Find out the top 10 core skills you need to master as a compensation manager and what hard skills you need to know to succeed in this job.
A compensation manager is tasked with the responsibility of managing the compensation functions for the employees of an organization. He or she will ensure that all undertaken compensations processes are done in line with the stipulated company and government rules and regulations. They ensure that the compensations processes are done in an equitable, competitive, and fair manner for all employees.
In addition to that, he or she will get to also undertake the following roles from time to time; Advising the employees on pay decisions and policies, monitor the effectiveness of the current pay structure to ensure they are in line with the rules and policies, conduct salary reviews for the organization employees as per market rate, undertake pay research and handling compensation inquiries that the employees might raise.
Core Skills Required to be a Compensation Manager
Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.
Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.
A compensation manager should master the following 10 core skills to fulfill her job properly.
Public Speaking though closely related to presenting differs in that it is the process of performing a speech before a live audience with the purpose of informing, persuading or entertaining.
A Compensation Manager must be equipped with good public speaking skills to be able to address an audience through presentations or talks to drive the point home and create a reputable record.
Motivating is using persuasion, incentives and mental or physical stimulants to influence the way people think or behave individually or in groups.
A Compensation Manager ought to learn how to tap into the employee's enthusiasm as well as motivate the staff not just with money but with a motivation that comes through the daily relationship with each employee and creating an environment that fosters employee engagement and motivation.
Managing at team:
Managing is the administration of an organization which includes activities of setting the strategy of an organization and coordinating the efforts of the employees to accomplish its objectives.
A Compensation Manager must learn the art of creating corporate policy, organizing, planning, controlling and directing organization resources to achieve the aims of the policies formed while making decisions to oversee the enterprise.
Dependability is the characteristic of being able to be counted on and relied upon by providing services that be trusted within a period.
A Compensation Manager needs to be dependable and hire reliable employees who can be counted on as consistent and beneficial to the business, building their niche as an essential element of the larger team without worrying about bringing less than your efforts.
Assertiveness is the inclination to stand up for your rights or other people's rights in a calm and concrete way without being aggressive or accepting a wrong.
A Compensation Manager must be self-assured and confident to master the skills to put his points across without upsetting others or becoming angry and allowing the employees to do the same while complying with the company's policies and procedures.
Emotion Management is the ability to realize, readily accept and successfully control feelings on oneself and sometimes in others around you by being in complete authority over your thoughts and feelings that are generated whenever your values are touched.
A Compensation Manager must be able to manage his emotions as well as assist the staff to control their emotions to ensure that the professional reputation, the efficiency, and productivity is not compromised.
Emotional Intelligence is the capability to identify your emotions, understand what they are telling me and realize how the feelings are affecting you and the people around you.
A Compensation Manager should be wise to handle different personalities that carry different emotions presented in the workplace while ensuring relationships are managed more efficiently by respecting your perception and the employee's as well.
Personal Commitment is an obligation that you have voluntarily agreed to fulfill without being cajoled or threatened and are willing to be held accountable for the results.
A Compensation Manager ought to understand that though adopting new policies and procedures will be met with resistance, the approach by which safety standards are implemented and enforced influences employee's attitudes and commitment towards the organization.
Managing Details is the skill of paying close attention to details of every element of your job performance to ensure nothing is overlooked.
A Compensation Manager should be keen to handle every detail using strategic planning and organizational techniques that make it easy to keep track of everything that is happening in the organization consistently desiring to improve their knowledge and skills.
Entrepreneurial Thinking is a mindset that allows embraces critical questioning, innovation, service and continuous improvement with an attitude of change.
A Compensation Manager should challenge himself to see the big picture and creatively think outside the box too with the ability to fight all the challenges faced and keep going in the face of calamity and the social skills needed to build great teams in the workplace.
Hard Skills Required to be a Compensation Manager
Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.
Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.
A compensation manager should have a good command of the following hard skills to succeed in her job.