Benefits Analysts are responsible for the evaluation and administration of retirement, health, and welfare employee benefit programs of an organization. Due to the sensitive nature of their job, they are expected to always monitor benefits trends in the business environment and be up-to-date with the relevant laws and legislation regarding benefits. They must also ensure compliance of the organization with the relevant program requirements.
The role of a Benefits Analyst is usually an entry-level role and reports to the benefits specialist. They work closely with stakeholders such as HR managers, finance managers, payroll officers, wellness program vendors, etc., and are usually their first point of contact for all matters to do with benefits.
Benefits analysts are employed in almost all industries and are especially crucial in the civil service. Most benefits analysts work full-time up to a maximum of 40 hours per week from 9 to 5. The role of a benefits analyst is very important to any organization because they are literally responsible for making sure employees stay motivated.
There is more than meets the eye when it comes to being a benefits analyst. For example, did you know that they make an average of $28.41 an hour? That's $59,095 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 5,300 job opportunities across the U.S.
There are certain skills that many benefits analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, business skills and communication skills.
When it comes to the most important skills required to be a benefits analyst, we found that a lot of resumes listed 9.2% of benefits analysts included benefit plans, while 7.7% of resumes included procedures, and 7.2% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the benefits analyst job title. But what industry to start with? Most benefits analysts actually find jobs in the insurance and finance industries.
If you're interested in becoming a benefits analyst, one of the first things to consider is how much education you need. We've determined that 70.5% of benefits analysts have a bachelor's degree. In terms of higher education levels, we found that 10.1% of benefits analysts have master's degrees. Even though most benefits analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a benefits analyst. When we researched the most common majors for a benefits analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on benefits analyst resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a benefits analyst. In fact, many benefits analyst jobs require experience in a role such as benefit specialist. Meanwhile, many benefits analysts also have previous career experience in roles such as human resources coordinator or customer service representative.