WHAT IS AN HEAD OF REWARDS JOB
An head of rewards job is a senior-level position within an organization that focuses on designing, implementing, and managing employee rewards programs. This role is responsible for developing and executing compensation and benefits strategies that attract, motivate, and retain top talent. The head of rewards is also tasked with ensuring that the organization's rewards programs are aligned with its overall business objectives and comply with relevant laws and regulations.
WHAT USUALLY DO IN THIS POSITION
In this position, the head of rewards is responsible for overseeing the entire rewards function within the organization. They collaborate with other HR professionals, senior leaders, and external stakeholders to develop and execute compensation and benefits strategies that align with the organization's goals and values. Some of the key responsibilities of an head of rewards include:
1. Designing and implementing compensation and benefits programs: The head of rewards works closely with HR teams to design and implement competitive and comprehensive compensation and benefits programs. They analyze market trends, evaluate the organization's financial resources, and ensure that the programs are attractive to current and potential employees.
2. Managing performance-based rewards: The head of rewards plays a crucial role in developing and managing performance-based rewards programs. They work with managers to establish performance metrics, determine reward structures, and ensure that the programs are fair and transparent.
3. Ensuring compliance with laws and regulations: The head of rewards stays up to date with relevant laws and regulations related to compensation and benefits. They ensure that the organization's rewards programs comply with legal requirements and industry standards, mitigating any potential risks or legal issues.
4. Conducting compensation analysis and benchmarking: The head of rewards conducts regular compensation analysis to ensure that the organization's pay structure is competitive and aligned with industry standards. They benchmark compensation packages against similar organizations to attract and retain top talent.
5. Providing guidance and support: The head of rewards provides guidance and support to HR teams, managers, and employees regarding compensation and benefits policies, programs, and procedures. They address inquiries, resolve issues, and provide recommendations based on their expertise and knowledge of best practices.
TOP 5 SKILLS FOR POSITION
- Strong analytical skills: An head of rewards should have excellent analytical skills to analyze compensation and benefits data, conduct benchmarking, and make informed decisions based on data-driven insights.
- Strategic thinking: This role requires strategic thinking to align rewards programs with organizational goals and values. The head of rewards should be able to develop innovative strategies to attract, motivate, and retain top talent.
- Knowledge of compensation and benefits laws and regulations: To ensure compliance and mitigate legal risks, an head of rewards must have a thorough understanding of compensation and benefits laws and regulations at the local, state, and federal levels.
- Communication and interpersonal skills: Effective communication and interpersonal skills are crucial for an head of rewards to collaborate with HR teams, senior leaders, and external stakeholders. They should be able to communicate complex concepts clearly and build strong relationships.
- Problem-solving and decision-making: The head of rewards often faces complex challenges and must make critical decisions. Strong problem-solving and decision-making skills are essential to navigate through various scenarios and recommend the best course of action.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become an head of rewards specialist, one typically needs a combination of education, experience, and skills. Here are the steps to pursue a career in this field:
1. Obtain a relevant degree: A bachelor's degree in human resources, business administration, or a related field is typically required for entry-level positions. Consider pursuing a master's degree or specialized certification in compensation and benefits to enhance your knowledge and marketability.
2. Gain HR experience: Start building your career in HR by gaining experience in various HR roles. Look for opportunities to work in compensation and benefits, payroll, or HR analytics to develop a solid foundation in rewards management.
3. Develop analytical skills: Focus on developing strong analytical skills by learning data analysis techniques, statistical analysis, and HR analytics tools. This will help you make data-driven decisions and effectively analyze compensation and benefits data.
4. Stay updated on laws and regulations: Keep yourself up to date with the latest laws and regulations related to compensation and benefits. Attend conferences, seminars, and workshops, and consider obtaining relevant certifications to demonstrate your expertise in this area.
5. Build a network: Networking is crucial in the HR field. Attend industry events, join professional HR associations, and connect with professionals in the rewards and compensation field. Building a strong network can open doors to new opportunities and provide valuable insights.
