Compensation Manager is responsible for the monthly or weekly development, implementation and administration of salaries, rewards and bonuses. He is like an accounts manager who would prepare salaries, overtime and bonuses of the employees with strict coordination with the daily attendance register. Medical and Life Insurance policies may also fall under his guidelines. Compensation Manager has the complete authority to evaluate, organize and monitor the salary structure with the current market scenario. He has to be market savvy in order to determine the correct compensation for the right candidate in accordance with the current salary structure of the market.
Interview process is a two way communication process by which an employer gauges the essential working traits of a prospective candidate who would be fit for this position.
1. How fluent and efficient are you in preparing payroll register?
As I am a graduate in Commerce with first division marks in Accounts, the syllabus and the expert guidance of the commerce professor improved my accounts along with the preparation of the payroll register. I have ample experience working in Finance, Insurance and Investment companies maintaining the payroll register which were quite complex owing to state income tax provisions.
2. What is your background in Finance and Accounting?
I have my done my senior secondary education from St Xavier’s College which is the elite college in Commerce stream. My graduation from Wales University of Economics honed my financing and accounting skills into a much higher level. My three years working stint at the Imperial Finance Company which is considered to be one of the most competitive and premier financed company drastically improved my accounting techniques. The working experience and strong work ethics which I inherited at Imperial Finance Company was truly valuable in my career.
3. Do you frequently review current market pay and how it is beneficial to your company?
In order to be a successful compensation manager I constantly review the current market pay which enables me to give a clear understanding of what the potential job seeker wants in terms of remuneration. The pay should be in accordance with the existing market scenario but competitive. Eligible candidates should be paid decently depending upon their experience and educational qualification. Salary should not be a constraint when selecting a potentially right candidate who would do wonders for the company.
These are the pin point interview questions which frequently occur for the post of Compensation Manager. A potential candidate who would like to apply for this position should be technically prepared for these types of questions.
