Compensation and benefits manager positions are booming in the Chicago area. The need for this highly skilled position is great for a multitude of reasons: First, an increase in international job opportunities puts a high demand on compensation and benefits managers who can interpret the equal monetary value of benefits between countries which may look very different from each other. Secondly, the generation of today values the perks of a job over the salary level; this is a shift in thinking compared to previous generations which directly affects compensation and benefits manager positions.
Compensation and benefits managers design, guide and manage how much a company compensates its employees; for instance when employees are traveling for business purposes, this position determines what kind of expenses are able to be compensated and what percentage of the expenses can be compensated. They also determine the way in which employees are compensated for expenses. Compensation and benefits managers also design, guide and manage medical insurance, retirement plans and other perks that a company may offer to its employees.
A bachelor’s degree is typically required for this position, along with at least five years of experience in a related field. The Bureau of Labor Statistics, U.S. Department of Labor states that the median yearly pay for compensation and benefits managers was $95,250 in May 2012, with hourly positions making an average of $45.79 an hour. This single income is almost double the average US household income in 2015. Individuals who hold a degree, have experience and enjoy numbers will likely enjoy this position.
The Bureau of Labor Statistics, U.S. Department of Labor estimates the job outlook for this position is anticipated to grow 3 percent from 2012 to 2022, more sluggish than average for all professions. Competition for Compensation and Benefits Managers will remain strong.
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