A compensation and benefits manager helps a business to recruit, retain and motivate employees.
Responsible for determining a successful compensation and benefits strategy, the manager must review practices and implement new schemes to uphold the productivity and happiness of staff – especially top level employers – and attract high calibre professionals.
What to look for in candidates
As a compensation and benefits manager has such a central function within a business, it is important to hire a candidate who can make sure that your company has a pay structure and benefits policy that looks after the interests of your employees.
A candidate should be able to demonstrate their ability to perform the key duties of a compensation and benefits manager.
Amongst other tasks, they will be responsible for:
- Benchmarking to see how your pension and benefit systems compare with other organisations, ensuring that they are current and competitive.
- Reviewing and modifying pension and benefits schemes in place to make sure that everything is up-to-date with legislation and adheres to regulations.
- Developing your current system and implementing new strategies to create the most appealing compensation and benefits structure. This will help you to retain top level staff and give your company a better footing when competing for other employees.
- Managing, coordinating and supervising fellow compensation and benefits staff.
A compensation and benefits manager may also be expected to implement and run a flexible benefits scheme, allowing employees to tailor their package to their individual needs.
By finding and recruiting a professional capable of taking on such high level tasks, both your business and its employees can profit from a strong compensation and benefits package that strikes the right balance between internal equity and external competitiveness.
Skills, experience and qualifications
When figuring out whether or not a candidate will be able to carry out the compensation and benefits manager job role, look closely at their skill set and previous experience as this will provide you with a good indication of their competence.
An applicant should have broad management skills, proving that they are highly capable of overseeing projects and supervising a team. They should have specific industry knowledge and a good understanding of current legislation, with previous experience working in a compensation and benefits or HR environment.
You should look for professionals with strong analytic, problem solving and decision making skills, who are able to work confidently with payroll and accounts. Meanwhile, they should also have the ability to communicate effectively, as they will be responsible for managing the compensation and benefits department, liaising with employees and negotiating policy changes with stakeholders.
At Portfolio CBR, we understand that recruiting a top candidate for your vacancy can take up a lot of time and effort if you decide to go it alone. That's why we offer a bespoke recruitment service to help make recruitment campaigns simple, straightforward and successful for employers.
Highly experienced in hiring for employee benefits jobs, compensation analyst positions and compensation jobs, we can offer expert advice and select top candidates from our talent pool, not resting until your position is filled by the perfect candidate.
If you have a compensation and benefits manager position available, contact us on 020 7650 3190 to find out more about how Portfolio CBR can help.