What is a Compensation and Benefit Lead doing? Job description and responsibilities

What does a Compensation and Benefit Lead do?

The Compensation and Benefits Lead is a key position within our organization that will be responsible for leading our compensation and benefit initiatives. This individual will be responsible for developing, implementing and managing our compensation and benefit strategies, policies and processes. The ideal candidate will have a deep understanding of the competitive landscape, a comprehensive knowledge of labor laws, and a strong background in providing strategic guidance and direction to ensure competitive pay and benefits. This individual will be a strong communicator, able to effectively collaborate across teams and levels of the organization, and will have a deep understanding of the total rewards philosophy.

Responsibilities of Compensation and Benefit Lead

1. Develop and implement compensation strategies to attract and retain top talent.
2. Develop and administer salary and bonus programs that are competitive and compliant with all applicable laws.
3. Lead salary surveys and benchmarking activities to ensure competitiveness in the marketplace.
4. Analyze and review job descriptions and classifications, and make salary recommendations.
5. Design, develop, and manage benefit plans to ensure cost effectiveness, scalability, and compliance.
6. Provide guidance and counsel to management on compensation and benefits related matters.
7. Prepare and manage annual budget for compensation and benefits programs.
8. Monitor and analyze industry trends, legislation, and regulations related to compensation and benefits.
9. Develop metrics and reporting to measure the effectiveness of compensation and benefit programs.
10. Lead in the design, development, and implementation of new and revised compensation and benefit programs.