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Summary
What Compensation and Benefits Managers Do
Compensation and benefits managers plan, develop, and oversee programs to pay employees.
Work Environment
Compensation and benefits managers work in nearly every industry. Some work more than 40 hours per week.
How to Become a Compensation or Benefits Manager
Compensation and benefits managers typically need a bachelor's degree and related work experience.
Pay
The median annual wage for compensation and benefits managers was $140,360 in May 2024.
Job Outlook
Employment of compensation and benefits managers is projected to grow 2 percent from 2023 to 2033, slower than the average for all occupations.
Despite limited employment growth, about 1,300 openings for compensation and benefits managers are projected each year, on average, over the decade. Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
State & Area Data
Explore resources for employment and wages by state and area for compensation and benefits managers.
Similar Occupations
Compare the job duties, education, job growth, and pay of compensation and benefits managers with similar occupations.
More Information, Including Links to O·NET
Learn more about compensation and benefits managers by visiting additional resources, including O·NET, a source on key characteristics of workers and occupations.
What Compensation and Benefits Managers Do
Compensation and benefits managers plan, develop, and oversee programs to pay employees.
Duties
Compensation and benefits managers typically do the following:
Coordinate and supervise the work activities of staff
Set the organization's pay and benefits structure
Monitor competitive wage rates to develop or modify compensation plans
Choose and manage outside partners, such as benefits vendors, insurance brokers, and investment managers
Oversee the distribution of pay and benefits information to the organization's employees
Ensure that pay and benefits plans comply with federal and state regulations
Prepare a program budget and operate within that budget Although some managers administer both the compensation and benefits programs in an organization, other managers-particularly at large organizations- specialize and oversee one or the other. However, all compensation and benefits managers routinely meet with senior staff, managers of other human resources departments, and the financial officers of their organization. They use their expertise to recommend compensation and benefits policies, programs, and plans.