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)
Lists the factors that should be considered in the development of the benefits objectives.
Level 2 Behaviors
(Light Experience)
Responds to employee inquiries regarding benefits program.
Level 3 Behaviors
(Moderate Experience)
Reviews cost and usage rates of existing benefit programs to assess actual and perceived value.
Level 4 Behaviors
(Extensive Experience)
Oversees the development of the benefits objectives to ensure comply with overall strategic goals.
Level 5 Behaviors
(Mastery)
Keeps current on latest state laws and regulations impacting employee benefit programs to ensure compliance.
Skill definition-Managing and determining the salary, bonuses, and benefits to ensure competitive and appropriate compensation for employees.
Level 1 Behaviors
(General Familiarity)
Lists the best practices for managing compensation plans in our organization.
Level 2 Behaviors
(Light Experience)
Tracks data on our compensation policies to prepare reports to our management team on key findings.
Level 3 Behaviors
(Moderate Experience)
Utilizes data tools to manipulate data sets for incentive compensation plan design and management.
Level 4 Behaviors
(Extensive Experience)
Oversees the implementation of new techniques to ensure continuous improvement in compensation processes.
Level 5 Behaviors
(Mastery)
Keeps updated on all state laws and regulations that Impact compensation and benefits management.
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)
Lists the elements and the steps on how to conduct budgeting.
Level 2 Behaviors
(Light Experience)
Tracks and reports financial inefficiencies to ensure smooth functioning of our budgeting processes.
Level 3 Behaviors
(Moderate Experience)
Works with senior management in creating appropriate budget amounts.
Level 4 Behaviors
(Extensive Experience)
Recommends alternative budgeting strategies for resolving budgeting issues in our workplace.
Level 5 Behaviors
(Mastery)
Introduces technologies, policies, and programs for more effective budget management.
Skill definition-Managing and prioritizing resources and workloads by creating well-organized plans to attain organizational goals and objectives.
Level 1 Behaviors
(General Familiarity)
Lists commonly used tools in workplace planning and organization.
Level 2 Behaviors
(Light Experience)
Works with specific tools in prioritizing and allocating resources to ensure task accuracy.
Level 3 Behaviors
(Moderate Experience)
Prepares schedules to plan, organize, and complete priorities promptly.
Level 4 Behaviors
(Extensive Experience)
Sets short- and long-term objectives to organize team workload and improve efficiency.
Level 5 Behaviors
(Mastery)
Leads the development of new techniques and strategies to drive effective planning and organization.
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.
