Compensation and Benefits Managers

General Information

Description

Plan, direct, or coordinate compensation and benefits activities of an organization.

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Industry areas

  • Management of Companies and Enterprises
  • Local Government, excluding schools and hospitals (OES Designation)
  • Agencies, Brokerages, and Other Insurance Related Activities

Job Outlook

Employment of compensation and benefits managers is projected to grow 5 percent from 2016 to 2026, about as fast as the average for all occupations. Organizations continue to focus on reducing compensation and benefits costs. Many firms have attempted to reduce costs by introducing various strategies, such as pay-for-performance and health and wellness programs. Organizations will need managers to evaluate and direct these compensation and benefits policies and plans. Organizations will need the expertise of benefits managers when choosing, updating, and administering their benefits policies. Similarly, compensation managers will be needed to analyze compensation policies and design competitive compensation packages. Many organizations increasingly contract out a portion of their compensation and benefits functions to human resources consulting firms in order to reduce costs and gain access to technical expertise. For example, to reduce administrative costs, organizations commonly use an outside vendor for processing payroll and insurance claims. These consulting firms can automate tasks and operate call centers to handle employee questions, thereby reducing the need for compensation and benefits managers.

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Salary

State-by-state Salary

Gray states indicate no data available

$152,380
$70,060
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Education

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 80%
  • Master's degree 14%
  • Post baccalaureate 4%
  • High school 0%
  • Some college 0%
  • Doctoral degree 0%
  • Associate's degree 0%
  • Less than high school 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • First professional degree 0%
  • Post-secondary certificate 0%

Related College Majors

Select major to see colleges that offer it

Knowledge

  • Personnel and Human Resources
  • Mathematics
  • Administration and Management
  • Customer and Personal Service
  • English Language

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership
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