Compensation and benefits specialist job description pdf
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- Compensation and Benefits Specialist (Sample Job Description)
- 10 Best Benefits Specialist Job Descriptions
- HR Compensation and Benefits Manager Career Job Description
Compensation and Benefits Specialist (Sample Job Description)
The compensation and benefits manager plays a key role in coordinating the corporate compensation and benefits department. In this article, we take a closer look at this role. Table of content What is the compensation and benefits manager? Compensation and benefits manager job description How to become a compensation and benefits manager Compensation and benefits manager salary FAQ. A compensation and benefits manager is responsible for ensuring fair and accurate compensation, including regular salaries, bonuses, stock options, pensions, and any additional types of employee benefits.
The compensation and benefits manager works with hiring managers, recruiters, and other Human Resources personnel to ensure that job offers are both based on market rate and have internal equity an explanation is provided below. Here are some of the tasks that a Compensation and Benefits Manager has responsibility for. Determining Market Rates. They often do this through salary surveys and statistical analysis to determine what the market value is for each job.
Because each company is different and jobs can vary from person to person, this is not always a fixed number. Job requirements such as education, years of experience needed, and specific schools can help set a base number.
For instance, a company may advertise a position as a marketing manager, but the best candidate has ten years of experience and has ideas that the company wants to implement. Building Pay Bands. Because the value of a job varies based on who does the work as not everyone has the same skills , many companies have salary bands.
These salary ranges have a mid-point, which is considered the market rate for the position. Your relationship to this midpoint is called a compa-ratio. Evaluating Jobs. In addition to a specific salary, each job sits within a pay band. Several jobs across the company can all be assigned to the same job band, even though the duties and responsibilities are different. Job titles are also often tied to these job bands so that a Junior Analyst is a Grade 8, and an Analyst is a Grade 10, and a Senior Analyst is a Grade Excellent negotiation skills should not result in a substantially different salary for peers that are similarly situated.
Frequently they will use regression analysis to make sure there are grounds for variances. Experience and education are valid reasons for one person to earn more than another, as are performance appraisals and hours worked, but gender and race are not legitimate reasons. In addition, compensation and benefits data is usually the best maintained and most structured kind of people data.
This makes it highly suitable for people analytics. The aforementioned compa-ratios can be compared to performance metrics. Ideally, high performers have a positive compa-ratio, average performers are at the mid-point, while bad performers have a negative compa-ratio. Deviations can indicate bad compensation practices. Also, deviations from compa-ratios can be compared between different pockets in the organization to identify deviations.
These can also indicate potential structural problems when it comes to rewarding. Identifying these trends early and correcting them is a key part of the compensation and benefits manager role. Building Bonus Structures. There are two types of bonuses: Discretionary and non-discretionary. A non-discretionary bonus includes guaranteed production bonuses and sales bonuses.
The company sets the amount or percentage before the employee does the work. If the employees meet the conditions, they receive the bonus. A discretionary bonus can vary based on numerous factors, including company and personal performance.
Retirement plans. They work with vendors, employee councils, unions, and attorneys to create and manage these plans. Health insurance. In the United States, health insurance is often tied to your employment.
The company determines which health insurance plans and negotiates costs with insurance companies, usually working through a health insurance broker. All other benefits. Benefits software. An often-forgotten aspect of compensation and benefits is managing the relevant HR software.
Increasingly, organizations are deploying flexible compensation and benefits structures. An expat may want a few more days off to visit family home, while a single dad may have more benefits of company-sponsored childcare.
Being able to tailor benefits packages to individual demands can have a highly positive impact on employee morale and motivation. Software is a key enabler in this. 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.
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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. What is the compensation and benefits manager? How to become a compensation and benefits manager? How much does a compensation and benefits manager make? Share via. Send this to a friend. Send Cancel.
10 Best Benefits Specialist Job Descriptions
In general, business success depends on employee skills and talents. HR compensation and benefits managers can help contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive, and that they are designed and managed to attract and retain a quality workforce. Hiring and retaining staff are typically vital to the oevrall health of an organization, and skilled HR compensation and benefits managers are usually in high demand for their expertise in designing compensation and benefits plans, as well as negotiating and administering healthcare and retirement plans. According to the U. Demand for human resources professionals may be a result of a more competitive and complex employment environment, a need to attract and retain a strong workforce, and a desire by businesses to successfully navigate the complexities of labor law. Other typical job duties for HR compensation and benefits managers include consulting with internal business partners , such as department heads and management, to assess benefits, compensation and compliance needs. They also educate, mentor and train HR staff on processes and professional practices within these areas.
Responsibilities · Development and design of compensation packages and policies aligned with the organization's strategy · Assessment of the employees' needs.
HR Compensation and Benefits Manager Career Job Description
NOTES :. A Benefits Specialist counsels and provides information on employee benefits and retirement programs; researches and resolves issues regarding program services and benefits; performs benefit calculations; may assign, review and evaluate the work of subordinates engaged in support activities for this work; applies sound supervisory principles and techniques in building and maintaining an effective work force; fulfills equal employment opportunity responsibilities; and does related work. Applications will only be accepted on-line. When you are viewing the on-line job bulletin of your choice, simply scroll to the top of the page and select the "Apply" icon.
The compensation and benefits manager plays a key role in coordinating the corporate compensation and benefits department. In this article, we take a closer look at this role. Table of content What is the compensation and benefits manager?
Compensation Managers, also referred to as Compensation and Benefits Managers, design, oversee, and implement a firm's compensation and benefits programs. Compensation and Benefits Manager Job Description. Employee relations managers are responsible for facilitating employee relations and resolving human resource issues on behalf of a company. Page 4 of 4 Job Description: Operations Manager Other Duties The job duties, elements, responsibilities, skills, functions experience, educational factors, requirements, and conditions listed in this job description are representative only and not exhaustive of the tasks that any employee may be required to perform.