What does a Benefits Analyst do?
Published 3 min read
A benefits analyst is responsible for researching, analyzing, and evaluating employee benefits programs. They develop recommendations and proposals for new or improved benefits programs, and work with management to implement these programs. Benefits analysts also keep abreast of changes in government regulations that may impact employee benefits.
Benefits Analyst job duties include:
- Research and analyze benefits plans, including employee health care, pension plans, and profit-sharing
- Develop and maintain relationships with benefits vendors
- Negotiate with vendors to get the best possible prices for benefits
- Manage the annual benefits enrollment process
- Communicate with employees about their benefits
- Resolve employee questions and concerns about their benefits
- Stay up-to-date on changes in benefits laws and regulations
- Prepare reports on the costs and effectiveness of benefits programs
- Recommend improvements to the company's benefits programs
Benefits Analyst Job Requirements
Most employers prefer to hire benefits analysts who have at least a bachelor's degree in business administration, human resources, or a related field. Many benefits analysts also have certification from the International Foundation of Employee Benefit Plans or the Society for Human Resource Management. Employers also prefer candidates who have several years of experience working in human resources or benefits administration.
Benefits Analyst Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Benefits administration
- Employee benefits
- Retirement planning
- Insurance
- Investment planning
- Budgeting
- Financial modeling
- Forecasting
Related: Top Benefits Analyst Skills: Definition and Examples
How to become a Benefits Analyst
A benefits analyst is responsible for evaluating and recommending employee benefits programs. They work with human resources staff to develop and administer benefits programs that are responsive to the needs of employees. In order to become a benefits analyst, one must have excellent analytical, communication, and interpersonal skills. They must be able to effectively research and analyze data in order to make recommendations about benefits programs. They must also be able to clearly communicate their findings and recommendations to others.
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