If you are interested in a career opportunity in Human Resources and enjoy helping others, a position as a benefits analyst might be right for you. A benefits analyst is an essential piece of the Human Resources department, helping companies hire the best employees and also helping them stay in the company once they’re on board. In this role, you will review and analyze employee benefits plans and policies, as well as compensation packages, and recommend the best programs for the company to use. By offering the best benefits packages, you will help attract top candidates for open positions, keep the best performers with the company, and help the company’s bottom line.
To be successful as a benefits analyst, you need good communication skills and in-depth knowledge of the benefits industry. With these skills, you’d be successful in the position of a benefits analyst.
Sample job description
A benefits analyst is needed for urgent hire at [Your Company Name]. It is the responsibility of this role to handle everything associated with benefits and compensation. This goes into several different jobs. First and foremost, you must have a good understanding and remembrance of the benefits the company offers. This is vital because you will be recommending it to employees, as well as updating them on any changes made. In case you do not remember it all, and for legal reasons, you must also create written descriptions of these different offers. If management decides to change these terms, you must inform employees, and update all descriptions of the benefits and compensation. A basic understanding of laws and regulations for what the company offers is required for this job. The analyst must ensure the company and employees follow these laws. On top of all this, it is the duty of this role to continually analyze everything the company offers, in hopes of finding more viable benefits. Talking with management and discussing these topics will be necessary for you to flourish in this role.
Typical duties and responsibilities
- Research compensation and benefits plans and policies for an organization
- Analyze data and costs to make recommendations on plans and policies
- Evaluate employee position descriptions to determine classification and salary for each
- Ensure and maintain company compliance with state and federal laws
- Be a liaison with third-party vendors like insurance companies and investment managers
- Coordinate company wellness initiatives
- Make recommendations to human resources management
Education and experience
This position requires a bachelor’s degree in human resources management, business administration, finance, or a related field.
Required skills and qualifications
- A clear understanding of the industry to create best employee benefits packages at the lowest cost to the company
- Strong mathematical and analytical skills
- Excellent written and verbal communication skills
- Adaptability, accountability, and confidentiality
- Highly organized
- Ability to multitask
- Proficient using Microsoft Office Suite
- Bachelor’s degree
- 3+ years of experience working with benefits
- Ability to self-manage
- Extremely motivated to help others
Typical work environment
Primarily, work will be done in office spaces. Depending on the type of company, changes in the atmosphere for the office will change as well. Whether that’s a loud industrial warehouse office or a cozy little space in a large headquarters. You can expect your hours to be similar to that of regular office hours. In order to successfully fill this role, great communication skills are needed. This is not only for conversing with employees to ensure they are up-to-date but also for constantly discussing new proposals for systems the company should or should not incorporate.
The typical work hours for a benefits analyst are from 9 AM to 5 PM, Monday through Friday in an office setting.
A benefits analyst may find one of the following certificates useful in finding a position and increasing success in a benefits analyst position:
- CBP. The Certified Benefits Professional is a widely recognized certificate in the field of human resources. This gives you the opportunity to prove that you do have the ability to complete any requirements the job may ask. Statistically, this certificate has a tendency to increase salary and give more fulfillment from this job.
- PHR. Although there aren’t many certifications directly tied to benefits analysts, getting an indirect certificate may help as well. Becoming a Professional in Human Resources is still a certificate that will catch an employer’s eye if you are attempting to become an analyst. This will prove that you do have the capability of working in this department and may open opportunities after becoming a benefits analyst.
The path to becoming a benefits analyst starts by obtaining a bachelor’s degree in human resources management, business administration, finance, or a related field. Also, earning certification as a Professional in Human Resources or a Certificate in Benefits and Compensation can further advance a career in human resources.
US, Bureau of Labor Statistics’ job outlook
SOC Code: 13-1141
|Projected Employment in 2030||100,700|
|Projected 2020-2030 Percentage Shift||10% increase|
|Projected 2020-2030 Numeric Shift||8,800 increase|
According to the Houston Chronicle, while some outsourcing might factor into their roles, companies will always need benefits analysts to create the most attractive benefits plans to attract the best talent.