Employment of compensation and benefits managers is expected to grow 3 percent from 2010 to 2020, slower than the average for all occupations.
Many organizations contract out a portion of their compensation and benefits functions to human resources consulting firms 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.
Similarly, as benefits packages grow more complicated, employers increasingly contract out their benefits work to human resources organizations that have expertise in complex benefits programs and knowledge of federal and state regulations. These consulting firms are able to automate tasks and operate overseas call centers, reducing the need for managers.
Therefore, even as healthcare costs rise and healthcare coverage options expand, employment of compensation and benefits managers is not expected to experience comparable growth.
Candidates are expected to face competition for jobs. Those who have a master’s degree, certification, or experience working with compensation or benefits plans should have the best job prospects.
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition