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The differences between compensation managers and compensation specialists 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 specialist. Additionally, a compensation manager has an average salary of $100,119, which is higher than the $67,722 average annual salary of a compensation specialist.
The top three skills for a compensation manager include human resources, HRIS and compensation policies. The most important skills for a compensation specialist are human resources, compensation programs, and customer service.
| Compensation Manager | Compensation Specialist | |
| Yearly salary | $100,119 | $67,722 |
| Hourly rate | $48.13 | $32.56 |
| Growth rate | 2% | 7% |
| Number of jobs | 7,941 | 32,642 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 63% |
| Average age | 46 | 45 |
| 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 specialist is responsible for evaluating the organization's benefits package for the employees, following the state regulations and legislation procedures. Compensation specialists identify the staff needs and develop opportunities that would maximize productivity and increase efficiency. They also analyze the market performance to adjust compensation rates according to roles as needed with the coordination of the finance department. A compensation specialist facilitates orientations for new programs and informs the employees about any changes in the payment system.
Compensation managers and compensation specialists have different pay scales, as shown below.
| Compensation Manager | Compensation Specialist | |
| Average salary | $100,119 | $67,722 |
| Salary range | Between $71,000 And $139,000 | Between $41,000 And $110,000 |
| Highest paying City | Sacramento, CA | San Francisco, CA |
| Highest paying state | Massachusetts | Washington |
| Best paying company | DLA Piper | Microsoft |
| Best paying industry | Technology | - |
There are a few differences between a compensation manager and a compensation specialist in terms of educational background:
| Compensation Manager | Compensation Specialist | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 63% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation managers' and compensation specialists' demographics:
| Compensation Manager | Compensation Specialist | |
| Average age | 46 | 45 |
| Gender ratio | Male, 43.1% Female, 56.9% | Male, 25.3% Female, 74.7% |
| 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, 10.6% Unknown, 3.7% Hispanic or Latino, 15.4% Asian, 7.4% White, 62.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 35% | 9% |