A skilled and accomplished Head of Compensation will devise, manage and coordinate the activities of the Compensation and Benefits team. You will research, develop and maintain a company's pay system, undergoing extensive research in order to review current competitor systems. As an area expert, the Head of Compensation will provide consultation and advice to the recruiters and senior business members in order to review, recommend and implement strategies and statistics to provide input into the compensation programmes. As the Head of Compensation, you will oversee the development of department budgets in order to ensure the company remains within their financial budget.
If excelling in this role, the Head of Compensation may have the opportunity to further progress into a Compensation and Benefits Director role. If the above sounds like a career path of interest, please view the full job description.
Head of Compensation Job Duties:
The role of the Head of Compensation will be responsible for developing and maintaining a pay scale structure for your company, overseeing and assisting the payroll support team in doing so. As well as this responsibility, you can expect your duties to include the following:
Develop and administer regional compensation and benefits programmes in order to support and achieve the organisations goals and objectives.
Administer area expertise advice, guidance and analytic support to the HR management team when it is required.
Manage a team, setting direction and creating objectives, overseeing multiple projects and managing budgets.
Recommend and implement changes to the current compensation processes, incorporating analytics from the latest market trends to ensure that your company will stay competitive in both the market and industry.
Offer area expertise advice to members of management within your company in order to provide them with an understanding of the impact that the HR team has on the finance of the business.
As a Head of Compensation, you will ensure that the company compensation and benefit programs are reviewed regularly and are compliant with company policies and government regulations.
Manage and maintain a multitude of local market vendor relationships, whilst reviewing potential sources of marketing data and trends.
Negotiate costs with carriers in order to minimise expense. You will represent the organisation in dealings with external groups that are relevant to the areas accountably.
Provide support and area expertise advice to the corporate compensation and benefits team, including both annual salary annual bonus planning.
Maintain a clear understanding of the organisations key business drivers and stakeholders.
The Head of Compensation will interact and collaborate with finance, legal, internal audit and tax departments as and when necessary.
Determine competitive wage rates and review regularly.
Key skills and qualifications of a Head of Compensation:
The following skills will be beneficial to a candidate looking to apply for this role:
A degree or tertiary qualification in a related discipline is required for this role.
A minimum of 10 years work experience in the compensation and benefits area is essential.
A strong knowledge of local compensation and benefit marketing practices is essential.
A strong knowledge of local compensation and benefit market practices and evolving regulatory requirements is crucial for this role.
Previous experience managing and delivering results through others is essential.
Previous experience leading and implementing projects across a wide region is essential.
Exceptional interpersonal skills, and the ability to comfortably interact with people is a requirement for this role.
Strong written and verbal communication skills are required for this role.
A high degree of integrity and confidentiality is crucial for this role.
Good organisation skills are essential, with the ability to work independently and meet deadlines.
Excellent critical thinking and analytic skills are required for this role.
Excellent MS office application skills, including Excel, Word and PowerPoint are essential.
Experience within the global financial sector is beneficial.
Multi-lingual proficiency is advantageous.
Is a Head of Compensation job in your future?
If the above sounds like a position that you would be suitable for, then please contact us here