1. Compensation and benefits managers (a.k.a. payroll managers or rewards managers) are the human resource specialists that hold the purse strings. Essentially in charge of designing, developing, implementing and managing salary, bonus and benefits packages for the employees of an organisation.
2. As well as administering the actual wages that people receive, these dynamic HR professionals manage the endowment of pensions, health insurance, annual bonuses, commission payments, company cars, cycle-to-work schemes and other lifestyle benefits.
3. Responsible for collecting market data on the gross and net remuneration packages which are offered for employees across the industry in which your organisation operates.
4. Based on your analysis of this data, you’ll be making recommendations to senior management about tweaking your organisation’s compensation and benefits packages. Once these suggestions have gained approval, you’ll be in charge of implementing the necessary changes.
5. Responsible for making sure that the compensation packages for employees with the same level of experience and responsibilities are on a par, particularly in instances where no quantitative performance criteria have been set.
6. To make sure that your organisation’s compensation and benefits packages comply with statutory and regulatory requirements, such as minimum salaries and tax liabilities. Finally, you’ll also be responsible for actually managing your company’s payroll.