A Compensation Manager plans, directs, or coordinates compensation and benefits activities and staff of an organization.
Job Tasks of the Compensation Manager:
- A Compensation Manger designs, evaluates and modifies benefits policies to ensure that programs are current, competitive and in compliance with legal requirements.
- A Compensation Manager analyzes compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plans.
- A Compensation Manager fulfills all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
- A Compensation Manager directs preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
- A Compensation Manager administers, directs, and reviews employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
- A Compensation Manager plans, directs, supervise, and coordinate work activities of subordinates and staff relating to employment, compensation, labor relations, and employee relations.
- A Compensation Manager identifies and implements benefits to increase the quality of life for employees, by working with brokers and researching benefits issues.
- A Compensation Manager must manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions.
- A Compensation Manager prepares detailed job descriptions and classifications systems and defines job levels and families, in partnership with other managers.
- A Compensation Manager prepares budgets for personnel operations.
Knowledge Requirement for Compensation Managers:
- The Compensation Manager must have knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- The Compensation Manager must have knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- The Compensation Manager must have knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- The Compensation Manager must have knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- The Compensation Manager must have knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- The Compensation Manager must have knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- The Compensation Manager must have knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Work Activities for the Compensation Manager:
- The Compensation Manager provides information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- The Compensation Manager must observe, receive, and otherwise obtain information from all relevant sources.
- The Compensation Manager must be able to identify the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- The Compensation Manager must analyze information and evaluate results to chose the best solution and solve problems.
- The Compensation Manager must develop constructive and cooperative working relationships with others, and maintain them over time.
- The Compensation Manager uses computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- The Compensation Manager must keep up-to-date technically and apply new knowledge to their job.
- The Compensation Manager develops specific goals and plans to prioritize, organize, and accomplish their work.
- The Compensation Manager compiles, codes, categorizes, calculates, tabulates, audits, or verifies information and data.
- The Compensation Manager uses relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- The Compensation Manager is required to be honest and ethical showing their integrity.
- The Compensation Manager is required to be very careful about detail and thorough in completing work tasks.
- The Compensation Manager is required to analyze information and use logic to address work-related issues and problems.
- The Compensation Manager must be pleasant with others on the job and display a good-natured, cooperative attitude.
- The Compensation Manager also knows that he is required to be reliable, responsible, and dependable, and fulfilling obligations.