Compensation Manager job description
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What does a Compensation Manager do?
The Compensation Manager is responsible for developing and managing compensation programs to ensure fair and competitive pay practices. This role supports company objectives by aligning compensation strategies with business goals, improving employee satisfaction, and retaining top talent.
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What are the Key Responsibilities of Compensation Manager
- Design and implement compensation programs and policies.
- Conduct market research to determine competitive salary offerings.
- Analyze and evaluate job positions for equitable compensation.
- Collaborate with HR and management on salary budget planning.
- Ensure compliance with all applicable labor laws and regulations.
- Oversee administration of executive and non-executive compensation plans.
- Prepare and present compensation reports to senior management.
- Maintain up-to-date records of compensation trends and practices.
- Provide guidance on compensation-related issues to HR and management teams.
What are the Skills and Requirements for a Compensation Manager?
- Strong analytical and quantitative skills.
- Proficiency in HRIS and compensation software.
- Excellent communication and presentation skills.
- Knowledge of labor laws and regulatory compliance.
- Ability to align compensation strategies with business objectives.
- Critical thinking and problem-solving abilities.
What are the KPIs to track for Compensation Manager?
The Compensation Manager's performance is evaluated based on competitive and equitable compensation practices, streamlined compensation structures, and alignment of pay strategies with organizational objectives, leading to improved employee retention and satisfaction.
Compensation Competitiveness
Maintaining competitive compensation structures relative to market standards.
Internal Equity
Ensuring equitable pay practices within the organization.
Employee Retention
Enhancement in employee retention rates through effective compensation strategies.
Reports to
Director of Human Resources
Collaborates with
HR Team, Finance Department, Line Managers
Leads
Compensation Analysts
Are any specific tools or software required for the Compensation Manager role?
- Workday
- PayScale
- SAP SuccessFactors
What is the qualification of Compensation Manager?
Bachelor's degree in Human Resources, Business Administration, or a related field; 5+ years of experience in compensation management.
