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 best practices and concepts in data analytics.
Level 2 Behaviors
(Light Experience)
Collects data from sources to provide data analysis and insights.
Level 3 Behaviors
(Moderate Experience)
Makes recommendations based on findings from data analytics to report to potential clients.
Level 4 Behaviors
(Extensive Experience)
Communicates data analytics results to initiate insights to stakeholders and our organization.
Level 5 Behaviors
(Mastery)
Develops new Data Analytics methodologies and procedures to support business in decision making.
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)
Develops a periodic evaluation process to determine effectiveness of benefits program.
Level 5 Behaviors
(Mastery)
Champions the adoption of creative benefits package to ensure market competitiveness.
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)
Assists in developing and improving budgeting models, plans, and strategies.
Level 3 Behaviors
(Moderate Experience)
Compares planned budgets vs. actual expenditures, identifies, reports, and explains variances.
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 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.
