Human Resource and Leadership Development Careers | Director of Compensation / Benefits

Director of Compensation / Benefits

Career Area: Human Resources

Occupation Group: Human Resources Specialists

Salary

Percentile wages tell how much a certain percentage of an overall population in a geographic area or within a given industry or field makes. The percentile wage estimate is the value of a wage below which a certain percent of workers fall.

An example would be the 25th percentile, 25 percent of workers employed in that occupation earn less and 75 percent earn more than the estimated wage value. At the 75th percentile, 75 percent of workers employed in that occupation earn less and 25 percent earn more than the estimated wage value.

A typical Director of Compensation / Benefits earns the following wages (national and state):

State

The average salary in North Carolina for those pursuing this career is $110,484

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

National

The average salary in the United States for those pursuing this career is $111,551

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

What Does a Professional in this Career Do?

In charge of design, implementation, compliance, and evaluation of a company's compensation and benefits programs. Manages staff members of the compensation and benefits team. Advises senior management team on employee compensation topics.

Employment Trends

The job demand and job growth statistics shown here were derived from job posts over the past year. Expected job growth projections are extrapolated from year-over-year job post listing history.

Job demand and job growth is expected at the following rates:

LocationGrowth
North Carolina67+9.5%
Nationwide1862+5.1%

Skills

A professional in this position typically utilizes the following skills in the course of everyday work in this exciting and challenging field:

Baseline Skills

The following are baseline skills every Director of Compensation / Benefits is expected to have in order to experience success in this field:

  • Communication Skills: The ability to convey information to another effectively and efficiently.
  • Teamwork / Collaboration: Experience working in collaborative efforts with a team to achieve a common goal or to complete a task in the most effective and efficient way.
  • Planning: Working experience with the process of thinking about and organizing the activities required to achieve desired goals.
  • Microsoft Excel: Microsoft Excel is a spreadsheet developed by Microsoft for Windows, macOS, Android and iOS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications.
  • Problem Solving: Problem solving consists of using generic or ad hoc methods, in an orderly manner, for finding solutions to problems.

Specialized Skills

These skills are specific to working in this career:

  • Budgeting: Experience planning how the financial resources of a business or department are to be allocated during the next business period.
  • Project Management: Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.
  • Human Resource Information System (HRIS): A Human Resource Management System or HRIS (Human Resource Information System) is a form of HR software that combines a number of systems and processes to ensure the easy management of a business's employees and data.
  • Employee Retirement Income Security Act (ERISA): The Employee Retirement Income Security Act of 1974 (ERISA) (Pub.L. 93406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a federal law that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans.
  • Benchmarking: Benchmarking is comparing one's business processes and performance metrics to industry bests and best practices from other companies.

Distinguishing Skills

Any Director of Compensation / Benefits that possesses the following skills will stand out against the competition:

  • Compensation Strategies: The compensation strategy is derived from the HR Strategy and it defines the position of the organization on the job market, the level of the total cash, the main bonus principles in the organization and rules for the base salary setting.
  • Market Pricing: In economics, market price is the economic price for which a good or service is offered in the marketplace.
  • Workday: Working experience of Workday, which is an on-demand (cloud-based) financial management and human capital management software vendor.
  • Total Rewards Strategy: Total Rewards are those policies, programs, and practice that provide employees of a company with something of value in return for their contribution to the mission and goals of the organization.
  • Employee Engagement: Employee engagement is a property of the relationship between an organization and its employees.

Salary Boosting Skills

A professional who wishes to excel in this career path may consider developing the following highly valued skills:

  • Strategic Leadership: Strategic Leadership is the ability of influencing others to voluntarily make decisions that enhance the prospects for the organisation's long-term success while maintaining long-term financial stability.Different leadership approaches impact the vision and direction of growth and the potential success of an organization.
  • Total Rewards Strategy: Total Rewards are those policies, programs, and practice that provide employees of a company with something of value in return for their contribution to the mission and goals of the organization.

Experience

This position typically requires the following level of experience. The numbers presented in the pie charts below were derived from actual job posts over the past year. Not all job postings list experience requirements.

Experience Required%
0 to 2 years3%
3 to 5 years16%
6 to 8 years32%

Many of the programs offered through NC State are designed for working professionals who need additional credentials to enhance existing work experience.

Students who do not have the expected level of experience may wish to look into internship and employment opportunities.

Common Job Titles

It is possible to find work in this field in positions commonly listed as the following job titles:

  • Director, Compensation
  • Director Of Compensation
  • International Benefits Director - B
  • Compensation Director
  • Director Of Benefits

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