Steering your HR career into Compensation & Benefits (C&B) is an excellent choice as employers are constantly on the lookout for capable professionals in this area of HR to increase their chances of hiring and retaining the best employees in the market. A specialty area of HR, an effective C&B strategy will not only attract potential candidates to work in the company but also retain the best talent in the firm.
Developing your career
The nature of the job requires astute analytical skills. A C&B professional will be required to scrutinise competitors’ pay schemes and reward strategies to ensure their firm stays competitive in the industry. To progress to a managerial role, one needs to have the necessary leadership skills to manage a team. They are also required to execute strategic projects to bring the company forward, hire and retain the best talent available.
You are in charge of leading and overseeing the design and management of HR specialist practices. These include people resourcing, reward and compensation as well as the development and implementation of reward strategies to attract potential candidates. Good interpersonal and communication skills are a must to ensure that all people practices are aligned with the organisation’s strategy. It is beneficial if you are well-connected to both internal and external networks. Being constantly updated with current and future HR trends can provide valuable insights, making an impact on your company’s bottom line.
Distinguishing yourself from the mass
Excellent leadership skills are essential as the key role of a C&B manager is to manage a team, implement and oversee strategic projects. A high degree of analytical skills is required so as to make proper studies of pay schemes or benefit packages to provide employees with. It is also encouraged that you should take on extra training or courses to constantly upgrade yourself. Apart from acquiring new HR skills, ensuring a good balance of both soft and hard skills is also important. Professionals should have the ability to not just manage a team but also to make them feel appreciated and included within the organisation.
The market outlook of this area in HR is looking good as rising healthcare costs will require C&B managers to be both resourceful and creative when it comes to putting together healthcare packages or health insurance for employees. These traits are important in selecting the most attractive packages that will please both employers in terms of cost and employees in terms of the quality of benefits.
Contact our HR specialist recruitment team today to discuss opportunities in HR.