Skills & Competencies for Compensation Manager

Compensation Manager job profile

Book a Demo and Receive a Sample Job Profile

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%
$139,879
TOTAL 50%
$152,545
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
BOOK A DEMO

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

It's Easy to Get Started

Get the precision you need to assess, hire, and develop top talent with skills and competencies – see how with a personalized demo.