Skills & Competencies for Compensation Manager

Compensation Manager job profile

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JOB SUMMARY for Compensation Manager

Leads the development, implementation, and administration of compensation programs, policies, and procedures.

JOB RESPONSIBILITIES for Compensation Manager

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.

Compensation Manager SALARY RANGE

BASE 50%
$148,548
TOTAL 50%
$160,550
Job Level
M02
Job Code
HR09200019
Education/Degree
Bachelor's Degree
Reports To
Head of a Unit/Department

Compensation Manager Skills and Competencies List

Proficiency Levels and Behavioural Indicators
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.
JOB FAMILY COMPETENCIES CORE COMPETENCIES
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9 general skills or competencies (Job family competencies) for Compensation Manager

1 Job Family Competencies – Benefit Programs
Proficiency Level -3
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.
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Level 2 Behaviors
(Light Experience)
Conducts appropriate audits of benefit programs in accordance with compliance standards.
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Level 3 Behaviors
(Moderate Experience)
Creates communication materials relating to updated compensation and benefit programs.
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Level 4 Behaviors
(Extensive Experience)
Develops a periodic evaluation process to determine effectiveness of benefits program.
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Level 5 Behaviors
(Mastery)
Champions the adoption of creative benefits package to ensure market competitiveness.
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2 Job Family Competencies – Compensation Management
Proficiency Level -4
Skill definition-Managing and determining the salary, bonuses, and benefits to ensure competitive and appropriate compensation for employees.
Level 1 Behaviors
(General Familiarity)
Cites state laws and regulations that impact our organization's compensation management processes.
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Level 2 Behaviors
(Light Experience)
Assists the management in developing a compensation structure based upon employee performance.
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Level 3 Behaviors
(Moderate Experience)
Communicates compensation recommendations to fulfill gaps between the expectations of our employees.
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Level 4 Behaviors
(Extensive Experience)
Delivers training on compensation processes to help determine the appropriate employee compensation.
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Level 5 Behaviors
(Mastery)
Champions the adoption of new philosophies and technologies for compensation management.
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3 Compensation Manager - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Compensation Manager
Proficiency Level - 4
5 Competency for - Compensation Manager
Proficiency Level - 5

13 soft skills or competencies (core competencies) for Compensation Manager

1 Core Competencies – Budgeting
Proficiency Level -4
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 concepts and principles of budgeting operations.
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Level 2 Behaviors
(Light Experience)
Assists in developing and improving budgeting models, plans, and strategies.
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Level 3 Behaviors
(Moderate Experience)
Compares planned budgets vs. actual expenditures, identifies, reports, and explains variances.
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Level 4 Behaviors
(Extensive Experience)
Determines system capabilities and needs to improve the process for financial budgeting.
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Level 5 Behaviors
(Mastery)
Adapts relevant industry trends on techniques in financial budgeting in our organization.
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2 Core Competencies – Planning and Organizing
Proficiency Level -4
Skill definition-Managing and prioritizing resources and workloads by creating well-organized plans to attain organizational goals and objectives.
Level 1 Behaviors
(General Familiarity)
Cites potential challenges and workplace issues in delegating tasks that may impede well coordinated work.
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Level 2 Behaviors
(Light Experience)
Assists in identifying and breaking tasks into a sequence of steps for a more organized task plan.
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Level 3 Behaviors
(Moderate Experience)
Aligns tasks and priorities with business goals and objectives.
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Level 4 Behaviors
(Extensive Experience)
Creates programs to improve planning and organization of work to achieve business objectives.
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Level 5 Behaviors
(Mastery)
Builds and designs organizational systems and planning tools to enhance overall productivity.
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3 Compensation Manager - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Compensation Manager
Proficiency Level - 4
5 Competency for - Compensation Manager
Proficiency Level - 5

Summary of Compensation Manager skills and competencies

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.

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