How to get in…
Most junior HR roles, such as an HR administrator, include some compensation and benefits responsibilities – for example, managing payroll systems, providing statistical reports and supporting the recruitment team.
The most common route into a career in compensation and benefits is for an HR manager to specialise after a few years gaining general experience.
What it involves…
Compensation and benefits is a growing area for many organisations, as it’s seen as a critical success factor for attracting and retaining key talent. The role requires an analytical and numerate mind, good experience of IT systems, including Excel, and knowledge of the major payroll systems.
Market analysis of reward packages and surveys
Preparation and management of budgets
Salary and benefit reviews
Close involvement with the HR recruitment team
Involvement with developing and delivering internal sales team incentives
Management and pay-out of the company benefits, bonus and pay schemes.
Gaining experience on the job and moving horizontally as well as vertically are the keys to career progression. To succeed, strong ownership, communications, planning and organisational skills are vital. To reach director level you must be able to demonstrate how reward policies and procedures fit in with overall commercial objectives and add value to the bottom line.
There are significant differences in the salaries on offer in commercial and public sector organisations – especially at senior levels. Both sectors now require a certain amount of commercial acumen so you can easily move between them. But while the salaries appear to be lower in the public sector, the benefits packages on offer tend to make up for the difference.