HR Compensation and Benefits Manager Career Job Description
A business’s success greatly depends on its employees’ skills and talents. HR compensation and benefits managers contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive, and that they are designed and managed to attract and retain a top-quality workforce.
Because hiring and retaining staff are vital to the health of an organization, skilled HR compensation and benefits managers are increasingly valued for their expertise in designing compensation and benefits plans, as well as negotiating and administering healthcare and retirement plans. If you’re a human resources professional seeking to propel your career forward to an HR compensation and benefits manager position, an HR master’s degree program will provide you with must-have skills and advanced knowledge.
Job Outlook for HR Compensation and Benefits Managers
According to the U.S. Bureau of Labor Statistics (BLS), HR management jobs will experience very strong growth in the coming years. In fact, the 2010-2011 Occupational Outlook Handbook predicts HR manager and specialist jobs will jump by 22% by 2018. Strong demand for human resources professionals will be a result of a more competitive and complex employment environment, a need to attract and retain a strong workforce, and a desire by businesses to successfully navigate the complexities of labor law. Individuals who have earned advanced degrees and certificates should enjoy the best job opportunities.
An HR compensation and benefits manager’s primary responsibility is designing, overseeing and implementing a firm’s compensation and benefits programs. These HR professionals monitor salary structures, balancing staffing needs with cost controls, and ensuring that policies, procedures and programs are in alignment with the organization’s overall strategic objectives and HR vision.
Typical job duties for HR compensation and benefits managers include consulting with internal business partners, such as department heads and management, to assess benefits, compensation and compliance needs. They often educate, mentor and train HR staff on processes and best practices within these areas. Staying on top of changing federal and state employee benefits regulations, as well as the shifting needs of an organization’s workforce, are also important aspects of this job.
HR compensation and benefits managers are often required to research and make recommendations on increasingly complex retirement and insurance plans. Additional duties may include evaluating competitor compensation and benefits packages, creating policies and procedures, monitoring the payroll interface to ensure compliance and data integrity, and managing third-party HR vendor resources such as brokers and consultants. HR compensation and benefits mangers work closely with management, providing feedback on related HR functions and processes. They are typically responsible for accurate data collection and analysis, as well as maintaining accurate employee records.
Education and Training Requirements
Most often, a bachelor’s degree is required to land an HR compensation and benefits manager position. Many employers show preference to individuals with several years of experience, an HR master’s degree, or an advanced HR certificate.
Advanced training and education in compensation and benefits management is available to HR professionals through a Master of Science in Human Resource Development degree program. Coursework typically includes compensation, benefits, workforce planning, human resource technology solutions and employment law.
Employers can be confident that professionals who have earned a Master’s Degree in HR are able to:
- Demonstrate financial management and budgeting skills.
- Make informed decisions based on data and statistics.
- Structure compensation and benefits packages, and measure their success.
- Identify ways to develop and conserve human resources.
- Leverage advanced knowledge and skills to succeed as an HR compensation and benefits manager.
You Can Be a Successful HR Compensation and Benefits Manager
Do you enjoy working with people?
Are your communication, analytical and organizational skills exemplary?
Do you have a knack for spreadsheets and data mining?
With these skills and the right education and training, you can be well on your way to a successful HR compensation and benefits manager career. Consider a Master of Science in Human Resources Development degree program to gain a competitive edge, as well as the advanced knowledge you’ll need to pursue this challenging human resources career.