Looking to hire a compensation and benefits manager for your organization? You're in luck. Burning Glass, a labor-insights provider, reports that demand for these positions is low, with only about 12,000 jobs posted in the last year and an average of 40 days to fill an open position. So how do you trim down that time-to-fill metric and find a best-fit candidate to bring on board?
Here are our top tips for finding and hiring the best compensation and benefits manager:1. make your hiring process seamless 2. research what compensation you need to offer 3. look into the skills required to effectively rock the job 4. write a captivating job description 5. identify the hiring trends for the role so you find the best talent 6. decide what avenues are best to attract your ideal candidate
Ready to get started? Read on for ways to make these tips a part of your recruitment process.
1. speed up your hiring process
If you need to fill a role immediately, looking ahead at a long, arduous hiring process can be overwhelming. And on top of that, a lengthy hiring timeline can be damaging to employee morale, as other team members continue to shoulder a heavier workload until the role is filled. The following diagram can help identify ways to make your recruiting timeline as streamlined as possible.
2. develop a competitive compensation package
In order to attract the top talent for any role, you need to offer a competitive salary package. This is even more vital when you're hiring for a compensation and benefits manager — whose primary job it is to know what makes for a competitive offer!
If you're unsure of the standard today, be sure to look at Randstad's 2019 Salary Guide while doing your research to access the most up-to-date data. Below are current salary ranges for compensation and benefits managers, depending on seniority level:
$86,077 – $104,470
$100,363 – $121,809
$115,928 – $140,700
However, remember that these numbers are just the averages. Salaries can vary greatly depending on your location, so put our salary calculator to use to find the most accurate information for your markets.
3. identify the top skills for compensation and benefits managers
Once you've gotten past compensation, it's important to decide which skills are absolutely necessary for the candidate to be successful. Talk to hiring managers and people who work closely with the open role — such as your HR director and recruitment team — and come to a conclusion everyone is comfortable with. Since the role of a compensation and benefits manager can vary from company to company, it's also important to agree on the amount of freedom the person will have when determining your organization's compensation levels.
consider the amount of freedom the role will have when strategizing your company's compensation program.
Keep your list of skills (both the "must-haves" and the "nice-to-haves") handy for when you are writing the job description. To get you started, here are the common skills required of compensation and benefits managers:
4. write an eye-catching job description
Crafting a job description that is equal parts engaging and informative can be a challenge. Here are three things to keep in mind when you're completing the write-up.
5. brush up on the latest industry trends
The human resources industry as a whole is poised to have massive growth, and compensation and benefits manager roles will likely follow suit. To stay competitive in the market, you'll need to keep these latest trends at the forefront during your recruitment:
Employment opportunities for compensation and benefits managers are predicted to grow five percent by 2026.
The industry's growth is attributed to low unemployment and an overwhelmingly candidate-driven market, making the need to attract and retain talent even more critical.
Because competitive compensation packages will be used as a key recruiting tool, compensation and benefits managers will be heavily relied upon as the industry expands.
For more insight into trends in the human resources industry, be sure to read our complete guide.
demand for compensation and benefits managers will start growing — about five percent over the next seven years.
6. choose your channels to find candidates
To attract the most qualified compensation and benefits manager candidates, consider working with a staffing firm that is well versed in the HR space. These firms give you access to a large pool of vetted, qualified talent that are actively seeking new opportunities, as well as those hard-to-find passive candidates.
Get in touch with the human resources experts at Randstad for help in finding top-notch compensation and benefits managers. Or take a look at our Find Your Employee portal, were screened and vetted candidates are waiting to hear from you.