Today's employees are not only working for salaries, but they also expect something more from the organization they are working for in the form of some benefits and rewards. It is here that the significance of executive compensation and rewards associate is realized. Executive compensation and rewards associate responsibilities comprise providing consultative advice to the organization after conducting proper analysis, study, and research to design the best compensation and rewards program.
Key Responsibilities of an Executive Compensation and Rewards Associate
A well-designed compensation and rewards package helps in retaining the old employees, and attracting and motivating the new employees to join the organization. An executive compensation and rewards associate assists in designing fair reward packages for the employees for their efficient services. They may even design programs that would help them in gaining a more valuable post that would help in their professional and personal growth. By doing so, an executive helps in gaining the confidence and peace of mind of the employees. This in turn, assures better quality work with maximum output as the employees remain satisfied. Let us study in detail the key responsibilities that need to be handled by an executive compensation and rewards associate:
Additionally, they also conduct surveys and implement strategies that are in support of the organization. They conduct audit practices to ensure compliance with the federal and state laws. They resolve the issues and disputes of the employees. They analyze benchmarks, design and develop tools that will assist in the management and selection of employees for the compensation benefits and guide the management accordingly. They represent the organization at various hearings and investigations.
They keep a track record of the employees to process and compute their wages and make relevant entries in the automated system. They oversee and verify the documents and forms to check the eligibility and administration of compensation and benefits package for a particular employee to ensure that it has been applied appropriately. They should keep themselves abreast with the current market trends and be updated with the current labor laws. They may need to perform some additional duties that may be incidental.
To be a successful executive compensation and rewards associate, you should possess at least some of the following essential skills and abilities:
A bachelor's or a master's degree in business administration, management, and finance would be preferred. An in depth knowledge and experience in designing of salaries, evaluation of jobs, developing compensation programs, etc., would be of great help in getting the desired job.
Executive compensation and rewards associate work in a normal office environment and usually work for thirty five to forty five hours per week, Monday through Friday. They may need to extend their work hours whenever any work needs to be completed on a priority basis.
The median salary for an executive compensation and rewards associate falls in the range of $51,000 to $62,000. It depends on a lot of other factors like educational qualifications, skills, and experience in that particular field.
Employee retention has been an issue of concern for many organizations, even in times of recession. Therefore, to retain the best talented employees as well as attract the new ones to join the organization, more and more companies are hiring executive compensation and rewards associate.
Efficient and effective implementation of executive compensation and rewards associate will assist in taking your career to new heights and in making a successful career.