All About Compensation and Benefits Managers
Example of Benefits Manager Job Plan, direct, or coordinate compensation and benefits activities of an organization.
Benefits Manager Responsibilities
- Negotiate bargaining agreements.
- Mediate between benefits providers and employees, such as by assisting in handling employees’ benefits-related questions or taking suggestions.
- Conduct exit interviews to identify reasons for employee termination.
- Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
- Analyze statistical data and reports to identify and determine causes of personnel problems and develop recommendations for improvement of organization’s personnel policies and practices.
- Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
Qualities of a Benefits Manager
Below is a list of the skills most Compensation and Benefits Managers say are important on the job.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Types of Benefits Manager Jobs
- Compensation Vice President
- Job Analysis Manager
- Account Manager
- Reimbursement Manager
- Benefits Coordinator
Job Outlook for Compensation and Benefits Managers
In the United States, there were 15,800 jobs for Compensation and Benefits Manager in 2016. New jobs are being produced at a rate of 5.1% which is below the national average. The Bureau of Labor Statistics predicts 800 new jobs for Compensation and Benefits Manager by 2026. There will be an estimated 1,200 positions for Benefits Manager per year.
The states with the most job growth for Benefits Manager are Utah, Washington, and Arkansas. Watch out if you plan on working in Rhode Island, North Dakota, or New Mexico. These states have the worst job growth for this type of profession.
Salary for a Benefits Manager
The salary for Compensation and Benefits Managers ranges between about $70,560 and $205,470 a year.
Compensation and Benefits Managers who work in Delaware, New Jersey, or Colorado, make the highest salaries.
How much do Compensation and Benefits Managers make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $108,580 |
| Alaska | $101,670 |
| Arizona | $105,980 |
| Arkansas | $103,740 |
| California | $150,480 |
| Colorado | $155,570 |
| Connecticut | $164,240 |
| Delaware | $174,380 |
| District of Columbia | $136,050 |
| Florida | $108,330 |
| Georgia | $125,710 |
| Idaho | $87,100 |
| Illinois | $126,470 |
| Indiana | $102,850 |
| Iowa | $113,390 |
| Kansas | $112,330 |
| Kentucky | $95,820 |
| Louisiana | $84,970 |
| Maine | $106,200 |
| Maryland | $149,160 |
| Massachusetts | $131,250 |
| Michigan | $133,450 |
| Minnesota | $139,350 |
| Mississippi | $86,740 |
| Missouri | $126,480 |
| Nebraska | $118,870 |
| Nevada | $121,620 |
| New Hampshire | $123,170 |
| New Jersey | $174,730 |
| New Mexico | $119,050 |
| New York | $161,950 |
| North Carolina | $128,400 |
| Ohio | $128,020 |
| Oklahoma | $104,800 |
| Oregon | $108,130 |
| Pennsylvania | $144,320 |
| South Carolina | $102,540 |
| Tennessee | $102,550 |
| Texas | $118,400 |
| Utah | $100,330 |
| Virginia | $148,800 |
| Washington | $143,180 |
| West Virginia | $117,970 |
| Wisconsin | $114,280 |
What Tools do Compensation and Benefits Managers Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Compensation and Benefits Managers:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- SAP
- Microsoft Project
- Microsoft Visio
- Microsoft SharePoint
- Adobe Systems Adobe Photoshop
- Structured query language SQL
- IBM Notes
- Adobe Systems Adobe Illustrator
- Microsoft SQL Server
- Intuit QuickBooks
- Oracle PeopleSoft
- Oracle JD Edwards EnterpriseOne
- Adobe Systems Adobe Dreamweaver
How to Become a Benefits Manager
What education or degrees do I need to become a Compensation and Benefits Manager?
How many years of work experience do I need?
Where do Compensation and Benefits Managers Work?
Below are examples of industries where Compensation and Benefits Managers work:
You May Also Be Interested In…
Career changers with experience as a Compensation and Benefits Manager sometimes find work in one of the following fields:
References:
Image Credit: Arunkumar Umapathy via Creative Commons Attribution-Share Alike 4.0 International
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