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Compensation Manager Job Description

The following is a sample job description for a Compensation Manager to reference when building your resume. Assess the qualifications and requirements listed to get an understanding of what you need to include on your resume for what employers expect in this field.

SUMMARY:

The Compensation Manager is responsible for managing the company’s compensation strategy, including salary, benefits, and bonuses. The Compensation Manager will be responsible for creating job descriptions and evaluating employee performance, as well as communicating with employees to help them grow in their roles. This includes developing and implementing compensation strategies, administering salary surveys, and ensuring compliance with company policies.

Additional strategies for this can be found here

FUNCTIONAL DUTIES:

  • Develops, implements and oversees compensation strategies (including hourly, salaried, and commission structures) to ensure the company’s ability to attract and retain employees.
  • Provides oversight of salary surveys, including determining compensation ranges, evaluating market trends and benchmarking against competitors.
  • Reviewing and making recommendations on salary structure and salary increases.
  • Ensures that employee compensation packages are consistent with corporate practices and company policies.
  • Managing the company’s compensation plan and policies.
  • Handling employee complaints about their compensation.
  • Keeping records of all compensation-related transactions and actions.
  • Ensuring that employees are paid on time and have access to accurate payroll information.
  • Determining the annual budget for salaries and other forms of compensation.
  • Collecting data on employee wages and benefits to determine if they are competitively priced compared to those offered by other companies in the same industry.
  • Writing reports that highlight trends in compensation data over time so that management can make informed decisions about future changes or plans regarding employee pay raises or bonuses.

REQUIREMENTS:

  • Bachelor’s degree in business administration, HR, or a related field.
  • At least 5 years of experience in a similar role.
  • Strong analytical skills.
  • Advanced knowledge of compensation law and practices.
  • Knowledge of the latest trends in compensation analysis and strategy.
  • Ability to work with all levels of management and staff members to develop effective compensation programs.
  • Knowledge of budgeting and recruitment processes, as well as other HR activities.
  • Must be flexible and work in a fast paced environment.
  • Able to work without direction.
  • Proficient in MS Office (Word, Excel, PowerPoint, Outlook), Google Docs, HRIS, benefit systems, etc. 

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