The processes of analyzing, developing, implementing, administering, and performing ongoing evaluation of a total compensation and benefits system for all employee groups consistent with human resource management goals.

Responsibilities in Compensation and Benefits

• Ensure the compliance of compensation and benefits with applicable federal, state and local laws.
• Analyze, develop, implement, and maintain compensation policies and a pay structure consistent with the organization's strategic objectives.
• Analyze and evaluate pay rates based on internal worth and external market conditions.
• Develop/select and implement a payroll system.
• Administer payroll functions.
• Evaluate compensation policies to ensure that they are positioning the organization internally and externally according to the organization's strategic objectives.
• Conduct a benefit plan needs assessment and determine/select the plans to be offered, considering the organization's strategic objectives.
• Implement and administer benefit plans.
• Evaluate benefits program to ensure that it is positioning the organization internally and externally according to the organization's strategic objectives.
• Analyze, select, implement, maintain, and administer executive compensation, stock purchase, stock options, and incentive, and bonus programs.
• Analyze, develop, select, maintain, and implement expatriate and foreign national compensation and benefit programs.
• Communicate the compensation and benefits plan and policies to the workforce.

Knowledge in Compensation and Benefits

• Knowledge of federal, state, and local compensation and benefit laws (for example, FLSA, ERISA, and COBRA)
• Knowledge of accounting practices related to compensation and benefits (for example, excess group term life, compensatory time)
• Knowledge of job evaluation methods
• Knowledge of job pricing and pay structures
• Knowledge of incentive and variable pay methods
• Knowledge of executive compensation
• Knowledge of non-cash compensation methods (for example, stock option plans)
• Knowledge of benefits needs analysis
• Knowledge of benefit plans (for example, health insurance, life insurance, pension, education, health club)
• Knowledge of international compensation laws and practices (for example, expatriate compensation, socialized medicine, mandated retirement)

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