HR > Compensation Manager
Compensation Manager
Remote
A Compensation Manager plays a vital role in recruitment and retention. By completing Compensation Manager job duties, they can help your company offer compensation packages with competitive pay and benefits, increasing your chances of attracting quality candidates. In addition, their work makes it possible to offer pay increases and expanded benefits and perks that can increase job satisfaction and encourage employees to stay with your company. A skilled Compensation Manager can also help you control costs by developing creative solutions that add greater perceived value to compensation packages without requiring large increases in spending.
A Compensation Manager, or Compensation and Benefits Manager, oversees the wages and benefits that employees receive for their work. They develop compensation programs, monitor their effectiveness and make revisions when necessary.
A Compensation Manager should be able to fulfill various duties and responsibilities. The following are some duties and responsibilities a Compensation Manager should be able to execute:
- Creating compensation programs that establish pay grades and criteria for raises
- Developing new benefits programs to increase total compensation for employees
- Researching market trends to evaluate the competitiveness of salaries
- Reviewing, evaluating and revising compensation programs regularly
- Conducting surveys to assess employee satisfaction with pay and benefits
- Advising managers and supervisors about matters related to pay
A competitive Compensation Manager will have certain skills and qualifications, including:
- Research and analytical skills to gather and interpret data
- Computer skills to use spreadsheet, word processing, e-mail and HR software
- Interpersonal and collaborative skills to work well with members of the management team
- Problem-solving skills to find solutions to challenges
- Management skills to delegate tasks related to developing and revising compensation plans
- Extensive knowledge of laws related to compensation and benefits
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