What Do Compensation and Benefits Managers Do (including Their Typical Day At Work)

Job Description

Compensation and Benefits Managers plan, direct, or coordinate compensation and benefits activities of an organization. They also design, evaluate and modify benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.

Other tasks include:

• Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
• Advise management on such matters as equal employment opportunity, sexual harassment, and discrimination.
• Administer, direct, and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
• Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
• Negotiate bargaining agreements.
• Formulate policies, procedures and programs for recruitment, testing, placement, classification, orientation, benefits and compensation, and labor and industrial relations.

We asked Compensation and Benefits Managers how satisfied they are with their job. Here is what they said.

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79% of them said they were satisfied with their job and 55% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Compensation and Benefits Managers plan, direct, supervise, and coordinate work activities of subordinates and staff relating to employment, compensation, labor relations, and employee relations. They analyze statistical data and reports to identify and determine causes of personnel problems and develop recommendations for improvement of organization’s personnel policies and practices.

A typical day for a Compensation and Benefits Manager will also include:

• Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.
• Administer, direct, and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
• Prepare detailed job descriptions and classification systems and define job levels and families, in partnership with other managers.
• Mediate between benefits providers and employees, such as by assisting in handling employees’ benefits-related questions or taking suggestions.
• Manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions.

We asked some Compensation and Benefits Managers a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	100% said yes
	How important is it to work in a team in this job?	14% said very important
	Do you have group discussions everyday in this job?	76% said yes
	Do you talk or work with customers everyday in this job?	5% said yes
	Do you have to deal with angry customers everyday in this job?	0% said yes
	Do you have to make decisions everyday in this job?	24% said yes

Other responsibilities

Besides their typical day, Compensation and Benefits Managers also conduct exit interviews to identify reasons for employee termination. They may also plan and conduct new-employee orientations to foster positive attitude toward organizational objectives.

On a weekly to monthly basis, Compensation and Benefits Managers Study legislation, arbitration decisions, and collective bargaining contracts to assess industry trends. They might also Maintain records and compile statistical reports concerning personnel-related data, such as hires, transfers, performance appraisals, and absenteeism rates.

In addition, they Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.

Although specific duties may vary, many of them Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.

To some Compensation and Benefits Managers, it is also their responsibility to Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

In a typical work week as a Compensation and Benefits Manager, you can expect to work more than 40 hours per week.

Is this right for me

People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business..

They also like following set procedures and routines. They like working with data and details more than with ideas.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/management/compensation-and-benefits-managers.htm

http://www.ifebp.org/

http://www.worldatwork.org/

http://www.shrm.org/