Transitioning to a Compensation Manager Role: What Skills and Training Do I Need?

Hi,

Kindly let me know what basic knowledge needs to be gained to become a successful compensation manager. I have been in the IT industry for the past 5 years, working in recruitment and HR operations. I am quite keen on making a career in compensation. Are there any training programs that can further enhance my knowledge in this area?

Compensation experts, please suggest.

Regards,
Chetana

Hi Chetana,
To move towards a specialist role of Compensation & Benefit Manager you need to have worked on the following area:
· Salary planning and review
· Incentive plan design
· Reward & Recognition Program
· Stock Plan
. Designing, analysing, reviewing and implementing compensation & benefit programs within the company
It would be an added advantage if you have worked with the Compensation Consulting companes (like Hewitt,Mercer,E&Y etc.) .
There are many trainings being conducted in Mumbai on managerial Compensation etc. I am sure it would a be good help in gaining knowledge on this topic.
Hope this answers your query to some extent!
Thanks,

Hi!

I think you should also include the study of Job Evaluation and Analysis, Job Classification, Job Grading, Compensation Benchmarking, and Design of Salary Structure (over and above what was already mentioned above) by our colleague.

Best wishes.

Ed Llarena, Jr.
Managing Partner
Emilla Consulting

Hi, I'm new to this site. I'm pursuing PGDM in HR and I need to start a project in September. Could you please suggest some good topics for my project?