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, and associated analysis. Being a Compensation Manager ensures that base pay, incentive pay and performance management programs remain competitive and conform to current compensation strategy. Requires a bachelor's degree. Additionally, Compensation Manager typically reports to 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. Extensive knowledge of department processes. To be a Compensation Manager typically requires 5 years experience in the related area as an individual contributor. 1 to 3 years supervisory experience may be required.

People's Opinions on Compensation Manager responsibilities

A compensation manager must find ways to ensure that pay rates are fair and equitable in order to retain and recruit employees.

11/30/2019: Kansas City, KS

In larger organizations, a compensation manager might specialize in specific areas such as job classification or market pay studies.

01/01/2020: Modesto, CA

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.

12/29/2019: Waterloo, IA

A compensation manager's salary can vary depending on location, experience, and employer.

02/04/2020: Los Angeles, CA

A good compensation manager develops salary and benefits packages that will draw the best applicants to available positions.

02/16/2020: San Antonio, TX
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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.

People's Opinions on best tips

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.

01/19/2020: Olympia, WA

Consider all options for compensation that your attorney presents, which may include trust funds and lawsuits.

02/23/2020: Portsmouth, OH

compensation manager interview question.

12/19/2019: Killeen, TX

Complete Continuing Education Courses.

12/07/2019: Stamford, CT

Pass the Certified Employee Benefits Specialist (CEBS) Exam.

02/14/2020: Miami, FL
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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?

People's Opinions on lifestyles

Conduct compensation bench marking and manage surveys to support competitive analysis of compensation programs within the industry.

12/19/2019: Muskegon, MI

Oversee completion of Hospitality Industry Compensation Survey and General Industry Compensation Surveys and advise on international hotel compensation surveys….

02/09/2020: Salisbury, NC

Lead the continuous improvement and implementation of international and domestic compensation program.

12/16/2019: Gary, IN

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.

01/14/2020: Fort Worth, TX

Training the wider HR community on deferred compensation issues including informing them of the controls and governance that is managed by the team.

01/25/2020: Petaluma, CA
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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.

People's Opinions on Compensation Manager skills

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.

01/01/2020: Honolulu, HI

Writing is one of the top skills a compensation manager uses often.

11/29/2019: Las Vegas, NV

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.

01/30/2020: Salt Lake City, UT

A compensation manager's salary can vary depending on location, experience, and employer.

01/25/2020: Winston Salem, NC

Employers often seek a mix of education and relative experience for compensation managers.

02/07/2020: Altoona, PA
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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 $111,142 to $142,692. The salary will change depending on your location, job level, experience, education, and skills.

Salary range for a Compensation Manager
$111,142 to $142,692

Step 7: Find relevant Compensation Manager jobs, and apply.

Looking for Compensation Manager jobs?

Here are some Compensation Manager jobs in the United States.

Search Compensation Manager Jobs in the United States

Step 8: Explore Career Path of Compensation Manager

Step 8: Explore Career Path of Compensation Manager? Compensation Manager