To be successful in this role, you should have good knowledge of labor legislation and be familiar with organizational psychology and employee engagement. © 2020 Job Hero Limited. using surveys and quantitative data), Renew our compensation plans with monetary and non-monetary benefits based on employee needs, Keep track of prevailing pay rates and make sure we offer competitive compensation plans, Draft job descriptions, job analyses and classifications, Structure compensation in ways that will yield the highest value for the organization, Evaluate and report on the effectiveness of employee benefit programs, Track compensation and benefits benchmarking data, Experience as a Compensation and Benefits Manager or similar role, Hands-on experience with HRIS or payroll software, Knowledge of building compensation packages and bonus programs for various departments and seniority levels, Excellent understanding of job evaluation and job analysis systems, Experience with employee satisfaction surveys, BSc in Human Resources Management, Organizational Psychology, Finance or relevant field. Implemented new sales compensation plans which resulted in an increase of 18% in total sales revenue. Directed the integration of newly purchased managed care company. For example, you may need to make the case for paying Audrey more than Joe would have demanded by explaining why Audrey’s skills will make a positive difference to the bottom line. Get clear explanations of the most common HR terms. Designed and administered the U.S. salaried compensation program for over 5000 employees. Led the improvement of claims audit scores from 58.2% to 87.6% in one year through concentration on training programs/reserve guidelines. Worked with Finance and other departments on cost analyses and modeling for various. This is a primary method for compensating independent sales agents. Compensation leader for a growing food manufacturing company with 1,800 employees. Zoom Etiquette : 20 video call tips to help you put your best face forward! Your email address will not be published. Post now on job boards. Finding what compensation plan works best for the company, involves accessing its strengths and weaknesses, making a decision based on the long-term goals, and carefully negotiating the contract with the employee in a way that it works best for the company and its needs. Once the person has established himself in the area, the company can switch to performance-based salary. Designed targeted incentive plans for manufacturing and distribution operations. They are provided by organizations in addition to salary to create a competitive package for the potential employee. The company sets a minimum and maximum range that can increase, decrease or remain the same, depending on the worker’s performance. Don’t let jargon stand between you and your to-do list. Managed 2014 merit, equity grant and recognition process; used published global survey data from Mercer, Towers Watson, World at Work and Aon Hewitt to guide international management in efforts and decisions. Compensation Managers, also referred to as Compensation and Benefits Managers, design, oversee, and implement a firm's compensation and benefits programs. Consequently, HR professionals who work in this area need to be numerate, commercially aware and have a detailed knowledge of financial laws and regulations. Your email address will not be published. Some of the benefits companies offer can be like company accommodation, company provided vehicles, health insurance, retirement benefits, easy loans, travel benefits, workplace flexibility, work-time flexibility and so on. This is one of the most reliable types of compensation plans. Benefits are indirect and non-cash payments within a compensation package. Led the design and implementation of national team operations incentive plan based on property performance, with anticipated annual savings of $2 million, Designed, developed and delivered new incentive plan training to 2,000 employees nation-wide including training materials, plan calculator and plan description, Streamlined and centralized field bonus accountability, saving the company over $1 million annually, Partnered with the Merger and Acquisition team to analyze and redesign multiple compensation plans into one common plan to increase revenue, Directed the merit, sales and renewal bonus & commission programs for the entire organization with payouts occurring monthly, quarterly, and annually. Oversaw the coordination and participation of external surveys to determine pay practices and market rates. Developed cohesive computer technology and working relationships between managed care and workers' compensation departments. Usually, the type of compensation plan an organization chooses, and the type that an individual accepts, depends on the market conditions and the goals of those involved. Read the minds of our team of HR writers. Salespeople are usually paid on a straight salary compensation, in which there is no opportunity to earn incentives. The best examples from thousands of real-world resumes, Handpicked by resume experts based on rigorous standards, Tailored for various backgrounds and experience levels. Improved company profit by coaching managers in the use of strategic rewards to complement talent retention and performance motivation. I thought we’d follow up on that post by exploring the six different types of compensation plans in depth. Employee benefits come in many forms and are an important part of the overall compensation package offered to employees. Project manager for in-house development of customized 8-page total rewards statements for 300 executives, saving $86,000 per year and providing internal training as to all components of rewards. Find out what is the best resume for you in our Ultimate Resume Format Guide. Ensured compliance while onboarding new employees, including assigning office space, T&E setup, payroll and all paperwork. Start a free Workable trial and post your ad on the most popular This question is tricky and a common question. Managed compensation budget of $15 million for staff of 400 for digital and print properties. Start a free Workable trial and post your ad on the most popular job boards today. Prepared compensation related tables and footnotes for the annual Proxy filing. This type of compensation is well-suited for employees who work in a team-based culture. To be successful in this role, you should have good knowledge of labor legislation and be familiar with organizational psychology and employee engagement. We’ve picked the most common and most rewarding forms of compensation plans and highlighted their benefits and downsides, so you can decide which one works best for your business needs. Led the design and implementation of 5 incentive plans for organizations including, Portfolio Consulting, Client Service and Support and the Branch Network. Developed Nex - Gen quarterly compensation publication. Compressed square footage which reduced overhead and facilitated sublet to outside companies. Responsible for merit review planning and administration, annual incentive plans, incentive plan design, market surveys, job evaluation, benchmarking and project management. Responsible for the compensation survey benchmarking for all international and US sales plans. Compensation and Benefits Specialist job description, Employee benefits: A guide on common and best benefits, Best job boards: The ultimate job sites list, Designing fair and attractive bonus programs, Evaluating how effective the benefit packages are in terms of employee satisfaction, Ensuring our compensation plans comply with the relevant legislations, Design compensation packages and bonus programs that align with the company’s strategic plan, Ensure salaries and benefits comply with the current legislation about human rights and pay equity, Identify trends and implement new practices to engage and motivate employees, Conduct research on employee satisfaction (e.g. Get clear, concise, up-to-date advice with our practical, step-by-step guides. How to network during the COVID-19 pandemic? Conducted process redesign and implemented PeopleSoft HRIS and Finance management modules. ‘Where Do You See Yourself Five Years From Now’: How To Answer This Tricky Question?