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Benefits Analyst Duties and Responsibilities
The role of a benefits analyst requires individuals to take on a variety of duties and responsibilities. These duties and responsibilities vary from location to location, but in most cases, a benefits analyst is expected to perform the following tasks:
Determine Employee Benefit Best Practices Benefits analysts strive to help companies provide benefits to their employees in the most efficient and effective way possible. They stay abreast of any changes in employee benefits trends as well as workplace legislation. Their ultimate goal is to ensure employees have access to the benefits they deserve.
Evaluate Employee Benefit Packages Companies spend a significant sum of money on employee benefits, and it is imperative they choose a benefit package that is cost efficient and good for employees. Benefit analysts help them choose the right insurers and packages by evaluating costs and other aspects of the benefits.
Educate Employees Most full-time (and some part-time) employees receive access to their employment benefits after working for a set period of time. If they are confused about these benefits, benefits analysts, along with human resources professionals, help them better understand the specifics. Most are willing to share their extensive knowledge of insurance with others.
Assess Employee Needs Benefits analysts aim to better understand the needs of employees before helping their employer choose the right benefits options. They may conduct focus groups or send out email surveys to employees. These surveys and groups collect important information from employees.
Collect and Analyze Data As their professional title suggests, benefits analysts analyze insurance and benefits data from a wide range of sources. They may use case studies, essays, or hard data collected by insurance companies and employers.
Benefits Analyst Skills and QualificationsThe skills and qualifications needed to become a successful benefits analyst vary from company to company. In most cases, a bachelor's degree in a business-related field is needed to enter the industry. Companies also seek candidates with the following skills and attributes:
- Insurance knowledge - benefits analysts must have a deep understanding of the insurance industry and its core concepts. They apply this knowledge on a daily basis
- Understanding of basic math - successful analysts need to know how to add, subtract, divide, and multiply. They should also be capable of interpreting numerical data and graphs, so an elementary understanding of statistics is needed
- Human resources experience - benefits analysts strive to understand the insurance needs of employees and companies. To do this, they must have some knowledge of human resources
- Communication skills - communicating with employees, superiors, and other analysts is a must. Analysts should be capable of communicating clearly and effectively
- Attention to detail - benefits analysts regularly work with large amounts of data and should be able to keep track of this data and spot inconsistencies and mistakes
Benefits Analyst Education and TrainingIndividuals interested in becoming benefits analysts need at least a bachelor's degree in a business-related field. Companies typically give preference to candidates with degrees in management, human resources, finance, statistics, or economics. Candidates can expect to spend three to four years earning a bachelor's degree; during this time they take courses in organizational management, corporate finance, business statistics, and marketing. Some companies may require candidates to have at least one to three years of prior insurance experience. Benefits analysts usually receive some form of on-the-job training until they are capable of working independently.
Benefits Analyst Salary and OutlookAccording to the Bureau of Labor Statistics (BLS), the annual median salary for a benefits analyst is $62,680. Benefits analysts in the top 10th percentile gross more than $101,800 yearly, while those in the bottom 10th percentile earn less than $38,860. Most benefits analysts have access to employment benefits such as health insurance, vision insurance, and parental leave. The employment rate for benefits analysts is expected to expand 9 percent through 2026. This rate is much higher than the national average of 7 percent for all professions. This jump in employment is largely the result of increased interest in employee wellness programs, which creates an increased need for professionals who can oversee and administer them.
Are you interesting in becoming a benefits analyst? We have compiled a few resources to help you decide if working as a benefits analyst is right for you:
WorldatWork - WorkatWork is a professional organization designed for professionals in the benefits and compensation field. The organization offers membership, education, and professional opportunities to those interested, and its website even boasts a vendor directory
The Handbook of Employee Benefits: Health and Group Benefits - no one said understanding employee benefits is supposed to be easy, but luckily, The Handbook of Employee Benefits aims to make it as simple as possible. Filled with in-depth and helpful information about employee benefits and how they are administered, this book is perfect for anyone interested in becoming a benefits analyst
The Compensation Handbook: A State-of-the-Art Guide to Compensation Strategy and Design - anyone working in human resources can benefit from reading this highly rated book by Lance and Dorothy Berger. The authors strive to help readers understand the overall strategy behind determining employee compensation, and there are several chapters on employee benefits. The book is a must-read for anyone who works to fairly compensate their employees while saving money
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