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Compensation and benefits manager hiring summary. Here are some key points about hiring compensation and benefits managers in the United States:
Here's a step-by-step compensation and benefits manager hiring guide:
Compensation and benefits managers oversee and coordinate a company's compensation and benefits department. They are responsible for ensuring accurate and fair compensation, including bonuses, pensions, and salaries. Other duties include coordinating and supervising the work of staff, developing the company's compensation and benefits structure, and selecting and managing outside partners such as insurance brokers, investment managers, and benefits vendors. Compensation and benefits managers are also responsible for overseeing the disclosure of compensation and benefits information to employees and ensuring that they comply with state and federal regulations.
First, determine the employments status of the compensation and benefits manager you need to hire. Certain compensation and benefits manager roles might require a full-time employee, whereas others can be done by part-time workers or contractors.
A compensation and benefits manager's background is also an important factor in determining whether they'll be a good fit for the position. For example, compensation and benefits managers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
The following list breaks down different types of compensation and benefits managers and their corresponding salaries.
| Type of Compensation And Benefits Manager | Description | Hourly rate |
|---|---|---|
| Compensation And Benefits Manager | Compensation managers plan, develop, and oversee programs to determine how much an organization pays its employees and how employees are paid. Benefits managers plan, direct, and coordinate retirement plans, health insurance, and other benefits that an organization offers its employees. | $31-71 |
| Plan Administrator | A plan administrator's duties depend on their line of work or place of employment. Still, they typically include understanding the client or the project's needs, developing plans, performing research and analysis, liaising with internal and external parties, setting goals, establishing guidelines and timelines, and developing strategies to optimize procedures... Show more | $21-49 |
| Benefit Director | Benefits directors are professionals who plan and direct the overall design, implementation, and administration of an organization's health and welfare benefits programs. To support the decision making of the management, these directors are required to analyze benefit options and predict future costs... Show more | $35-79 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New York | $129,242 | $62 |
| 2 | California | $124,844 | $60 |
| 3 | Oregon | $124,088 | $60 |
| 4 | Idaho | $121,713 | $59 |
| 5 | Connecticut | $121,331 | $58 |
| 6 | Massachusetts | $120,297 | $58 |
| 7 | Washington | $118,519 | $57 |
| 8 | New Jersey | $116,850 | $56 |
| 9 | Virginia | $108,926 | $52 |
| 10 | Maryland | $108,107 | $52 |
| 11 | Michigan | $106,448 | $51 |
| 12 | Illinois | $105,020 | $50 |
| 13 | District of Columbia | $98,789 | $47 |
| 14 | Ohio | $95,736 | $46 |
| 15 | North Carolina | $94,680 | $46 |
| 16 | Minnesota | $92,211 | $44 |
| 17 | Florida | $89,616 | $43 |
| 18 | Missouri | $88,794 | $43 |
| 19 | Georgia | $88,223 | $42 |
| 20 | Texas | $86,213 | $41 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Novartis | $130,940 | $62.95 | |
| 2 | Unisys | $122,553 | $58.92 | |
| 3 | BDO USA | $117,605 | $56.54 | 1 |
| 4 | ConocoPhillips | $110,816 | $53.28 | |
| 5 | PepsiCo | $109,879 | $52.83 | |
| 6 | Children's National Medical Center | $108,841 | $52.33 | 6 |
| 7 | Ernst & Young | $107,879 | $51.86 | |
| 8 | Univest Financial Corporation | $106,829 | $51.36 | |
| 9 | Cisco | $106,762 | $51.33 | |
| 10 | Booz Allen Hamilton | $103,025 | $49.53 | |
| 11 | American Outdoor Brands | $102,770 | $49.41 | |
| 12 | Microdesk | $100,514 | $48.32 | |
| 13 | IntelliPro | $99,853 | $48.01 | |
| 14 | Heniff | $99,775 | $47.97 | |
| 15 | Wise Foods | $99,422 | $47.80 | |
| 16 | Bear Robotics | $95,221 | $45.78 | |
| 17 | Buckeye Partners | $94,810 | $45.58 | |
| 18 | Ricoh | $94,790 | $45.57 | |
| 19 | Feedzai | $94,553 | $45.46 | |
| 20 | Deceuninck North America | $93,258 | $44.84 |
A job description for a compensation and benefits manager role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a compensation and benefits manager job description:
There are a few common ways to find compensation and benefits managers for your business:
During your first interview to recruit compensation and benefits managers, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the compensation and benefits manager position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
After that, you can create an onboarding schedule for a new compensation and benefits manager. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.
There are different types of costs for hiring compensation and benefits managers. One-time cost per hire for the recruitment process. Ongoing costs include employee salary, training, onboarding, benefits, insurance, and equipment. It is essential to consider all of these costs when evaluating hiring a new compensation and benefits manager employee.
The median annual salary for compensation and benefits managers is $99,051 in the US. However, the cost of compensation and benefits manager hiring can vary a lot depending on location. Additionally, hiring a compensation and benefits manager for contract work or on a per-project basis typically costs between $31 and $71 an hour.