Compensation managers: Salary, career path, job outlook, education and more
Compensation managers are responsible for managing an organizations pay structure. They monitor market conditions and government regulations to ensure their organizations pay rates are current and competitive. They analyze data on wages and salaries, and they evaluate how their organizations pay structure compares with that of other companies. Compensation managers use this information to maintain or develop pay scales for an organization.
Some also design pay-for-performance plans, which include guidelines for bonuses and incentive pay. They also may help determine commission rates and other incentives for sales staff.
- Education Required
- Compensation and benefits managers typically need a bachelors degree for most positions. Managers usually need a bachelors degree in human resources, business administration, business management, finance, or a related field.
- Job Outlook
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The projected percent change in employment from 2016 to 2026: 5% (As fast as average)
(The average growth rate for all occupations is 7 percent.) - Licenses/Certifications
- Although compensation and benefits managers are not legally required to be certified, certification can show expertise and credibility. Employers may prefer to hire candidates who are certified, and some positions may require certification.
- Median pay: How much do Compensation and Benefits Managers make?
- $116,240 Annual Salary
- $55.89 per hour
Careers for Compensation and Benefits Managers
- Benefits managers
- Compensation directors
- Employee benefits coordinators
- Employee benefits directors
- Employee benefits managers
- Managers
- Wage and salary administrators