a good understanding of the psychology of people.
Outlook for the Job
A wide variety of responsibilities are required for compensation and benefits managers. These individuals must be able to analyze data and make recommendations to senior management. They should have good communication skills and a high sense of ethics and discretion. They must have a good understanding of the laws and regulations that govern compensation and benefits.
A bachelor's degree in business administration or human resources is required to be a compensation and benefit manager. Online programs are available. Not only can you get a degree in a traditional field, but you also have the opportunity to gain work experience as compensation and benefits managers in other fields.
FAQ
What is TQM?
The industrial revolution saw the realization that prices alone were not sufficient to sustain manufacturing companies. This led to the birth of quality. They needed to improve the quality and efficiency of their products if they were to be competitive.
Management responded to the need to improve, and developed Total Quality Management (TQM). This focused on improving every aspect of an organization’s performance. It involved continuous improvement, employee participation, and customer satisfaction.
What is the difference in leadership and management?
Leadership is about influence. Management is all about controlling others.
A leader inspires others while a manager directs them.
A leader motivates people to achieve success; a manager keeps workers on task.
A leader develops people; a manager manages people.
What kind of people use Six Sigma?
Six Sigma is well-known to those who have worked in operations research and statistics. Anyone involved in business can benefit.
Because it requires a high level of commitment, only those with strong leadership skills will make an effort necessary to implement it successfully.
Statistics
- Our program is 100% engineered for your success. (online.uc.edu)
- The BLS says that financial services jobs like banking are expected to grow 4% by 2030, about as fast as the national average. (wgu.edu)
- The profession is expected to grow 7% by 2028, a bit faster than the national average. (wgu.edu)
- UpCounsel accepts only the top 5 percent of lawyers on its site. (upcounsel.com)
- Hire the top business lawyers and save up to 60% on legal fees (upcounsel.com)
External Links
How To
How do I get my Six Sigma certification?
Six Sigma is a quality management tool to improve processes and increase efficiency. It is a method that enables companies to achieve consistent results with their operations. The name "Sigmas" comes from the Greek words "sigmas", meaning "six". Motorola invented this process in 1986. Motorola realized they needed to standardize the manufacturing processes to produce products faster and cheaper. They had been having problems with consistency because of the many different people who were doing the work. To resolve this issue, they used statistical tools like Pareto analysis and control charts. After this, they would apply these techniques to every part of the operation. This technique would enable them to make improvements in areas that needed it. There are three main steps to follow when trying to get your Six Sigma certification. Find out if you are qualified. You'll want to take some classes and pass them before you start taking any tests. Once you've passed those classes, you'll start taking the tests. It is important to review everything that you have learned in class. Next, you'll be ready for the test. If you pass, you'll get certified. Finally, you can add your certifications on to your resume.