Benefits Specialist Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a benefits specialist. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a benefits specialist.
Who is a Benefits Specialist?
A benefits specialist is a qualified professional who typically works in an organization’s human resources (HR) division. Benefits specialists may also be known as compensation specialists, job analysis specialists, and position classifiers because they may handle all of these responsibilities. These titles include compensation specialists, job analysis specialists, and benefits specialists. Benefits specialists can work in many different HR departments; however, some can only work in a few. Employee benefits program management and administration are the responsibilities of a benefits specialist in a corporation. They manage the distribution of benefit packages to employees while working in the human resources division.
To effectively communicate with employees and to explain benefit plans to them, they must be knowledgeable about insurance and retirement plans. They frequently respond to questions from employees concerning retirement benefits and corporate insurance. They must pay close attention to detail to make sure that employees receive the right perks. To find new or improved benefits and insurance plans, these specialists collaborate with healthcare providers, investment brokers, and firm management. To determine appropriate employee classifications and pay scales, they also do research on and analyze healthcare plans, create benefit packages, and assess job positions. Benefits specialists play a crucial role in the HR division of a business. They are in charge of overseeing and managing all employee benefits and compensation schemes for the business, including retirement plans, health insurance, life insurance, and more.
Benefits specialists are very knowledgeable about benefits as well as the state and federal legislation that control them. They must be able to resolve problems like arranging for an employee’s leave in compliance with the Family and Medical Leave Act (FMLA) or making changes to the contributions made to a 401(k). They are also the go-to resource for long-time workers and recent hires who want to take advantage of the benefits their firm offers. A benefits specialist oversees the distribution of employee benefit packages and assists a bigger company’s human resources department. A benefits specialist’s duties include having a thorough understanding of insurance and retirement programs and having the communication skills necessary to convey them to staff members. Benefits experts oversee healthcare and pension schemes for employees as well as offer stock options and investment advice to staff members. Presentations on the advantages of the company can be asked of them. They also keep tabs on employee benefits. Benefits specialists are responsible for resolving employee benefit disputes and are required to keep up with all state and federal laws governing insurance and employee benefits. Benefits specialists are frequently regarded as the most crucial employees in their organizations. Any benefits or payments made to employees must first pass via the human resources office or benefits specialist’s office.
A benefits specialist answers any questions regarding the company’s insurance and retirement plans, makes sure that all employees have the right benefits, follows up with doctors and investment brokers, and talks with managers and company CEOs about newly introduced benefits and insurance plans. Typically, you need to have at least a bachelor’s degree in human resources or a closely related discipline to work as a benefits specialist. Employers with master’s degrees are sometimes sought after. However, if you have substantial job experience, you can become a benefits consultant with an associate’s degree. Typically, benefits experts must have two or more years of experience working in the human resources or benefits fields. Gaining relevant experience might be started by taking on an entry-level position in human resources. Even though it is expanding more slowly than many other occupations, the function of the benefits specialist is altering. Larger businesses will need HR experts to manage the benefits of their employees as they expand and start hiring additional personnel. Approximately 700 new opportunities will open up due to a 4% minor increase over the next ten years. The benefits specialist must be very organized and have a thorough knowledge of the numerous benefits processes to succeed in this role. Strong communicators who can communicate pertinent legal and tax facts to staff members will also make for top candidates.
Benefits Specialist Job Description
Below are the benefits specialist job description examples you can use to develop your resume or write a benefits specialist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
- Plan for stock ownership, profit-sharing, and retirement together
- Introduce investment opportunities and take charge of managing employee stock options.
- Control the health and welfare plans for employees.
- Aid employees in completing the paperwork for their benefits packages.
- Initiate educational workshops on business perks.
- Make the appropriate deductions from your paycheck for these benefits.
- Contribute to the overall success of the Office of Human Resources by carrying out all other tasks as directed by the Assistant Director of Human Resources-Benefits.
- Describe the various benefit alternatives to new hires.
- Carry out some research on alternative benefit plans and investment opportunities.
- Provide the HR manager with suggestions for new perks.
- Respond to employee questions regarding their retirement or insurance benefits.
- Serve as the employee’s point of contact with the bank or insurance company as needed.
- Maintain records and files for each employee’s benefits.
- Adjust benefits packages or change them as appropriate.
- Address any issues or disagreements relating to the provision of benefits.
- Contribute to a work atmosphere that values understanding, respect, and the growth of intercultural communication abilities.
- Help HR choose the appropriate benefits and pay plans for new hires.
- Keep abreast of state and federal rules governing insurance and other benefits provided to employees.
- Bargain with insurance providers to obtain higher employee benefits
- Do research and analysis on healthcare programs including medical, dental, vision, and disability insurance.
- Create a robust benefits package to accommodate a changing workforce.
- Examine the costs and advantages of employee assistance programs, life and long-term care insurance, and wellness initiatives.
- Determine the categorization, status, and pay criteria for each work role.
- Plan, create, assess, and explain employee compensation methods.
- Give management advice on how to deal with benefits issues
- Establish and preserve connections with suppliers of health and retirement plans.
- Assist workers by describing advantages and appealing insurance company judgments
- Examine vendor invoices, settle disputes, and report on fees and expenses.
Qualifications
- A bachelor’s degree in Business, management, accounting, or in a similar profession.
- Working knowledge of benefits administration and human resources.
- The preferred certifications are CEBS, CMS, or GBA.
- Understanding of PeopleSoft or related software
- Excel proficiency is required.
- Strong computer skills and payroll software experience.
- Exceptional interpersonal abilities.
- Exceptional work ethic.
- A human resources certificate is required.
