Compensation and Benefits Manager

WHAT DOES A COMPENSATION AND BENEFITS MANAGER DO?

Updated: Jan 11, 2025 - The Compensation and Benefits Manager stays current with market trends and regulatory changes to design effective solutions, ensuring the business meets emerging demands. Demonstrates expertise in rewards practices, driving a pay-for-performance agenda that aligns with global principles. Manages compliance audits and develops policies, maintaining rigorous adherence to legal standards and enhancing cross-functional relationships.

A Review of Professional Skills and Functions for Compensation and Benefits Manager 2. Compensation and Benefits Manager Details

• Global Compensation Planning: Coordinate the global compensation planning process, including the annual salary planning cycle and annual incentive payouts.
• Compensation Analysis & Reporting: Analyze and report on compensation projects such as new HR policy proposals, competitive analysis, budget projections, and accruals.
• Salary Data Reporting: Compile, analyze, and develop reports on salary data, market trends, and forecasts of potential outcomes.
• Job Evaluation Leadership: Lead and educate employees, managers, and HR staff on job evaluation and grading.
• Job Analysis: Conduct job analysis to determine appropriate salary levels according to compensation guidelines and policy.
• Salary Structures Management: Create and maintain global salary structures, analyze practices for compliance, and recommend changes.
• Procedure Development: Develop and document procedures to streamline processes and ensure compliance with regulatory requirements.
• Employee Benefits Management: Manage employee benefits programs in the US and Canada, including 401(k)/RRSP, medical, dental, prescription, vision, short and long-term disability, life insurance, accidental death, flexible spending, wellness, and FMLA.
• HR Operations & Payroll Leadership: Accountable for the overall leadership of the HR Operations and Payroll teams, including all data administration and employee inquiries.
• Service Provider Interaction: Interact with other service providers (benefits, retirement, leaves, etc.).
• Policy Development: Contribute to the development of new operational policies and procedures affecting the HR Operations and Payroll teams.
• Strategic Recommendations: Provide strategic recommendations regarding cost containment and increasing the return on investment in compensation programs and employee benefits, considering changes in the benefits market and organizational demographics.
• Benefit Program Marketing: Work with benefits brokers to market current benefit programs regularly.
• Finance Collaboration: Work closely with finance on compensation and benefits operational budgets, scheduling expenditures, analyzing variances, and initiating corrective actions.
• Compliance Management: Meet compliance standards and deadlines with federal, state, provincial, and local legal requirements by studying existing and new legislation, obtaining qualified opinions, enforcing adherence to requirements, and advising management on needed actions.

3. Compensation and Benefits Manager Responsibilities

• Benefit Program Management: Manage the design and implementation of benefit programs, including retirement (401k), medical, dental, vision, life, and disability.
• Compensation Analysis: Analyze salary data, compensation/benefits market trends, and competitive practices to make recommendations for base and variable pay structures, adjustments, and annual increases.
• Salary Surveys Participation: Participate in annual salary surveys and maintain market reference ranges for corporate positions.
• Metrics Development: Develop metrics for the ongoing review of the effectiveness and utilization of compensation and benefits programs.
• Benefits Planning Assistance: Assist with the annual benefits planning process, including data gathering and analysis, working with external broker consultants, conducting market pricing efforts, and making data-based recommendations.
• Open Enrollment Management: Manage the overall open enrollment process, leveraging technology and external resources.
• Stakeholder Collaboration: Facilitate strong collaborative relationships with internal stakeholders, external consultants, vendors, and other benefit/compensation providers.
• Advisory Role: Advise on pay decisions, policy and guideline interpretation, and job evaluation.
• Communication Plans: Develop effective communication plans for compensation and benefits programs.
• Compliance Oversight: Oversee compensation and benefits compliance with applicable rules and regulations, including but not limited to HIPAA, ACA, FLSA, ERISA, and IRS code.
• 5500 & Nondiscrimination Testing: Manage the 5500 and nondiscrimination testing processes for all plans.
• Plan Documentation: Maintain documentation for all compensation and benefits plans.
• Technology Leverage: Leverage technology to administer compensation and benefit programs, partnering with the HR Service Delivery Manager to ensure the best possible employee and manager experience.
• Team Leadership: Lead a team of compensation and benefits specialists/analysts.
• Vendor Collaboration: Work collaboratively with external vendor partners, including consultants, providers, external legal advisors, etc.

