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
       Compliance with changing laws and regulations
       Oversee the distribution of pay
       Develop promotion and retention strategies for existing employees
       Plan a departmental budget
       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
Human Resources Certification Programs

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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