Compensation and Benefits Managers: Salary, career path, job outlook, education and more
- Education Required
- Compensation and benefits managers typically need a bachelors degree for most positions. Managers usually need a bachelors degree in human resources, business administration, business management, finance, or a related field.
- Job Outlook
-
The projected percent change in employment from 2016 to 2026: 5% (As fast as average)
(The average growth rate for all occupations is 7 percent.) - Licenses/Certifications
- Although compensation and benefits managers are not legally required to be certified, certification can show expertise and credibility. Employers may prefer to hire candidates who are certified, and some positions may require certification.
- Median pay: How much do Compensation and Benefits Managers make?
- $116,240 Annual Salary
- $55.89 per hour
Compensation and benefits managers plan, develop, and oversee programs to compensate employees.
What do Compensation and Benefits Managers do?
Compensation and benefits managers typically do the following:
- Coordinate and supervise the work activities of specialists and support staff
- Set the organizations pay and benefits structure
- Determine competitive wage rates to develop or modify compensation plans
- Choose and manage outside partners, such as benefits vendors, insurance brokers, and investment managers
- Oversee the distribution of pay and benefits information to the organizations employees
- Ensure that pay and benefits plans comply with federal and state regulations
- Prepare a program budget and keep operations within that budget
Although some managers administer both the compensation and benefits programs in an organization, other managersparticularly at large organizationsspecialize and oversee one or the other. All managers, however, routinely meet with senior staff, managers of other human resources departments, and the financial officers of their organization. They provide expertise and make recommendations on compensation and benefits policies, programs, and plans.
Compensation and benefits managers may perform data analysis to determine the best pay and benefits plans for an organization. They may also monitor trends affecting pay and benefits and assess how their organization can improve practices or policies. Using a variety of analytical, database, and presentation software, managers draw conclusions, present their findings, and make recommendations to other managers in the organization.
Careers for Compensation and Benefits Managers
- Benefits managers
- Compensation directors
- Compensation managers
- Employee benefits coordinators
- Employee benefits directors
- Employee benefits managers
- Managers
- Wage and salary administrators