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. 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.
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Compensation Manager skill and competencie below to view definitions.
Skill definition-Designing, managing, assessing and implementing compensation plan to attract and retain talent.
Level 1 Behaviors
(General Familiarity)
Explains the importance and advantages of benefits program.
Level 2 Behaviors
(Light Experience)
Documents and maintain administrative procedure manuals for managing the benefit program.
Level 3 Behaviors
(Moderate Experience)
Formulates a benefits plan program based on the results of employee needs assessment and gap analysis.
Level 4 Behaviors
(Extensive Experience)
Leads the design and implementation of the company’s benefit programs and activities.
Level 5 Behaviors
(Mastery)
Develops communication strategies to ensure benefit programs are fully understood by stakeholders.
Skill definition-Managing and determining the salary, bonuses, and benefits to ensure competitive and appropriate compensation for employees.
Level 1 Behaviors
(General Familiarity)
Explains the importance of compensation management in retaining and alluring our employees.
Level 2 Behaviors
(Light Experience)
Identifies and analyzes appropriate compensation for each job to provide pay grade and salary range.
Level 3 Behaviors
(Moderate Experience)
Performs statistical analyses to support the implementation and management of compensation programs.
Level 4 Behaviors
(Extensive Experience)
Manages our compensation program to assure an appropriate approach is established for compensation claims.
Level 5 Behaviors
(Mastery)
Develops and maintains a framework for market-based salary ranges and compensation plan structure.
Skill definition-Applying specific policies, tools and practices to plan and prepare projected revenues, expenses, cash flows, and capital expenditures.
Level 1 Behaviors
(General Familiarity)
Describes the procedures for capital and expense allocation and budgeting.
Level 2 Behaviors
(Light Experience)
Gathers financial data to help support management in budgeting analysis and forecasting.
Level 3 Behaviors
(Moderate Experience)
Prepares and reviews the annual budgeting process to ensure effective and efficient budgeting.
Level 4 Behaviors
(Extensive Experience)
Evaluates past decisions on budgetary considerations to improve the budgeting process.
Level 5 Behaviors
(Mastery)
Establishes operating procedures to guide the consistency and repeatability of our budgeting processes.
Skill definition-Managing and prioritizing resources and workloads by creating well-organized plans to attain organizational goals and objectives.
Level 1 Behaviors
(General Familiarity)
Documents best practices in planning and organizing work to address important tasks.
Level 2 Behaviors
(Light Experience)
Discusses the positive and negative outcomes of planning and organization in the workplace.
Level 3 Behaviors
(Moderate Experience)
Helps set up new practices to anticipate and address the needs of planning and organization initiatives.
Level 4 Behaviors
(Extensive Experience)
Facilitates the adoption of advanced tools to streamline the process of planning and organization.
Level 5 Behaviors
(Mastery)
Develops best practices in planning and organizing activities to improve organizational efficiency.
There are 0 hard skills for Compensation Manager.
9 general skills for Compensation Manager, Benefit Programs, Compensation Management, Executive Compensation, etc.
13 soft skills for Compensation Manager, Budgeting, Planning and Organizing, Project Management, etc.
While the list totals 22 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Compensation Manager, he or she needs to be skilled in Budgeting, be skilled in Planning and Organizing, and be skilled in Project Management.
