What you need to succeed…
Ideally, you will be a graduate with full or part CIPD and Institute of Payroll and Pensions Management qualifications, and have at least three years’ experience within the field of compensation and benefits. Roles vary between organisations, but in most cases you will be required to possess:
- Excellent analytical, numerical and communication skills
- Experience of job evaluation and grading
- Experience of providing commercially focused reward strategies
- Experience of designing and implementing effective communication strategies.
What you will do…
You will have overall responsibility for the development, implementation and administration of the organisation’s reward and benefits strategies. Your day-to-day tasks are likely to include:
- Researching and implementing new pay structures
- Developing benefits programmes
- Undertaking analysis and statistical reporting on reward issues (including external benchmarking where necessary)
- Monitoring the progress of benefits programmes, ensuring their effectiveness and relevance to organisational objectives
- Delivering annual salary and bonus reviews
- Developing an effective grading system for staff
- Ensuring effective bidding for the renewal of benefits plans
- Managing the reward and benefits budget
- Administering executive compensation schemes.
Good. Specialists are in huge demand, particularly at senior level, so it is a candidate-led market. Larger organisations are now distinguishing between compensation and benefits, and are employing managers in both areas. This means proven performers can choose which field they would prefer to specialise in.