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Compensation and Benefits Management Practice Exam

Compensation and Benefits Management

Companies hire Compensation and Benefits Management managers to manage and work towards worker’s engagement and to achieve the organization’s goals. The compensation and benefits manager work for employee’s satisfaction and ensure that employee consideration is fair and accurate by including regular wages, bonuses, stock options, pensions, and any other forms of benefits.

Roles and Responsibilities

Some of the major roles and responsibilities of a compensation and benefits manager includes the following:

  • They identify trends and then implement new practices for engaging and motivating employees.
  • Compensation and benefits managers also ensure that the salaries and benefits comply with the current legislation about human rights.
  • They conduct various research on employee satisfaction as well as renew compensation plans with monetary and non-monetary benefits based on employee needs.
  • They also keep track of prevailing pay rates and make sure that competitive compensation plans are offered.
  • Next, they evaluate and report on the effectiveness of employee benefit programs as well as track compensation and benefits benchmarking data.

Skills Required

Some of the major skills required for becoming a Compensation and Benefits manager are as follow:

  • Analytical skills.
  • Business skills
  • Communication skills
  • Decision-making skills
  • Leadership skills
  • Compliance

Career Opportunities

  • Compensation directors
  • Compensation managers
  • Employee benefits coordinators
  • Employee benefits directors
  • Benefit managers
  • Managers
  • Wage and Salary administrator

Table of Contents

  • Job Design
  • Performance-Based Compensation
  • Executive, Sales & Team-Based Compensation
  • Employee Motivation
  • Quantitative Tools
  • International Compensation Management

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