Career Profile: Compensation and Benefits Managers

Salary and Outlook

According to the US Department of Labor, there are 15,700 people employed as compensation and benefits managers in the United States. The median annual salary is $127,530. Entry level employees earn approximately $77,040 per year and senior employees earn approximately $208,000 (or more) per year.

Estimates do not include other potential benefits such as health insurance, overtime, or retirement benefits that may be offered by employers.

Job Duties

• Prepare personnel forecasts to project employment needs.
• Analyze statistical data and reports to identify and determine causes of personnel problems, and develop recommendations for improvement of organization's personnel policies and practices.
• Maintain records and compile statistical reports concerning personnel-related data, such as hires, transfers, performance appraisals, and absenteeism rates.
• Plan and conduct new-employee orientations to foster positive attitude toward organizational objectives.
• Represent organization at personnel-related hearings and investigations.
• Contract with vendors to provide employee services, such as food services, transportation, or relocation service.
• Design, evaluate, and modify benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.
• Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
• Administer, direct, and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
• Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
• Formulate policies, procedures and programs for recruitment, testing, placement, classification, orientation, benefits and compensation, and labor and industrial relations.
• Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
• Manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions.
• Prepare detailed job descriptions and classification systems and define job levels and families, in partnership with other managers.
• Study legislation, arbitration decisions, and collective bargaining contracts to assess industry trends.
• Plan, direct, supervise, and coordinate work activities of subordinates and staff relating to employment, compensation, labor relations, and employee relations.
• Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.
• Prepare budgets for personnel operations.
• Mediate between benefits providers and employees, such as by assisting in handling employees' benefits-related questions or taking suggestions.
• Develop methods to improve employment policies, processes, and practices, and recommend changes to management.
• Advise management on such matters as equal employment opportunity, sexual harassment, and discrimination.
• Negotiate bargaining agreements.
• Conduct exit interviews to identify reasons for employee termination.
• Investigate and report on industrial accidents for insurance carriers.

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