How to Become a Compensation Manager
Step 1: Understand the job description and responsibilities of a Compensation Manager
What does a Compensation Manager do?
A Compensation Manager leads the development, implementation, and administration of compensation programs, policies, and procedures. Manages common compensation functions, including survey participation, job evaluation, salary structure development, incentive plan design, pay program administration and other associated initiatives. Being a Compensation Manager ensures that base pay, incentive pay and performance management programs remain competitive and conform to current compensation strategy. Directs data collection and analysis processes for market, pay equity, and other compensation studies. Additionally, Compensation Manager requires a bachelor's degree. May require a Certified Compensation Professional (CCP) certification. Typically reports to a head of a unit/department. The Compensation Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Compensation Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
A compensation manager must find ways to ensure that pay rates are fair and equitable in order to retain and recruit employees.
In larger organizations, a compensation manager might specialize in specific areas such as job classification or market pay studies.
Compensation managers may work closely with individual managers as well as human resources business partners and the payroll department to ensure that raises are handled correctly and fairly.
A compensation manager's salary can vary depending on location, experience, and employer.
A good compensation manager develops salary and benefits packages that will draw the best applicants to available positions.
Step 2: Learn best tips to become a Compensation Manager
Best tips for those who want to become a Compensation Manager
Here are some tips to become a Compensation Manager.
Find out what compensation you’re eligible for by speaking with an experienced mesothelioma lawyer who can help determine what’s best for you and your family.
Consider all options for compensation that your attorney presents, which may include trust funds and lawsuits.
compensation manager interview question.
Complete Continuing Education Courses.
Pass the Certified Employee Benefits Specialist (CEBS) Exam.
Step 3: View best colleges and universities for Compensation Manager
Best colleges and universities for Compensation Manager
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be a Compensation Manager
Is being a Compensation Manager Worth it?
Conduct compensation bench marking and manage surveys to support competitive analysis of compensation programs within the industry.
Oversee completion of Hospitality Industry Compensation Survey and General Industry Compensation Surveys and advise on international hotel compensation surveys….
Lead the continuous improvement and implementation of international and domestic compensation program.
QUALIFICATIONS University degree; Master’s degree desirable 6-8 years of relevant experience, including experience in HR or compensation Advanced knowledge of Excel and Word, with working knowledge of PowerPoint Excellent communication and presence with senior leaders High level of maturity Outstanding organizational skills and attention to detail, coupled with ability to see big-picture trends Ability to thrive under pressure and multi-task Entrepreneurial and self-directed.
Training the wider HR community on deferred compensation issues including informing them of the controls and governance that is managed by the team.
Step 5: Prepare relevant skills for being a Compensation Manager
What skills do you need to be a Compensation Manager?
In order to drive yourself and your team to success, in a management position you need to have a broad base of skills. For success in this position, you effeciency with these skills is key: Benchmarking, Compensation Management, Equity Based Compensation, Executive Compensation, HR Policy Administration, Incentive Programs, Market Pricing, Salary Planning, Salary Program Administration, Compensation Budget Modeling, Job Evaluation, Survey Participation, Compensation Program Design, Compensation Training. For this role, you will need to be adept in with: Compensation Management Software. Although every company varies in their requirements, these competencies will help you in this role.
In order to achieve top results as a compensation manager, it’s important that one has the right skills to get the job done well.
Writing is one of the top skills a compensation manager uses often.
Being able to negotiate for more attractive compensation will help your organization to become a preferred employer, thus gaining top-level talent that enables more innovation and growth.
A compensation manager's salary can vary depending on location, experience, and employer.
Employers often seek a mix of education and relative experience for compensation managers.
Step 6: View average salary for Compensation Manager
How much does a Compensation Manager make?
The average salary range for a Compensation Manager is from $125,239 to $157,747. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Compensation Manager jobs
Step 7: Find relevant Compensation Manager jobs, and apply.
Looking for Compensation Manager jobs?
Here are some Compensation Manager jobs in the United States.