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Job description: Compensation & Benefits Manager
As a compensation and benefits manager, also known as compensation and rewards or remuneration manager, you'll have responsibility for developing, implementing and administering your organisation's rewards and benefit policies. This includes salaries and bonuses, together with employee benefits such as pensions. You may also be responsible for life assurance, profit-sharing, company cars and medical insurance, relocation and expatriate packages.
In a large organisation, you may be a specialist manager dealing with only one area, such as the company pension scheme.
As a generalist, however, you're likely to be:
- Monitoring your organisation's salary structure and benefits, balancing cost control with the need to attract and retain staff
- Researching and analysing competitor's salary rates and benefits.
- Evaluating different jobs to ensure that differences in pay are fair - and perceived to be.
- Making recommendations on changes to pension and insurance schemes.
- Identifying and determining causes of personnel problems and making recommendations for improvement.
- Developing and implementing competitive new benefit packages, ensuring they're in line with legal requirements;
- Negotiating with union representatives on pay and benefits.
- Developing and maintaining personnel record systems in accordance with current legislation.
Hours and Environment
Normally, you will work a standard 35-40 hour week. However, you may be required to work extra hours at busy times.
You'll be mainly office-based, although you may have to travel to other branches if it's a larger organisation.
Skills and Interests
You should:
- Enjoy working with people
- Have good commercial awareness
- Have good spoken and written communication skills
- Be confident about gathering facts and statistics and making financial calculations for planning and other uses
- Have good organising skills and be able to develop plans, policies and forecasts
- Be able to work as part of a team
- Be able to work accurately, with good attention to detail
- Be able to use databases, spreadsheets, word processing and accounts packages.
Entry
There are no minimum entry requirements, and some people enter via routine administrative or clerical jobs in HR departments. For these, you may need several GCSEs (A-C)/S grades (1-3) or equivalent qualifications.
However, most people have a Higher National Certificate or Diploma (HNC/HND) or a degree. Entry requirements for a HNC/HND are four GCSEs (A-C)/S grades (1-3) with one A level/two Highers. A degree requires five GCSEs (A-C)/S grades (1-3) plus two A levels/three Highers. Equivalent qualifications may be accepted in either case.
For details of qualification equivalents see:
Qualifications and Curriculum Authority (England, Wales and Northern Ireland)
Scottish Qualifications Authority
An Access to Higher Education qualification may also be accepted for entry to certain courses. If you have experience in a related field, you may be able to gain recognition of your skills through Accredited Prior Learning (APL). Check with the appropriate colleges or universities for their exact entry requirements.
Training
Most officers are trained on-the-job, but many employers also expect staff to work towards the Chartered Institute of Personnel and Development (CIPD) qualifications listed below. As a student you can study part-time, full-time or via distance learning. When you've successfully completed a CIPD course you'll be eligible for membership.
The Certificate in Personnel Practice (CPP) provides you with a practical grounding in basic personnel skills. There are no minimum entry qualifications.
The Certificate in Recruitment and Selection (CRS) gives specialist knowledge.
The Professional Development Scheme (PDS) has four parts: core management, people management and development, specialist and generalist personnel and development and applied personnel and development. You can complete one module to gain Licentiate membership of CIPD; complete of all four modules for Graduate membership.
NVQs/SVQs are available at Level 3 in Personnel Support, at Level 4 in Personnel Management, and at Level 5 in Personnel Strategy. These are alternative qualifications for meeting some of the standards for CIPD membership.
Some BA Business Studies or similar degrees, and some postgraduate qualifications will give you exemption from the CIPD Professional Qualification Scheme. Contact CIPD directly for a list of these courses.
Opportunities
You'll find opportunities in all kinds of organisation, including banks, local government, health services, airlines, hotels, retail organisations and manufacturing industry.
However, there is keen competition for vacancies, especially for inexperienced graduates. Gaining CIPD qualifications or NVQs/SVQs will help your promotion prospects.
Some multinational companies offer the chance to work abroad. Once you're experienced, you could also set up your own specialist consultancy.
Annual Income
These figures are a guide only.
Compensation and benefits manager salaries can vary between £22,000 and £40,000 a year.
Senior managers may earn over £50,000 a year.
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