How Compensation and Benefits Managers stay on track

With Monitask’s easy, all-in-one time tracking software
Compensation and Benefits Managers hourly rate: $60,16

How much could Monitask save you?

Annual savings

$
Сalculation is performed automatically upon data entry
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What is the job of the Compensation and Benefits Managers

Plan, direct, or coordinate compensation and benefits activities of an organization.

Key tasks of the Compensation and Benefits Managers

  • Design, evaluate and modify benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.

  • Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.
  • Administer, direct, and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions.
  • Fulfill all reporting requirements of all relevant government rules and regulations, including the Employee Retirement Income Security Act (ERISA).
  • Formulate policies, procedures and programs for recruitment, testing, placement, classification, orientation, benefits and compensation, and labor and industrial relations.
  • Direct preparation and distribution of written and verbal information to inform employees of benefits, compensation, and personnel policies.
  • Manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions.
  • Prepare detailed job descriptions and classification systems and define job levels and families, in partnership with other managers.
  • Study legislation, arbitration decisions, and collective bargaining contracts to assess industry trends.
  • Plan, direct, supervise, and coordinate work activities of subordinates and staff relating to employment, compensation, labor relations, and employee relations.
  • Identify and implement benefits to increase the quality of life for employees by working with brokers and researching benefits issues.
  • Prepare budgets for personnel operations.
  • Mediate between benefits providers and employees, such as by assisting in handling employees’ benefits-related questions or taking suggestions.
  • Develop methods to improve employment policies, processes, and practices, and recommend changes to management.

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What other tasks a Compensation and Benefits Managers may have

  • Advise management on such matters as equal employment opportunity, sexual harassment, and discrimination.

  • Negotiate bargaining agreements.
  • Conduct exit interviews to identify reasons for employee termination.
  • Investigate and report on industrial accidents for insurance carriers.
  • Prepare personnel forecasts to project employment needs.
  • Analyze statistical data and reports to identify and determine causes of personnel problems and develop recommendations for improvement of organization’s personnel policies and practices.
  • Maintain records and compile statistical reports concerning personnel-related data, such as hires, transfers, performance appraisals, and absenteeism rates.
  • Plan and conduct new-employee orientations to foster positive attitude toward organizational objectives.
  • Represent organization at personnel-related hearings and investigations.
  • Contract with vendors to provide employee services, such as food services, transportation, or relocation service.

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Top reasons to use time tracking for Compensation and Benefits Managers

Organize your paperwork and comply with legal requirements

Use Monitask for complete control over your employees' working hours and get information about the hours worked in the form of convenient reports.
Demonstrating the total number of hours spent each year helps support your business and increases transparency with your customers.

Receive more grants and investments

Proper time calculations will ensure that you have supporting documents and data to show when you apply for investments or search for new strategic partners.

Save on payroll and identify bottlenecks

Review daily timesheets and productivity scores to identify bottlenecks and ways to improve your operations quickly.
Implementing the correct time-tracking solution always results in reduced payroll costs for part-time and full-time employees, and companies can get more things done for each dollar they invest in their recruitment efforts.

Improve staffing and scheduling

Scheduling takes the guesswork out of the project's management.
By reviewing scheduling reports, managers can quickly identify efforts and estimated the workforce needed to complete the projects on time.

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