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)
Describes the process of designing employee benefits program.
Level 2 Behaviors
(Light Experience)
Conducts appropriate audits of benefit programs in accordance with compliance standards.
Level 3 Behaviors
(Moderate Experience)
Creates communication materials relating to updated compensation and benefit programs.
Level 4 Behaviors
(Extensive Experience)
Facilitates employee benefit seminars and trainings for employees to ensure mutual understanding.
Level 5 Behaviors
(Mastery)
Champions the adoption of creative benefits package to ensure market competitiveness.
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 fundamentals and principles of employee compensation management.
Level 2 Behaviors
(Light Experience)
Conducts compensation research to adapt and update best practices in compensation management.
Level 3 Behaviors
(Moderate Experience)
Helps in interpreting salary survey results to support the management of compensation programs.
Level 4 Behaviors
(Extensive Experience)
Drafts plans of compensation initiatives to ensure successful execution of employee compensation.
Level 5 Behaviors
(Mastery)
Develops and administers effective compensation programs under our organization's reward strategy.
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.
Level 2 Behaviors
(Light Experience)
Gathers data from financial statements to help create budget plans and improve budgeting strategies.
Level 3 Behaviors
(Moderate Experience)
Implements strategic operational efficiencies and techniques for conducting successful budgeting.
Level 4 Behaviors
(Extensive Experience)
Determines system capabilities and needs to improve the process for financial budgeting.
Level 5 Behaviors
(Mastery)
Develops financial models to support the strategic improvement 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)
Compiles a list of all the traits of effective planning to help finish the assigned tasks.
Level 2 Behaviors
(Light Experience)
Classifies assigned tasks based on the level of importance to ensure organized workload completion.
Level 3 Behaviors
(Moderate Experience)
Defines and translates objectives into specific plans to ensure understanding of organizational goals.
Level 4 Behaviors
(Extensive Experience)
Delivers training sessions to foster and maximize solid planning and organization capabilities.
Level 5 Behaviors
(Mastery)
Champions the adoption of business intelligence systems to achieve planning and organization goals.
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.
