Compensation and Benefits Managers: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

Job description

Compensation and Benefits Managers plan, direct, or coordinate compensation and benefits activities of an organization.

  • Design, evaluate and modify benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.
  • 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.
Read more about what does a Compensation and Benefits Manager really do at work and what is it like being and working as one.



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Salary

Average salary
$132860 per year

Average hourly wage
$64 per hour


Compensation and Benefits Managers with little to no experience tend to make between $70560 and $91480 while the more experienced ones can earn over $160450 per year.

Top 5 paying statesHourlyAnnual
NJ$84$174,730
DE$84$174,380
CT$79$164,240
NY$78$161,950
CO$75$155,570

One of the easiest ways to increase your salary as a Compensation and Benefits Manager is to move to a higher paying state like NJ. Right now, the highest paying states for Compensation and Benefits Managers are NJ, DE, CT, NY and CO.

However, a higher pay at NJ doesn’t guarantee that you will make more because the living expenses at NJ might be twice as high than where you are currently at now.

Three other factors that can increase your salary as a Compensation and Benefits Manager is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Compensation and Benefits Managers what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a Master’s Degree.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Human Resources Management/Personnel Administration, General
Read more about how to become a Compensation and Benefits Manager and the degree, training and education you need.

Pros and Cons

Here are some of the pros and cons of being a Compensation and Benefits Manager.

PROS
Suitable for people who likes to start and carry out projects
Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive environment
This career is perfect for people who love to work indoors.
One of the highest paid careers in the world
CONS
Not suitable for people who likes practical and hands-on work
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)

What is the job like

Job satisfaction
79%

Is this job meaningful
55%


79% of Compensation and Benefits Managers said they were satisfied with their job and 55% said they feel like their job is making other people’s lives better.


Is this right for me

Best personality for this career
The Entrepreneurs and The Organizers

You can read more about these career personality types here.

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.




Learn more about Compensation and Benefits Managers

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Related career information

Compensation and Benefits Managers job description, Compensation and Benefits Managers salary, Compensation and Benefits Managers information, what is the job of a Compensation and Benefits Manager like, pros and cons about Compensation and Benefits Managers, colleges and universities for Compensation and Benefits Managers, is Compensation and Benefits Managers the right career for me, careers in Management

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Benefit Director, Benefits Administrator, Benefits Coordinator, Benefits Manager, Business Manager, Compensation and Benefits Manager, Compensation Director, Compensation Manager, Controller, Corporate Controller

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