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What Do Compensation Managers Do?

Job Descriptions September 30, 2013

Compensation managers are the ones responsible for researching a company’s payroll and pay systems. This job description not only implies research but also setting up a pay system and sustaining it.

A great part of the job is ensuring that employers are being paid according to competitive industry rates, while also ensuring the payments are equitable to maintain company profit and loss.

Goals and Perks of Managing

If you were to work in a large company as a compensation manager you might have the option or duty to work in a specific field, such as market pay studies or job classification. A compensation manager could work with staff specialists, and also take surveys to learn more about salary expectations and how rates compare with other companies in the same industry. They may also form working relationships with online sites that specialize in market comparisons and finding useful data to work with.

The goal of the compensation manager is to protect the company name, making sure that employees are as happy as can be within their chosen industry. Managers want to see that the company pay is over the average and yet still profitable, while also meeting state and federal guidelines.

You might also be asked to read the performance evaluation of employees and departments, while also supervising benefits. Workers cannot and will not perform at their best if they do not have some sort of incentive-system, such as bonuses, raises, and performance-based additional compensation.

You may or may not have a specific job title, like compensation manager, or you may have a general title like H&R manager or even a Generalist in Human Resources. Depending on the size of the company, you may have to work with other managers and come to agreements on staffing needs, human resource guidelines, or profit and loss.

Other Requirements in Compensation

While this may seem like a job of strictly negotiation, there are also technical requirements and strong analytical needs. You will work with data systems, monitor financial trends, and develop policies based on hard financial data that must be interpreted. This requires a working knowledge of presentation software.

Creative abilities are valued here, since you will be writing job descriptions, and mathematical skills are just as valuable, since you will be deciding on multiple factors including salary versus hour wages, exempt and non-exempt positions, and creating severance packages and hiring packages.

Negotiation skills are prized, as you will often be in the middle of labor disputes, including the very worst case scenarios of harassment claims, discrimination claims and other escalated situations. This position is to “go to” role within the company, and the worker is expected to resolve payroll problems immediately.

Remember that a company’s reputation and success is partly determined by its ability to attract new workers, maintain the best workers, and treat everyone with something beyond the minimal level of respect. A hard working and honorable manager can develop employees into assets for the company, ensuring maximum profitability because of his/her ability in employee retention.

This is an excellent position for ambitious learners who have a solid financial education. The schools listed below can certainly help put your foot in the door!

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  • Enhance organizational performance and create effective traditional and virtual teams through motivation, organizational culture, and change management.
  • Address the legal and ethical implications of human resources and administration in an organizational setting.
  • Analyze business policy and strategy in relationship to competitors.
  • Resolve conflict by utilizing various management styles and best practices.
  • Understand employment and compensation requirements including insurance, salary, labor, health, and safety.
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  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
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  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
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Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Enhance organizational performance and create effective traditional and virtual teams through motivation, organizational culture, and change management.
  • Address the legal and ethical implications of human resources and administration in an organizational setting.
  • Analyze business policy and strategy in relationship to competitors.
  • Resolve conflict by utilizing various management styles and best practices.
  • Understand employment and compensation requirements including insurance, salary, labor, health, and safety.
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits

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