Leads an organization's compensation department.
Champions timely and robust data collection and analysis processes that support research and market, pay equity, and other compensation studies. Responsible for leading the strategic planning of compensation and equity programs, ensuring those programs align with organizational goals, initiatives, and budgets. Ensures proper collection and analysis of compensation data, including surveys, market research and analysis, and pay equity. Keeps abreast of regulatory, market, and practice changes and trends.
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 VP of Compensation skill and competencie below to view definitions.
Skill definition-Applying techniques and processes in examining and evaluating raw data to derive conclusions to support business decision-making.
Level 1 Behaviors
(General Familiarity)
Discusses the models and roles of business data analytics.
Level 2 Behaviors
(Light Experience)
Conducts data cleaning process by removing duplicate records to ensure effective data analytics.
Level 3 Behaviors
(Moderate Experience)
Partners with internal and data engineering teams to fully optimize acquisition data sources.
Level 4 Behaviors
(Extensive Experience)
Leads overall data analytics activities of our organization to apply decision-making techniques.
Level 5 Behaviors
(Mastery)
Develops robust analytics requirements to define algorithms and data sources for stakeholders.
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)
Facilitates employee benefit seminars and trainings for employees to ensure mutual understanding.
Level 5 Behaviors
(Mastery)
Develops communication strategies to ensure benefit programs are fully understood by stakeholders.
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 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)
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 VP of Compensation.
7 general skills for VP of Compensation, Data Analytics, Benefit Programs, Compensation Management, etc.
12 soft skills for VP of Compensation, Budgeting, Planning and Organizing, Judgment and Decision Making, etc.
While the list totals 19 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 VP of Compensation, he or she needs to be an expert in Budgeting, be an expert in Planning and Organizing, and be an expert in Judgment and Decision Making.
