Management Careers: Administrative Services Managers

See also: What Can I do with a Finance Degree?

What They Do

Compensation managers and benefits managers directly and largely affect the possibilities for your current and future financial status. A compensation manager career involves planning, directing, and coordinating how much employees are paid. A benefits manager career involves planning, directing and coordinating retirement plans, health insurance and other benefits a company offers its employees.

Compensation managers determine employee's salaries based on market conditions and government regulations, attempting to keep salaries competitive while also not overspending. Compensation managers engage in a lot of data collecting, analyzing, and developing pay scales.

A compensation manager career may involve developing performance plans that award bonuses and incentive pay, as well as determining commission rates and other incentives for employees.

Benefits managers specifically conduct employee benefits programs, including retirement plans and health, life, and disability insurance policies.

A benefits manager career includes managing enrollment, renewal, and distribution processes. A benefits manager career also includes working with a variety of vendors and monitoring government regulations to ensure their programs remain compliant, as well as competitive with others.

In smaller companies, the same individual may hold the responsibilities of both a compensation manager and a benefits manager.