Compensation Manager Job requirements and duties
- Communication skills: Must be able to effectively talk and write about a company's pay strategy and system and address any concerns that come from executives and employees.
- Analytical skills: Must be able to collect, weigh, and analyze data on many factors to determine the best compensation plan for the company.
- Mathematical skills: Calculating compensation can be complicated and requires solid working knowledge of math and statistics.
Job Role and Responsibilities
- Develop and evolve an organization’s pay scale and structure
- Develop, implement and maintain organization’s pay policies and structure
- Create a total compensation value and mind set for the organization with defined metrics.
- Participate in salary surveys to benchmark current salary ranges for all jobs annually, including interns and new college grads.
- Work with and manage third party vendors related to compensation
- Determine competitive wage rates and change as necessary
- Ensure that the company's pay scale complies with changing state and federal laws and regulations
- Work with managers and Human Resource Business Partners to help develop promotion and retention strategies for existing employees
- Develop a department HR budget and keep HR operations within that budget
- Work with finance and accounting with regards to long term incentive plans, commission plansand company stock programs
Required Education and Experience
- Bachelor's Degree in Business, Human Resources, Psychology, Accounting, Financial Planning and Analysis, or related field
- 6 -10 years of experience in Compensation in a corporate environment.
- Excellent verbal and written communication skills. Experience dealing with confidential information. Experience training/mentoring individual team members.
- Job reports to VP of Centers of Excellence, with direction from the CHRO
Preferred Education and Experience
- 7-8 years of experience working in a compensation environment.
- Certified Compensation Professional (CCP) designation.
- Experience in coaching, mentoring and training others regarding compensation philosophy and programs.