What Is a Payroll Manager?
The payroll manager, sometimes called the compensation manager, creates and maintains the pay system used by the company. As payroll manager, you would guarantee fair and equitable pay rates, making certain to comply with any new or changing laws and regulations, and possibly using surveys to compare your company's rates to those offered by others. Depending on your company, you may also be responsible for evaluating employees' performances and designing rewards for those who deserve them.
The payroll manager often works closely with the employee benefits manager, since health insurance and pension plans are usually an important part of an employee's overall compensation. At a small firm, you might even be responsible for establishing employee benefits yourself. This requires additional training, and makes you responsible for keeping up-to-date on any Federal and State legislation that affects employee benefits. Larger firms traditionally keep those two departments separate, however, even though they work together.
What Education Can Help Me Become a Payroll Manager?
A bachelor's degree in human resources, business administration, or accounting is a good place to start. You need to study compensation, negotiations, and payroll laws. To advance to a payroll manager, you typically need an advanced degree or the patience to work your way up through the ranks within the company. This can take time, but the effort you put in can prove worthwhile in your salary.
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