Career and Education Opportunities for Compensation and Benefits Managers in Lexington-Fayette, Kentucky
For those living in the Lexington-Fayette, Kentucky area, there are many career and education opportunities for compensation and benefits managers. There are currently 420 working compensation and benefits managers in Kentucky; this should grow by 13% to 470 working compensation and benefits managers in the state by 2016. This is better than the nation as a whole, where employment opportunities for compensation and benefits managers are expected to grow by about 8.5%. In general, compensation and benefits managers plan, direct, or coordinate compensation and benefits activities and staff of an organization.
Compensation and benefits managers earn approximately $31 per hour or $65,170 yearly on average in Kentucky. Nationally they average about $41 hourly or $86,500 annually. Incomes for compensation and benefits managers are better than in the overall category of Human Resources in Kentucky, and better than the overall Human Resources category nationally. Compensation and benefits managers work in a variety of jobs, including: job analysis manager, human resources director, and benefits manager.
There are twenty-two schools of higher education in the Lexington-Fayette area, including one within twenty-five miles of Lexington-Fayette where you can get a degree to start your career as a compensation and benefits manager. Given that the most common education level for compensation and benefits managers is a Bachelor's degree, it will take about four years to learn to be a compensation and benefits manager if you already have a high school diploma.
CAREER DESCRIPTION: Compensation and Benefits Manager
In general, compensation and benefits managers plan, direct, or coordinate compensation and benefits activities and staff of an organization.
Compensation and benefits managers analyze compensation policies and prevailing wage rates to develop competitive compensation plans. They also direct preparation and distribution of written and verbal data to inform employees of benefits and personnel policies. Equally important, compensation and benefits managers have to formulate and direct work efforts of subordinates and staff relating to employment and employee relations. They are often called upon to design methods to further optimize employment policies and practices, and recommend changes to management. They are expected to formulate policies, procedures and programs for recruitment orientation, benefits and compensation, and labor and industrial relations. Finally, compensation and benefits managers layout, evaluate and modify benefits policies to insure that programs are current, competitive and in adherence to legal requirements.
Every day, compensation and benefits managers are expected to be able to listen to and understand others in meetings. They need to read and understand documents and reports.
It is important for compensation and benefits managers to administer and review employee benefit programs, including the integration of benefit programs following mergers and acquisitions. They are often called upon to mediate between benefits providers and employees. They also ready budgets for personnel operations. They are sometimes expected to negotiate bargaining agreements. Somewhat less frequently, compensation and benefits managers are also expected to layout, evaluate and modify benefits policies to insure that programs are current, competitive and in adherence to legal requirements.
Compensation and benefits managers sometimes are asked to investigate and report on industrial accidents for insurance carriers. and maintain records and compile statistical reports concerning personnel-related data such as hires and absenteeism rates. And finally, they sometimes have to direct preparation and distribution of written and verbal data to inform employees of benefits and personnel policies.
Like many other jobs, compensation and benefits managers must have exceptional integrity and be thorough and dependable.
Similar jobs with educational opportunities in Lexington-Fayette include:
- Administrator. Plan, direct, or coordinate supportive services of an organization, such as recordkeeping, mail distribution, telephone operator/receptionist, and other office support services. May oversee facilities planning and maintenance and custodial operations.
- Healthcare Manager. Plan, direct, or coordinate medicine and health services in hospitals, clinics, managed care organizations, public health agencies, or similar organizations.
- Human Relations Manager. Plan, direct, and coordinate human resource management activities of an organization to maximize the strategic use of human resources and maintain functions such as employee compensation, recruitment, and regulatory compliance.
- Postmaster. Direct and coordinate operational, administrative, and supportive services of a U.S. post office; or coordinate activities of workers engaged in postal and related work in assigned post office.
EDUCATIONAL OPPORTUNITIES: Compensation and Benefits Manager Training
Midway College - Midway, KY
Midway College, 512 E. Stephens St, Midway, KY 40347-1120. Midway College is a small college located in Midway, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,323 students and an admission rate of 58%. Midway College has a bachelor's degree program in Human Resources Management/Personnel Administration.
Fundamental Payroll Certification: The Fundamental Payroll Certification (FPC) is open to all those who wish to demonstrate a baseline of payroll competency.
For more information, see the American Payroll Association website.
Manager of Quality/Organizational Excellence: The Certified Manager of Quality/Organizational Excellence is a professional who leads and champions process-improvement initiatives everywhere from small businesses to multinational corporations that can have regional or global focus in a variety of service and industrial settings.
For more information, see the American Society for Quality website.
Qualified 401(k) Administrator: The Qualified 401(k) Administrator (QKA) credential is conferred by ASPPA to retirement plan professionals who work primarily with 401(k) plans.
For more information, see the American Society of Pension Professionals and Actuaries website.
Business and Employer Services - Professional Certification: Professional certification exam for Business and Employer Services in workforce development.
For more information, see the Dynamic Works Institute website.
Global Professional in Human Resources: Globalization is the defining political and economic force in the world today.
For more information, see the HR Certification Institute website.
Certified Manager: Certified Manager certification is valued for the credibility and recognition it brings to managers and the organizations for which they work.
For more information, see the Institute of Certified Professional Managers website.
Program Management Professional: Project Management Institute's newest credential is specifically developed to acknowledge the qualifications of the professional who leads the coordinated management of multiple projects and ensures the ultimate success of a program.
For more information, see the Project Management Institute website.
Certified Compensation Professional: Recognized as the world's standard since 1976, the Certified Compensation Professional (CCP) designation is known throughout the global rewards community as a mark of expertise and excellence in all areas of compensation.
For more information, see the WorldAtWork website.
Certified Benefits Professional: Designed for today's dynamic benefits environment, the Certified Benefits Professional (CBP) program provides solid strategies and understanding.
For more information, see the WorldAtWork website.
LOCATION INFORMATION: Lexington-Fayette, Kentucky
Lexington-Fayette is located in Fayette County, Kentucky. It has a population of over 282,114, which has grown by 8.3% over the last ten years. The cost of living index in Lexington-Fayette, 84, is well below the national average. New single-family homes in Lexington-Fayette are valued at $167,600 on average, which is well above the state average. In 2008, seven hundred seventy-one new homes were built in Lexington-Fayette, down from 1,227 the previous year.
The three big industries for women in Lexington-Fayette are health care, educational services, and accommodation and food services. For men, it is educational services, construction, and accommodation and food services. The average travel time to work is about 19 minutes. More than 35.6% of Lexington-Fayette residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.5%, is higher than the state average.
The percentage of Lexington-Fayette residents that are affiliated with a religious congregation, 47.3%, is less than both the national and state average. Victory Baptist Church, Aldersgate Church and Trinity Hill United Methodist Church are all churches located in Lexington-Fayette. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.
Lexington-Fayette is home to the Tates Creek Country Club and the Home of Henry Clay as well as Kentucky State Horse Park and Duncan Park. Shopping centers in the area include Fayette Mall, Turfland Mall and Lexington Mall.