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The differences between compensation 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 compensation manager and a compensation consultant. Additionally, a compensation manager has an average salary of $100,119, which is higher than the $90,436 average annual salary of a compensation consultant.
The top three skills for a compensation manager include human resources, HRIS and compensation policies. The most important skills for a compensation consultant are human resources, project management, and data analysis.
| Compensation Manager | Compensation Consultant | |
| Yearly salary | $100,119 | $90,436 |
| Hourly rate | $48.13 | $43.48 |
| Growth rate | 2% | 2% |
| Number of jobs | 7,941 | 11,745 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Average age | 46 | 46 |
| Years of experience | 6 | 6 |
A compensation manager is primarily responsible for developing and establishing a company's payment scale and system, ensuring all employees are well-compensated while putting the company's welfare into consideration. Moreover, a compensation manager must ensure to distribute benefits and pay rate in adherence to the laws and regulations, identify the wage rate of competitor companies, monitor the budget, and oversee the payroll and payment processes, ensuring accuracy and timeliness. Furthermore, as a manager, it is essential to lead the team, all while implementing the company's policies and regulations.
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.
Compensation managers and compensation consultants have different pay scales, as shown below.
| Compensation Manager | Compensation Consultant | |
| Average salary | $100,119 | $90,436 |
| Salary range | Between $71,000 And $139,000 | Between $65,000 And $124,000 |
| Highest paying City | Sacramento, CA | Berkeley, CA |
| Highest paying state | Massachusetts | Washington |
| Best paying company | DLA Piper | Microsoft |
| Best paying industry | Technology | Finance |
There are a few differences between a compensation manager and a compensation consultant in terms of educational background:
| Compensation Manager | Compensation Consultant | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation managers' and compensation consultants' demographics:
| Compensation Manager | Compensation Consultant | |
| Average age | 46 | 46 |
| Gender ratio | Male, 43.1% Female, 56.9% | Male, 37.1% Female, 62.9% |
| Race ratio | 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% | 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% |