Compensation and Benefits Managers
Compensation and Benefits Managers design and manage how companies pay their employees and what benefits they offer, like health insurance and retirement plans. They research what other companies pay for similar jobs, work with insurance companies and investment firms, and make sure everything follows government rules. Using HR software and data analysis tools, they create fair pay structures and communicate these programs to employees. This career typically requires a business or human resources degree and offers opportunities to work in various industries with hybrid work options.
Did you know?
Must stay current with complex federal and state compensation laws including FLSA, Equal Pay Act, and ERISA to ensure all rewards programs meet legal requirements.
At a glance
Typical average pay
$130,900 Avg/yr
Growth
Stable
Top skill
Speaking
Things to consider
Market Competitiveness Analysis
Requires continuous benchmarking against industry standards and competitor offerings to design attractive packages that help organizations win the talent war in America's competitive job market.
Technology and Data Analytics Proficiency
Must be skilled in HR technology platforms and data analysis tools to design, implement, and measure the effectiveness of modern rewards programs in the digital-first American workplace.
Key responsibilities
Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.
Contract with vendors to provide employee services, such as food services, transportation, or relocation service.
Prepare detailed job descriptions and classification systems and define job levels and families, in partnership with other managers.
Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).