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Compensation Managers Job Description

Job Descriptions October 26, 2013

Compensation managers work in Human Resources, dedicated to helping employees acquire the best salary possible. While they aim to please workers, ultimately, they help the company’s employee retention, profits, and growth potential by keeping good workers. They make sure that pay structures and benefits plans are competitive, and help to keep an A-list workforce of employees that are happily giving their all to the brand.

A Career of Overseeing Employee Benefits

Many companies take employee dedication for granted. They may even minimize benefits and increase the number of rules, with stringent disciplinary actions. They intimidate without rewards and essentially hold employees as captives. This is becoming more common in times of recession and, precisely, what smarter and strategic-minded companies want to avoid. The compensation manager is very concerned with retaining staff as well as streamlining budgets as much as possible.

Ideally, you have experience and know-how in designing plans, not merely finding standard deals. You must negotiate and administer plans, as well as overseeing how the programs are implemented. This means being able to monitor salary structures and balancing cost control with the most benefits available.

Some of this has to do with strategic company objectives; making sure that all programs conform to these requirements. However, there is also the need to be aware of industry standards so that the company does not become known to giving less than the competition.

The Skills and Experience You will Bring to a Company

In addition, workers in this field will consult with department heads and managers in order to learn what budget and benefits are available. They must comply with state law, as well as company precedent. In addition to developing these programs, this worker will educate, mentor, and train employees to keep up with the consistent patterns of service.

Keep in mind that the workforce changes quickly; therefore, this professional will have to keep up with these changes. Research, negotiation, and evaluation are all imperative. Evaluative abilities include internal supervision, evaluating what the competing companies offer in their way of compensation, and seeing whether one’s current company can provide the same package or better.

If you apply for this job, you will be expected to manage brokers and consultants while reporting back to management and giving feedback to them, representative of the employee consensus. This is a position of responsibility since you will be the one who maintains all data and records.

Skills needed to work include financial and budgeting management, the ability to read and report on statistical data, creating compensation packages and measuring their effectiveness, developing human resources while conserving what your company has, and leveraging all resources to create a better, trusted company.

This is a job meant for people with communication skills and organizational skills, with a delicate balance between skills. Many students who go onto this career field start with a bachelor’s degree or may even earn a Master’s of Science Degree in Human Resources, or a related subject. Now is the time to inquire about the opportunities and reflect upon your personal aims while continuing to pursue your educational path.

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  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
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  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
  • View Associates, Bachelors or Graduate Degree Programs in Business Near YOU!
  • Enter YOUR Needs and Requirements. Get Matched to the Perfect Campus or Online Degree Programs for You.
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