Who is a compensation manager

Compensation management which ensures the financial success and wellbeing of both the employer and employee makes both happy. Employers who reward employees with market-range salaries, well-deserved bonuses, and incentives to improve employee lifestyle, demonstrate their value for their employees. As a result, the employees will feel more motivated and engaged, and in turn, give back to their employer through increased productivity and quality work.

This symbiotic relationship between employer and employer is vital to create a company culture composed of happy and enthusiastic employees. What is compensation management? Compensation management ensures that employees get paid a fair salary based on: Work performance Position Responsibilities Experience Job market Company budget.

The most successful HR professionals in today's digital business environment have a T-shaped competency profile. Take the free assessment now! You will need a strong background in finance and statistical analysis, as these are critical when working with salary. Strong candidates should have compensation certifications that demonstrate an understanding of the field. Salaries will vary depending on specific duties, company size, and location. In larger companies, you may have director-level employees who supervise others and command much higher salaries.

And, of course, all of these duties can fall under an HR generalist in a smaller company. A compensation and benefits manager is responsible for ensuring fair and accurate compensation, including regular salaries, bonuses, stock options, pensions, and any additional benefits.

You will also need a strong background in finance and statistical analysis. Future-proof your career in HR by continuously expanding your skill set with the latest and most relevant HR skills.

Erik van Vulpen is an expert in shaping modern HR practices by bringing technological innovations into the HR context. Which has since become the 1 leader in online training courses for HR professionals across the globe. Free resource ahead! Download Cheat Sheet. A compensation and benefits manager is responsible for a wide variety of tasks varying from building pay bands and bonus structures to retirement plans and other types of employee benefits and more.

How T-Shaped are You? Start assessment. What is the compensation and benefits manager? How to become a compensation and benefits manager? How much does a compensation and benefits manager make? Are you ready for the future of HR? Learn modern and relevant HR skills, online Browse courses Enroll now. Send this to a friend. Send Cancel. Department of Education. What do compensation managers do? What types of skills do compensation managers need?

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Ashley Brooks Ashley is a freelance writer for Collegis education who writes student-focused articles on behalf of Rasmussen University. Posted in Human Resources and Organizational Leadership human resources.