6. Seek professional certifications: Consider obtaining professional certifications such as Certified Compensation Professional (CCP), Certified Benefits Professional (CBP), or Global Remuneration Professional (GRP). These certifications validate your knowledge and skills in rewards management and enhance your credibility as a specialist.
AVERAGE SALARY
The average salary for an head of rewards job varies depending on factors such as the size and industry of the organization, geographic location, level of experience, and educational qualifications. On average, an head of rewards can expect to earn between $100,000 and $150,000 per year. However, salaries can range higher for professionals with extensive experience and expertise in the field.
ROLES AND TYPES
As an head of rewards, there are various roles and types of organizations you can work for. Some common roles include:
- Head of Compensation and Benefits: This role focuses on designing and managing the compensation and benefits programs within an organization. They ensure that the organization's pay structure is competitive and aligned with industry standards.
- Total Rewards Manager: Total rewards managers oversee all aspects of employee rewards, including compensation, benefits, recognition programs, and work-life balance initiatives. They develop and implement comprehensive rewards strategies to attract and retain top talent.
- Rewards Analyst: Rewards analysts are responsible for analyzing compensation and benefits data, conducting market research, and making recommendations to improve rewards programs. They play a crucial role in ensuring that rewards programs are competitive and aligned with business goals.
- Director of Total Rewards: This role involves leading the overall rewards function within an organization. Directors of total rewards develop and execute rewards strategies, manage budgets, and collaborate with senior leaders to align rewards programs with organizational objectives.
These roles can be found in various types of organizations, including corporate companies, non-profit organizations, government agencies, and consulting firms. The specific responsibilities and focus of the roles may vary depending on the organization's size, industry, and strategic objectives.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
In the United States, there are several locations that have a high demand for head of rewards professionals. Some of the top cities with popular jobs in this field include:
- New York City, NY: As a major hub for various industries, including finance, media, and technology, New York City offers numerous opportunities for head of rewards professionals.
- San Francisco, CA: Known for its thriving tech industry, San Francisco is a hotspot for HR professionals, including those specializing in rewards management.
- Chicago, IL: With a diverse range of industries and a strong business community, Chicago offers a multitude of opportunities for head of rewards specialists.
- Los Angeles, CA: The entertainment industry in Los Angeles, along with the presence of numerous corporate headquarters, creates a demand for professionals in rewards management.
- Dallas, TX: With a strong economy and a thriving business community, Dallas is a city that offers significant opportunities for head of rewards professionals.
These locations not only provide attractive job prospects but also offer a vibrant lifestyle and access to various amenities.
WHAT ARE THE TYPICAL TOOLS
As an head of rewards, there are several typical tools and software that you may use to perform your job effectively. Some of these tools include:
- HRIS (Human Resources Information System): HRIS software helps manage employee data, including compensation and benefits information. It allows you to track employee records, generate reports, and analyze data related to rewards programs.
- Compensation Management Software: This software helps streamline the process of designing, implementing, and managing compensation programs. It enables you to set pay structures, manage salary adjustments, and ensure compliance with compensation policies.
- Survey Tools: Survey tools, such as online survey platforms, are commonly used to collect data on compensation and benefits practices in the market. These tools help you benchmark your rewards programs against industry standards and make informed decisions.
- Analytics and Reporting Tools: Analytics and reporting tools, such as Microsoft Excel or specialized HR analytics software, enable you to analyze compensation data, generate reports, and present insights to stakeholders.
- Communication and Collaboration Tools: Tools like email, video conferencing software, and collaboration platforms are essential for effective communication and collaboration with HR teams, senior leaders, and external stakeholders.
These tools help streamline rewards management processes, improve efficiency, and ensure accurate data analysis and reporting.
IN CONCLUSION
An head of rewards job is a senior-level position that plays a crucial role in designing, implementing, and managing employee rewards programs within an organization. This position requires a combination of analytical skills, strategic thinking, and knowledge of compensation and benefits laws. By pursuing relevant education, gaining HR experience, and developing the necessary skills, you can embark on a rewarding career as an head of rewards specialist. With attractive salaries, diverse roles, and opportunities in various locations, this field offers promising prospects for HR professionals seeking to specialize in rewards management.