Compensation and benefits manager is responsible for developing policies and strategies regarding the pay structure for employees of corporate houses, institutions or other agencies. Apart from this, a lot of other opportunities are vested with compensation and benefits managers. They act as an intermediary between employees and the management in issues related to compensation. They usually involve in budget preparation and in reporting future employment needs of the firm.

These professionals are accountable for disclosing information regarding the compensation among the employees of the organizations. They also convey the necessary additions or benefits included in the pay packs of employees. Compensation and benefits manager are responsible for analyzing and for making necessary changes in the policies fixed for employee remuneration and other perks. He must keep track of reports on staff recruitments, promotions, transfers, performance appraisals and so on.

Qualifying Exam

A bachelor degree in business is enough to obtain an entry level job as compensation or benefits manager. Higher studies such as MBA with human resource management as specialization will help to obtain these kinds of jobs. Part time jobs in similar profiles at the time of study increases the probability to obtain a prosperous job in this sector.

Students who have completed HSC class can apply for bachelor degree courses. After completing graduation, the aspirants can apply for master’s degree in business administration. These professionals can apply for the post of compensation manager in governmental organizations or in corporate houses.

Key elements in the process

• Pass graduation with business management as the main area of study. Basics of business management and accounting are much useful in the job profile of compensation manager.
• Pursue Master of Business Administration from any of the reputed Universities/Institutes. The area of specialization should be in HRM or in Finance.
• Undergo internship programs or work as part timer in any of the reputed organization offering similar job profile.
• Search and apply for similar matching jobs in private or government sector companies.

Skills required for a Compensation and Benefits Manager

The professionals must possess sound knowledge in diverse aspects of human resource management along with adequate accounting proficiency. These professionals should have good interpersonal skills. They must be able to analyze problems and should have good decision making ability. They must be versatile with leader ship skills and problem solving ability. They must possess proven skills in writing and in speaking English language. The compensation manager must be flexible to adapt to the changes in working conditions.