- The Professional in Human Resources exam must be passed to qualify.
Essential Skills
- Problem-solving skills: When they encounter a problem or see an incident at work, employees could come to you with their concerns. You must use both your communication and problem-solving skills to accurately capture all viewpoints and take action. You can collaborate with your CEO or executive team to get their comments. To get the best outcomes for your business and your staff, you must, nevertheless, utilize your best judgment.
- Customer service skills: You can professionally communicate with clients and consumers by using your customer service abilities. These abilities can be put to use to give clients and consumers information, address problems, and provide answers. Your ability to provide excellent customer service can also help you build trusting relationships with clients and consumers.
- Effective Communication Skills: Giving others information is the act of communication. You might have to speak with employees on the phone or in-person as a benefits professional. To get or convey information, you can also be required to speak with other departments, such as human resources. You speak with front-line employees, supervisors, and executives every day. While interacting with others, you must be present and aware of your upcoming tasks. You might occasionally need to discuss a scandal that has harmed your business in public. It’s critical to be sensitive to and understand your employees’ feelings. Your chances of having a fruitful conversation with employees are increased if you spend more time listening and observing them. A benefits specialist will frequently engage with clients and other employees, therefore this is a crucial ability. They must possess the ability to clearly and simply convey complex information.
- Collaboration skills: This skill has to do with cooperation abilities: Benefits experts depend greatly on their coworkers. They work together with staff members to enhance performance at work and share their annual goals with management. You can mentor interns and new hires in your department to demonstrate your interest in their development.
- Active listening skills: To hear and comprehend what someone is saying requires active listening. To understand their needs and create the best solutions for them, benefits professionals frequently need to listen to their clients and colleagues. This can involve hearing customers’ insurance needs explained by colleagues and hearing customers’ needs explained by clients.
- Organizational skills: Benefits specialists must have organizational abilities to prioritize activities and allot appropriate time to each one. You need to be able to organize if you are working with a lot of information about applicants’ resumes or pay. Check your job again to see if it can be automated and if a project management application has to be set up so you can see your tasks.
- Dependability: The capacity to be dependable and constant is known as dependability. You should be capable of carrying out your obligations in your role as a benefits consultant. This includes finishing tasks on time, informing your management of any modifications to your schedule, and giving clients accurate information.
How to Become a Benefits Specialist
Step 1. Acquire Education
The majority of employers demand that a benefits specialist hold a bachelor’s degree in human resources or a closely related field, such as finance or business administration. A bachelor’s degree is required at the very least to work as a benefits consultant. Some employers favour applicants with a master’s degree in human resources, benefits management, or a related profession. These degrees involve coursework in employee benefits administration, health insurance, risk management, employee relations, and workers’ compensation. More than a bachelor’s degree is required by many bigger and more prestigious companies. Getting a master’s degree in human resource management will help you further your education as a benefits specialist. To be prepared when applying for entry-level roles and joining the workforce, concentrate on developing industry-specific skills during your studies.
Step 2. Choose a Specialty in Your Field
Select a speciality in your field as a benefits specialist. Choose the area of the benefits specialist industry where you feel most comfortable, and then keep working actively to advance in that area.
Step 3. Acquire Training & Experience
In the field of human resources, working as an intern at a business is quite prevalent. For consideration as a benefits specialist, you may need to work a few years as a human resources assistant or specialist in the HR department. Make certain you work and intern in organizations where you can gain a lot of practical experience. After being employed, benefits specialists often receive on-the-job training. The company’s benefits software, policies, and procedures may be covered in this training, which could span a few weeks to a month. An advantage is having prior experience working as a benefits professional, human resources specialist, or assistant. This job entails managing duties including organizing training sessions or filing paperwork about employee remuneration packages.
Step 4. Acquire Certifications & Licenses
Certification is a fantastic alternative if you’re thinking of specializing in benefits or any other area of human resources, such as labour relations, business management, or talent acquisition. You’ll be able to stay abreast of business trends, which will aid you in making decisions for your company’s future. You can learn how to choose the metrics that are required for an employee’s evaluation by obtaining a certification from the Society of Human Resources and Management. Professionals can use certifications to demonstrate their qualifications to potential employers. Benefits specialists can obtain certifications to increase their theoretical understanding of their duties, evaluate their professional abilities, and progress their careers.
Step 5. Gain Professional advancement as a Benefits Specialist
There are several levels in the Benefits Specialist career path to move up from entry-level. A senior benefits specialist position can be attained after 2 years as an entry-level benefits specialist. For you to advance in your career as a benefits specialist, you will need around two years of experience at each level. To develop in your career as a benefits specialist, you might need to complete further coursework, earn a graduate degree (such as a Master’s) in a related profession, or obtain specialized certifications.
Where to Work as a Benefits Specialist
A benefits specialist can be found in practically any position where an employee receives income and benefits. Benefits specialists are employed in practically every sector of the economy and a variety of places, such as human resources offices, employee benefits companies, insurance organizations, and governmental institutions. They work in an office setting during regular business hours. A benefits specialist’s everyday tasks include responding to calls and emails with questions. The company’s benefits specialist plays a crucial role in communicating with customers and the general public. During regular business hours, they typically work full-time, while some could work on the weekends or in the evenings to meet with customers or go to seminars. They might also go to conferences or client meetings.
Benefits Specialist Salary Scale
A benefits specialist earns an average of $54,100 annually. The pay will vary depending on the level of experience, education, regional market conditions, and company size. Benefits specialists in Nigeria typically make roughly 350,000 NGN per month. The pay scales range from 180,000 NGN to 540,000 NGN.