A benefits analyst job description can be complex and can vary based on the size of the company. An integral part of any human resources department, a benefits analyst is responsible for answering employee questions and handling any issues that relate to the company’s benefits plan and policies.
Most benefits analysts perform tasks like holding meetings or orientations to explain benefits policies and procedures to employees or to go over changes in the benefits package, and they process benefits transactions as well as work with vendors to select packages for employees.
Essential Duties and Responsibilities of a Benefits Analysts
•Communicates the details of a benefits program to the employees.
•Holds orientations for new employees to explain benefits.
•Administers the benefits to employees.
•Keeps all legal documents up-to-date.
•Manages payroll deductions.
•Makes certain all insurance policies are renewed on time to avoid lapses in coverage for employees.
•Coordinates wellness initiatives to help keep health insurance costs down.
•Educates employees on the impact of wellness initiatives.
•Conducts regular audits and compliance reviews of benefits packages.
•Interprets policies and procedures when employees have questions.
•Ensures all processes are compliant with rules set forth by regulatory agencies.
•Participates in mergers and acquisitions to ensure benefits are properly integrated.
•Interviews vendors to select new benefits or make changes in existing ones.
•Recommends changes in benefits packages to save the company money or make the company more competitive in executive recruitment.
•Creates information packages to explain changes in benefits to employees.
•Manages workers compensation programs.
•Analyzes and reports benefit plan data to upper management.
Required Knowledge, Skills and Abilities
•Must have clear understanding of the industry in order to work with vendors to create the best benefits packages for employees at the lowest cost for the company.
•Must stay up-to-date on industry trends and changes to help keep the company competitive in recruitment of top management and employees.
•Possess excellent written and verbal communication skills.
•Must have a clear understanding of the legal implications of wage and pay equity laws.
•Must have superior analytical skills.
•Must have good interpersonal skills.
•Have the ability to use sound judgment.
•Must have good decision making ability.
Education and Experience
•Bachelor’s degree in human resources, business administration or applied psychology.
•Master’s degree in a field related to human resources or business.
•Prior experience working in a human resources department for a benefits analyst.
•Professional Human Resources (PHR) certification.
•Global Professional in Human Resources (GPHR) certification.
•Time is spent for the most part in a climate controlled office during normal business hours of 8:00 a.m. to 5:00 p.m. Monday through Friday.
•Must travel to branch offices if the company has more than one location.
•Must be able to travel extensively when working for a large international corporation.
•Must be prepared to travel to occasional trade shows or educational conferences.
•Salaries range from $34,000 to $86,000 depending on the size of the company and the number of employees.
•Salaries at large international corporations can be in the $100,000 range or more.