Benefits Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a benefits analyst. Feel free to use our benefits analyst job description template to produce your own. We also provide you with information about the salary you can earn as a benefits analyst.
Who is a Benefits Analyst?
A benefits analyst is an individual who assesses, recommends, and administers employee welfare programs and has in-depth knowledge of laws governing benefits compliance. Companies and organizations have retirement plans for their employees and such retirement plans can include healthcare benefits. The benefits analyst must analyze and make thorough research on these programs that keep employees happy.
The benefits analyst role is a human resource role that focuses on all the extras that a company offers employees. The benefits of a company may be different depending on the company but there are very common extras that companies around the world give to their employees and they are: insurance, time offer, wellness programs, and retirement plans. Some companies may offer other benefits like a gym membership, account bonuses, health care, and travel expenses. Some go to the extent of offering benefits such as office recreation, flexible work schedules, and telecommunicating benefits which under the extras benefits analysts offer
It is the sole responsibility of a benefits analyst to communicate the advantages of the benefits packages the company is offering to staff; this information usually serves as a motivation to staff that has been working for the organization. Benefits analysts also are solely responsible for transactions and they work closely with vendors to make the appropriate decisions about appropriate benefits packages.
Companies hire benefits analysts to organize benefits programs for their employees. The benefits analyst role is indispensable in an organization because they attract employees to an organization through their appealing benefits programs and they also retain employees in an organization with these packages. There is more to being a benefits analyst than just optimizing benefits programs; the role requires that you analyze current trends, consider cost and find the best products based on the nature of your company. Federal and state regulations are also part of the job because you need to ensure the benefits program follows these regulations. A good benefits analyst must understand current regulations and keep up with the trend in society.
A benefits analyst works with many shareholders to optimize benefits to employees. This person often reports back to corporate leadership to explain different aspects of benefits programs and make recommendations. The benefits analyst works with employees and other HR staff to administer these programs.
The work conditions or environment of a benefits analyst are fairly regular and directed. Benefits analysts mostly work in an office setting as part of the human resources team of a company. Most of their work schedule takes place in the office but some can be held off-site. The time they spend in the office can be from 8:00 am to 5:00 pm which is from Monday to Friday. He or she sometimes has to travel to branch offices in various locations if the company has many branches and he or she must be able to travel extensively when working for a big international organization. A good benefits analyst also travels to occasion trade shows or educational conferences. The role usually offers a full-time work schedule that falls during normal daytime business hours. While some work takes place individually, the benefits analyst works with HR team members, and corporate leadership employees to effectively carry out their duties.
A benefits analyst’s job description may vary and it can be very complex base on the nature of the company. A benefits analyst belongs to the human resource department and he is responsible for answering employees’ questions and handling any issue that correlates with a company’s benefits packages. Most benefits analysts are saddled with the responsibility of holding meetings or orientations to explain benefits procedures and policies and other benefits packages. They also process benefits transactions as well as work with vendors to select packages for employees.
Benefits Analyst Job Description
Below are the benefits analyst job description examples you can use to develop your resume or write a benefits analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The following are the duties and responsibilities of a benefits analyst:
- Research compensation and benefits plans and policies of an organization
- Communicate the details of a benefits package to employees
- Coordinate orientation for new employees to explain benefits programs
- Administer the benefits to employees
- Evaluate the data and costs to make recommendations on plans and policies
- Evaluate employee position description to ascertain classification and salary for each
- Ensure and maintain the company’s compliance with state and federal laws
- Keep records of all legal documents and even the most recent ones
- Manage payroll deductions of employees
- Ensure that insurance policies are renewed when necessary to avoid any lapses in coverage for employees
- Organize wellness initiatives to help keep insurance costs down
- Educate employees on the impact of wellness initiative
- Conducts regular audits and compliance reviews of benefits programs
- Make recommendation to the human resource department
- Analyze and reports benefits data plan to the management
- Pass out information to employees when there is a change in benefits packages
- Conduct regular audits and compliance reviews of benefits packages
- Answer employee questions about policies and procedures
- Ensure that all policies and procedures of benefits packages to rules and regulations set forth by regulatory agencies
- Participate in mergers and acquisitions to ensure benefits are properly integrated
- Interview vendors to select new benefits or make modifications exciting ones
- Recommends changes in benefits packages to save the company money or make the company more competitive in executive recruitment
- Identifying and practicing proven strategies to attract desirable personnel to the organization
- Understand the legal issues which to paying equity, salaries LOA by reading important articles, making use of personal networks, and attending workshops with other professionals
Qualifications
- A Bachelor’s degree in Human resources, Business Administration, or Applied Psychology
- A master’s or doctoral degree in human resources or business is preferred by some employers for senior positions
- 3-7 years of proven work experience in benefits processes and retirement planning
- Knowledge of state and federal laws and regulations which is by health and retirement benefit
- Experience in managing leave of absence, time-off, and workers’ compensation packages
- Familiarity with Microsoft Suite, Excel, Word, and PowerPoint
- In-depth understanding of state and local laws governing leave such as ERISA, HIPPA, COBRA, and FMLA to ensure compliance
- Excellent analytical skills to research and evaluate benefits programs to make informed choices
- The ability to present information clearly in a manner that is understandable to managers and employers to answer questions
- Excellent writing skills for reports and benefits information
- Must possess a clear understanding of the industry to work with vendors to create the best benefits packages for employees at the lowest cost for the company.
