Creating Your Dream Job
Compensation and Benefits Manager:
Human Resource Management (HRM) has never been as significant as it is today. Companies want to attract, retain and motivate brains to meet objectives. Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management. In this hub, I shall define compensation and benefits along with their advantages for a company and its workers. My dream job will be Compensation Manager in HR department. Compensation managers plan, direct, and coordinate how and how much an organization pays its employees. Benefits managers do the same for retirement plans, health insurance, and other benefits an organization offers its employees.
Job Description:
Compensation and benefits managers typically do the following:
• Set the organization's pay structure and benefits offerings so the organization can compete for employees
• Participate in or buy salary surveys to see how their organization's pay compares with that in other organizations
• Determine competitive wage rates and develop or modify compensation plans
• Evaluate employee benefits policies to assess whether they are current, competitive, and legal
• Coordinate and supervise the work activities of specialists and support staff
• Oversee the distribution of pay and benefits information to the organization’s employees
• Ensure that pay and benefits plans comply with federal and state regulations
• Collaborate with outside partners such as benefits vendors and investment managers
• Prepare a program budget and keep operations within budget
Although some managers administer both the compensation and benefits programs in an organization, other managers’ particularly at large organizations often specialize and oversee one or the other. All managers, however, routinely meet with senior staff, managers of other human resources departments,
Human Resource Management (HRM) has never been as significant as it is today. Companies want to attract, retain and motivate brains to meet objectives. Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management. In this hub, I shall define compensation and benefits along with their advantages for a company and its workers. My dream job will be Compensation Manager in HR department. Compensation managers plan, direct, and coordinate how and how much an organization pays its employees. Benefits managers do the same for retirement plans, health insurance, and other benefits an organization offers its employees.
Job Description:
Compensation and benefits managers typically do the following:
• Set the organization's pay structure and benefits offerings so the organization can compete for employees
• Participate in or buy salary surveys to see how their organization's pay compares with that in other organizations
• Determine competitive wage rates and develop or modify compensation plans
• Evaluate employee benefits policies to assess whether they are current, competitive, and legal
• Coordinate and supervise the work activities of specialists and support staff
• Oversee the distribution of pay and benefits information to the organization’s employees
• Ensure that pay and benefits plans comply with federal and state regulations
• Collaborate with outside partners such as benefits vendors and investment managers
• Prepare a program budget and keep operations within budget
Although some managers administer both the compensation and benefits programs in an organization, other managers’ particularly at large organizations often specialize and oversee one or the other. All managers, however, routinely meet with senior staff, managers of other human resources departments,