Compensation Manager
Compensation Manager Career Overview
Compensation managers are generally classified under the umbrella of human resource managers. Like other HR personnel, they deal with various managing issues, employment problems, and most importantly, firm salaries.
Compensation managers typically conduct programs for employers on payment plans and often specialize in specific areas such as position classifications or pay studies. Sometimes they are assisted by staff specialists to establish and maintain a firm's pay system to ensure fair and equitable pay rates. Individuals in this field oversee the company's performance evaluation system and may design reward systems such as pay-for-performance plans.
Occasionally, compensation managers conduct surveys to figure out how their rates compare with others in the same field. They may also provide consultation to management in conjunction with market trends, job classifications, and human resource policies and guidelines.
Human resource professionals are essential to the smooth operation of any company. They control the issues surrounding key components of any successful business. This includes the hiring and retention of employees.
Compensation Manager Training and Education
The U.S. Bureau of Labor Statistics recommends a strong background in finance and accounting. A good understanding of financial principles regarding payment and performance will assist in an individual's success in this type of position. Most of these occupations require a four-year bachelor's degree, but a combination of work-related experience and/or vocational training can suffice as an alternative.
Some employers may prefer certification which can be obtained through two major human resources associations: the Society for Human Resource Management (SHRM) and the International Public Management Association for Human Resources (IPMA-HR). The Society for Human Resources Management involves two levels of certification. Both require experience and a passing score on a comprehensive exam.
Compensation Manager Career and Salary Outlook
Demand for human resources professionals is strongly affiliated with the employment market. Opportunities for advancement occasionally lead to senior executive positions. To attract and keep competent employees in the job sector, employers must pay competitive salaries. The average annual wage for this type of position varies between $66,530 and $84,847 per annum and the projected growth between 2006 and 2016 averaged 12%. Compensation and benefits analysis has become even more crucial with expanded interpretations of equal pay laws. They must include strong analytical and verbal skills as well as a good understanding of how the organization functions. Employment of compensation and benefits analysts was expected to grow faster than average for all occupations through the year 2014.
Compensation Manager Career Specializations
Other positions within this field include employment managers who play an active role in the recruitment and positioning of employees. They typically work with equal employment specialists to ensure that the company's actions are in line with their equal opportunity goals. Conflict management skills are an integral part to the success of an employment compensation manager.
And last but not least are those individuals who work as a full-time recruiter who match eligible employees with companies who are seeking to hire people. These recruiters must be savvy interviewers and accomplished communicators to satisfy the need of the companies. These individuals are of a variety of academic backgrounds and should be well versed in the industry in which they specialize.
Article Resources:
The U.S. Bureau of Labor StatisticsSalary.com