4. Compensation and Benefits Manager Accountabilities

• Plan Design Analysis: Research and analyze plan designs, recommending employee benefits and compensation programs to optimize understanding, acceptance, interests, costs, regulatory compliance, and competitive advantage.
• Strategic Planning Support: Provide leadership support by collecting, analyzing, benchmarking, and summarizing employee benefit and compensation data and trends.
• Guidance & Counsel: Provide guidance and counsel to HR Business Partners, managers, and employees on benefit programs, leave programs, and assist with problem resolution.
• Compliance Monitoring: Monitor eligibility, limitations, and restrictions of benefit plan participation to ensure compliance with plan provisions and government requirements.
• Vendor Management: Serve as the primary contact with third-party vendors and consultants to ensure quality and efficiency in delivering benefit programs.
• Leave Program Management: Manage, interpret, and administer leave programs and policies (STD, LTD, FMLA) by federal and state employment laws.
• Workers' Compensation Oversight: Ensure that the workers' compensation program is managed in compliance with OSHA and workers' compensation laws.
• COBRA Compliance: Oversee administration of COBRA compliance.
• Recordkeeper Partnership: Partner with company recordkeepers to administer the 401(k) and 409A Deferred Compensation programs.
• Job Descriptions & Classification: Develop and review job descriptions for both new and existing positions, determining position classification and appropriate salary range, STI, and LTI.
• Consistency & Equity: Serve as the main point of contact for Talent Acquisition and HRBPs to ensure consistency and equity in pay practices for new hires and internal promotions/job changes.
• Merit & Promotion Reviews: Manage the annual merit increase cycle and bi-annual promotion review cycles.
• HRIS Collaboration: Collaborate with HRIS on continuous improvement and implementation of technology to streamline and automate compensation and benefits processes and programs.
• Program Integration Support: Support the integration of benefit and compensation programs to ensure they work effectively together.
• Tuition Reimbursement Management: Manage the tuition reimbursement process, including reconciliation of third-party billing and invoices.

5. Compensation and Benefits Manager Functions

• Job Banding Leadership: Lead the job banding project for Northern Europe and the associated job catalog work for the SAP SuccessFactors implementation.
• Benchmarking & Job Mapping: Ensure high-quality benchmarking for roles across the region, including leading job mapping and survey completion.
• Vendor Needs Definition: Define needs regarding compensation vendors' systems and data/support packages in partnership with corporate stakeholders as appropriate.
• Reward Cycle Management: Manage the annual Reward Cycle (Salary Review, Bonus, Equity, etc.) for Northern Europe in partnership with corporate stakeholders and HR colleagues.
• Bonus Arrangement Review: Review bonus arrangements below the senior management level.
• Sales Commission Review: Review Sales Commission plans with Sales and Finance.
• Benefits Review: Undertake market benefits and terms and conditions reviews within Northern Europe and recommend changes.
• RemGroup Facilitation: Facilitate the Northern Europe RemGroup, including analyzing proposals and acting as Secretary.
• Pension Management: Ensure that pensions are managed well in partnership with the designated advisors.
• Compensation Compliance: Own compensation compliance processes and reporting, such as Gender Pay Gap reporting.
• Fleet Policy Management: Own Fleet Policy in the UK and Ireland in partnership with Supply Chain.
• Recognition Program Leadership: Lead on Recognition, including managing the Encore! Encore! program for Northern Europe.
• Vendor Management: Manage compensation and benefits vendors.
• Capability Building: Build compensation and benefits capability in HR through tools, coaching, workshops, etc.
• Benefits Utilization: Maintain contact with hospitals, physicians, insurance companies, employees . click apply for full job details