Compensation managers are responsible for managing an organization’s pay structure. They monitor market conditions and government regulations to ensure their organization’s pay rates are current and competitive. They analyze data on wages and salaries, and they evaluate how their organization’s pay structure compares with that of other companies. Compensation managers use this information to maintain or develop pay scales for an organization.
Compensation Manager Job Description Template
Our company is looking for a Compensation Manager to join our team.
Responsibilities:
- Develops, implements, and manages sales commission plans;
- Manages the administration of executive compensation including the processing, recording and reporting of compensation-related actions;
- Keeps apprised of federal, state and local compensation laws and regulations to ensure company compliance;
- Manages company-wide compensation programs, processes, policy, systems, tools, analysis, reporting, communications and education;
- Responsible for the administration of the company’s 401(k) and defined benefit plans;
- Perform other related duties and participate in special projects as assigned;
- Prepare, communicate and administer international assignments; coordinate closely with finance, legal, payroll, and tax relative to assignments;
- Provide Retail Bonus and Corporate Annual Incentive Plan administration, audit and modeling support;
- Provide analytic and modeling support for the design and implementation of compensation programs;
- Participate in compensation surveys, analyze results, and recommend necessary changes to plans, structures or pay practices;
- Effectively manage relationships with survey vendors, external consultants and service providers;
- Maintain knowledge of applicable U.S. regulations related to total rewards;
- Recommend revisions to processes and plans to enhance efficiency, cost-effectiveness, market competitiveness and support of business objectives;
- Serve as consultant to HR partners in all areas of compensation, including market pricing, internal equity, retention and overall pay practices;
- Develop and maintain market pricing of positions; ownership for market pricing/survey management system (MarketPay).
Requirements:
- Three to five years of progressively responsible experience in compensation;
- Current and continuing right to work in the United States without sponsorship;
- Union experience strongly preferred;
- Effective time management;
- Experience working in a manufacturing environment;
- Demonstrated consulting and leadership skills, including ability to make decisions to ensure effective achievement of objectives;
- Excellent working knowledge of Microsoft applications: Excel, PowerPoint, Word, Outlook;
- Demonstrated ability to navigate the complexities of California state and federal employment and wage laws with a track record of success;
- 8+ years of compensation experience with 2-3 managing people;
- Exceptional analytical and quantitative skills with a commitment to accuracy;
- A natural sense of curiosity;
- Ability to understand and relate to multiple stakeholders from various disciplines (e.g., finance, legal, operations);
- Ability to work with sensitive information and maintain confidentiality;
- A robust knowledge of compensation program concepts and practices;
- Strong executive presence.