Work Environment
Compensation and benefits managers held about 18,700 jobs in 2020. The largest employers of compensation and benefits managers were as follows:
- Professional, scientific, and technical services - 19%
- Management of companies and enterprises - 17%
- Insurance carriers and related activities - 11%
- Government - 7%
- Healthcare and social assistance - 6%
Compensation and benefits managers work in nearly every industry. Most of these managers work in offices.
Work Schedules
Most compensation and benefits managers work full time. Some work more than 40 hours per week. They may work more hours during peak times to meet deadlines, especially during the benefits enrollment period of their organization.
Job Outlook
Employment of compensation and benefits managers is projected to grow 4 percent from 2020 to 2030, slower than the average for all occupations.
Despite limited employment growth, about 1,500 openings for compensation and benefits managers are projected each year, on average, over the decade. Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment
Organizations continue to focus on reducing compensation and benefits costs, such as by introducing pay-for-performance and health and wellness programs. Organizations will need managers to evaluate and direct these compensation and benefits policies and plans.
However, organizations may contract out a portion of their compensation and benefits functions to human resources consulting firms in order to reduce costs and gain access to technical expertise. For example, to reduce administrative costs, organizations commonly use an outside vendor for processing payroll and insurance claims. These consulting firms automate tasks and operate call centers to handle employee questions, thereby reducing the need for compensation and benefits managers.
Earnings
The median annual wage for compensation and benefits managers was $127,530 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $77,040, and the highest 10 percent earned more than $208,000.
In May 2021, the median annual wages for compensation and benefits managers in the top industries in which they worked were as follows:
- Management of companies and enterprises - $135,460
- Professional, scientific, and technical services - $131,710
- Insurance carriers and related activities - $127,690
- Healthcare and social assistance - $118,960
- Government - $101,860
Most compensation and benefits managers work full time. Some work more than 40 hours per week. They may work more hours during peak times to meet deadlines, especially during the benefits enrollment period of their organization.