Essential Skills
A benefits analyst must possess the following skills and competencies to be successful:
- Communication Skill: This is a core skill that benefits analysts must possess to be successful in their responsibilities. A benefits analyst must be able to communicate the benefits of the organization clearly to employees or potential employees. The benefits of the company can be drafted and documented but it is also very essential for a benefits analyst to communicate these benefits to employees verbally when giving them orientation. Employees may also ask questions to get more information; it is the responsibility of a benefits analyst to answer all these questions vividly. In addition, benefits analysts must communicate to employees immediately if there is a change in the benefits plans of a company.
- Interpersonal Skills: This is highly crucial because benefits analysts must know how to relate with employees of the company to create a bond. Benefits analysts are the closest to the employees of an organization and it is the responsibility of benefits analysts to build a bond with these employees to retain them. They can start by using the appealing benefits of the organization to attract and retain employees
- Multi-tasking and Organization Skills: Benefits analysts must know how to do different functions at a time. The workload of a benefits analyst sometimes may demand them to perform different functions like conducting regular audits and educating employees about the company’s benefits A good benefits analyst should know how to multi-task to perform his function as appropriate. They should also be times when discharging their duties to keep up with the deadline.
They must also be highly organized by keeping records of all company benefits plans and legal documents.
- Team spirit: benefits analysts work with vendors and other human resources to select the best benefits package for an employee based on his position. It is the responsibility of the benefits analysts to know how to work with other team members to achieve a common goal. They must make sure that everyone on the team contributes his or her quota to bring about development in the organization. Benefits analysts also make recommendations to the management and a benefits analyst must know how to work in a team.
- Analytical: benefits analysts as the name implies must be very analytical in their profession. Benefits analysts analyze the costs of data and also how to give benefits packages to each based on their position. A good benefits analyst must possess an analytical mind and problem-solving skills to be successful. Benefits analysts serve as a bridge between employees and the management.
- Paying attention to detail: a basic analyst must be much more focused especially when he or she is working in a large organization. He or she must be focused to avoid mistakes such as the switch of the employee’s benefits programs. He or she must be accurate in discharging his responsibilities.
How to Become a Benefits Analyst
An individual contemplating becoming a benefits analyst must do the following:
- Acquire a Bachelor’s Degree in Human Resources, Business Administration,or Applied Psychology: To become a benefits analyst, you need to enroll for a degree in Human resources must particularly to qualify. The degree usually takes four years to complete and during the degree; you will be taught managerial principles and how to relate with employees which will equip you as a benefits analyst.
- Enroll for a Master’s Degree in Human Resources
Some employers will only consider candidates with a master’s degree particularly if the benefits analyst to work in a large organization. A master’s degree will broaden your knowledge of the scope of human resources and it usually takes four semesters to complete which is 18 months. After your master’s degree program, you can proceed to get a doctoral degree in human resources to establish yourself in the field.
- Acquire Certification
To become a professional; it is very good for you to acquire certifications that will give you an edge over other job candidates. You can acquire a certification in Professional Human Resources (PHR) or Global Professional in Human Resources (GPHR) certification.
- Enroll for Internship
As a new entry employee, you may not be employed a benefits analyst once you are enrolling for your internship but you can be employed to work in the human resource department. Use that as a portfolio to start building your career. Work closely with the benefits analyst to learn all the rudiments of the career. By enrolling for an internship you will get to acquire marketable skills that will equip you.
- Prepare your Resume
Draft your resume and include your skills, qualification, experience, and another professional summary. Make your resume very marketable to attract employees; you can look for a professional to draft an excellent resume for you. Seek out open opportunities for job placement; you can use online platforms such as LinkedIn to start applying for jobs.
Where to work as a Benefits Analyst
The job of a benefits analyst is very lucrative and there is a tendency that benefits analysts’ demands will increase in the future. Benefits Analysts can work in diverse industries as they are highly sought out for. They can work in the Human resources department of the following
- Companies
- Firms
- Government organizations
- Academic Institutions
- International Corporation
Benefits Analyst Salary
The salaries range from 34,000 to 86,000 depending on the size of the company and the number of employees. Salaries at international corporations are usually higher and a benefits analyst can earn about $100,000 range or more
- In Nigeria, a benefits analyst can earn 198,000NGN per month with other bonuses. Experienced benefits analysts may earn more.