What are the Roles & Responsibilities of a Compensation & Payroll Officer?
Payroll officer
A payroll officer is responsible for processing payroll, remitting
payroll taxes and preparing monthly, quarterly and yearly and payroll
statements. A payroll officer is also required to ensure compliance with
government regulations and is responsible for the hiring training and
supervision of payroll staff.
Compensation Officer
A compensation officer is responsible for researching, establishing
and maintaining an organization’s pay system. The current and upcoming
competitive markets need to be understood and ways to ensure that pay rates are
fair and equitable need to be found.
Compensation &
payroll officer would need to combine both the functions.
Roles and
Responsibilities
The duties of a compensation and payroll manager depend, to a great
extent, on the nature of the company they work for. Large organizations may
require them to specialize in specific areas such as job classification or
market-based studies. They might be required to handle employee benefits,
employee reward systems and pay- for- performance plans.
The following roles and responsibilities are generally to be performed
by a compensation and payroll manager:-
●
Evolve and develop organizations pay scale and structure
●
Determine competitive wage rates
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Compliance with changing laws and regulations
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Oversee the distribution of pay
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Develop promotion and retention strategies for existing employees
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Plan a departmental budget
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Keep operations within this budget
●
Monitor the compensation and payroll support team
●
Maintain payroll staff by recruiting, selecting, orienting and
training employees
●
Work with other managers and human resources partners to ensure that
changes in payroll are handled correctly and fairly.
●
Design systems, direct collection, calculation, and entering of data
to maintain payroll information
●
Update payroll records by reviewing and approving changes
●
Prepare reports by compiling summaries of earnings, deduction, access
leave, etc.
●
Balancing payroll accounts
Skills &
Competencies
To be successful in this role the following skills and qualities are
required:
Communication skills - Compensation and payroll managers should
have the capability to effectively talk and write about a company's pe strategy
and system. addressing any concern that comes from executives and employees should
be deftly handled by the manager
Analytical skills - A person in this position must be able to
collect, weigh and analyze data on various factors to determine the best
compensation plan for an organization.
Mathematical skills - Since compensation calculation is
complicated, a solid foundation of maths and statistics is required.
The compensation and payroll manager would also have to use
accounting, human resources, and time- tracking software to perform the duties
assigned to him/her.
Human Resource
Management Certifications
Human Resource Management
Certification would be an added advantage. Getting certified in different
areas of the HR profession has several benefits. Human Resource Management Certifications boost your resume, display
that you are self-motivated and open a networking channel where you can
interact with other professionals. The HRM
course from XLRI is an executive development program that leads to
postgraduate certification. It is tailor-made for working professionals. HRM courses from XLRI are specially
curated for those who want to enhance their careers in HRM.
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