Compensation and Benefits Manager

Career Overview

In large firms the compensation and benefit management is split into two separate jobs. In many firms with less than 200 employees however, the same person has oversight for both areas. Compensation analysis and payscale setting requires analysis of market rates and also, analysis of in-house job descriptions that may deserve parity, or should be scaled. Benefits oversight can be a comlex assignment in a firm that offers health insurance to its employees. Management of 401K plans or othe retirement instruments also fall to the compensation and benefits manager.

Education

Compensation and payscale setting requires analytical skills and budgetary skills. With benefits administration it helps to have a background in law, at least in the human resources field. A bachelor's degree in accounting or finance or a business degree with emphasis on human resources would be excellent additions to a resume in applying for a compensation and benefits manager position. Experience in the field may be obtained by taking an entry level position in the accounting department or controller's office in order to learn the existing pay structure and benefit packages.

Employment

In 2006 there were 49,000 professionals working in the field of compensation and benefit analysis. An additional 60,000 workers were employed as job analysts, a field closely related to compensation management in large firms.

Job Outlook

Jobs in this profession are likely to grow at a slightly faster rate than the projected average growth of jobs overall. Compensation and benefits packages are changing as empoyer-sponsored health insurance becomes the exception rather than the rule. Companies with long compensation histories and/or companies with union contracts will be challenged in future salary and benefits decisions and will need to devote more professionals to the issue.

Salary

10th Percentile $49,350

Median Salary $86,500

90th Percentile $147,050

Source: U.S. Department of Labor