Compensation benefits managers plan, develop, and oversee programs to determine how an organization pays their employees and how much the employees are paid. Benefit managers plan direct and coordinate benefits that an organization offers its employees, like health insurance, retirement plans, and other benefits. Compensation benefits managers make sure that pay and benefits plans comply with federal regulations and work in nearly every industry.
How to Become a Compensation Benefits Manager
Compensation benefits manages require a mix of experience and education. Most need at least a bachelor’s degree in human resources, finance, business administration, business management, or a related field. Some employers prefer a candidate with a master’s degree that includes a focus in finance, business administration (MBA), or human resources management.
Compensation and benefits managers are not legally required to be certified. However, it could be advantageous for a candidate to have a certification to prove credibility and expertise. Certification programs typically require many years of work experience to qualify for the certifying exam.
Job Description of a Compensation Benefits Manager
Compensation benefits managers usually set the pay structure and benefits offerings of an organization. They modify or develop compensation plans and determine competitive wages and studies the organization’s benefits policies to determine that they are current, legal, and competitive. They must choose and manage outside vendors, such as investment managers, benefits vendors, and insurance brokers. Compensation and benefits managers may also manage a team of benefit specialists and job analysts.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Compensation and Benefits Managers.
National Center for O*NET Development. 11-3111.00. O*NET OnLine.