Median Annual Wage: $108,070
Education: Bachelor's degree (71%); Post-baccalaureate certificate (19%); Some college, no degree (5%)
Projected Growth: Slower than average (3% to 7%)
Related Job Titles: Benefits Manager; Office Manager; Business Manager; Compensation Manager; Human Resources Director; Compensation and Benefits Manager; Benefits Coordinator; Compensation Director; Corporate Controller; Director of Compensation
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Source: O*NET OnLine information for Compensation and Benefits Managers.
More Management Careers
- Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
- Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
- Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
- Administer, direct, and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
- 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.
- 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.
- Prepare budgets for personnel operations.
- Formulate policies, procedures and programs for recruitment, testing, placement, classification, orientation, benefits and compensation, and labor and industrial relations.
- 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.
- Study legislation, arbitration decisions, and collective bargaining contracts to assess industry trends.
- Maintain records and compile statistical reports concerning personnel-related data such as hires, transfers, performance appraisals, and absenteeism rates.
Source: O*NET OnLine information for Compensation and Benefits Managers.
- Speaking - Talking to others to convey information effectively.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Time Management - Managing one's own time and the time of others.
- Management of Personnel Resources - Motivating, developing, and directing people as they work, identifying the best people for the job.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
- Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
Source: O*NET OnLine information for Compensation and Benefits Managers.