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The differences between benefits managers and compensation consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a benefits manager and a compensation consultant. Additionally, a compensation consultant has an average salary of $90,436, which is higher than the $64,064 average annual salary of a benefits manager.
The top three skills for a benefits manager include HR, customer service and HRIS. The most important skills for a compensation consultant are human resources, project management, and data analysis.
| Benefits Manager | Compensation Consultant | |
| Yearly salary | $64,064 | $90,436 |
| Hourly rate | $30.80 | $43.48 |
| Growth rate | 2% | 2% |
| Number of jobs | 11,164 | 11,745 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Average age | 46 | 46 |
| Years of experience | 6 | 6 |
A benefits manager is primarily in charge of overseeing and handling a company's benefits programs and projects for employees. Their responsibilities revolve around coordinating with human resources to gather accurate data, improve existing benefits programs, and creating new ones in adherence to the company's policies and regulations. A benefits manager may also liaise with external agencies, develop activities for employee welfare, and resolve any issues regarding the benefits programs. Furthermore, they may perform clerical tasks such as producing progress reports and presentations, manage budgets, and maintain records of all transactions.
A compensation consultant is responsible for supporting the human resources department's operations by reviewing the organization's compensation policies and programs, ensuring that the guidelines adhere to state regulations and requirements. Compensation consultants conduct market research analysis to identify salary grades according to job positions and financial stability. They also study benefit plans and facilitate the dissemination of information by organizing orientations and utilizing the company's media platforms. A compensation consultant should have excellent knowledge of the payroll processes to respond to employees' inquiries and concerns and settle salary discrepancies.
Benefits managers and compensation consultants have different pay scales, as shown below.
| Benefits Manager | Compensation Consultant | |
| Average salary | $64,064 | $90,436 |
| Salary range | Between $39,000 And $104,000 | Between $65,000 And $124,000 |
| Highest paying City | Philadelphia, PA | Berkeley, CA |
| Highest paying state | Pennsylvania | Washington |
| Best paying company | Microsoft | Microsoft |
| Best paying industry | Technology | Finance |
There are a few differences between a benefits manager and a compensation consultant in terms of educational background:
| Benefits Manager | Compensation Consultant | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between benefits managers' and compensation consultants' demographics:
| Benefits Manager | Compensation Consultant | |
| Average age | 46 | 46 |
| Gender ratio | Male, 24.3% Female, 75.7% | Male, 37.1% Female, 62.9% |
| Race ratio | Black or African American, 10.9% Unknown, 3.4% Hispanic or Latino, 9.8% Asian, 8.2% White, 67.2% American Indian and Alaska Native, 0.4% | Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.4% White, 66.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 35% | 35% |