Benefits Analyst Job Description
A Benefits Analyst supports HR management by providing insights into the entire remuneration framework of an organization to ensure it is fair, equitable, and in line with market benchmarks. The role is an advisory one, and the results of the analysis will usually be passed on to HR management for strategic decisions.
A Benefits Analyst looks at both internal remuneration structures and external factors, including the cost of living, competitor activity, and general macroeconomic trends. They must be diligent, detailed, and able to make suggestions based on the conducted analyses. The role is a precursor to more strategic planning or management responsibility.
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What Does a Benefits Analyst Typically Do?
A Benefits Analyst assesses the entire remuneration function of an organization, including pay, benefits, and perks, and provides feedback to HR management. The job also involves benchmarking the organization against other similar companies, which should deliver insights that allow HR management to develop better remuneration and benefits strategies.
The role typically includes the following tasks:
- Researching global best practices
- Benchmarking the organization’s benefits practice against the competitors
- Conducting staff surveys to elicit employee interests and satisfaction
- Analyzing and trending the organization’s current benefits package
- Recommending changes or improvements to management
- Communicating with stakeholders about policies, changes, and improvements
Researching Global Best Practices
A Benefits Analyst must remain abreast of global trends and search for case studies and best practices regarding benefits, which may be viable for the organization. The role should network with as many other benefits practitioners as possible, join benefits discussion groups, and attend seminars and symposia to make sure the organization stands to gain from the latest developments in the benefits field.
Benchmarking the Organization’s Benefits Practice Against Competitors
Understanding how well the organization performs in comparison to competitors gives insight into how attractive the company is to current and potential employees. This can have a strong positive impact on staff retention and the organization’s ability to attract the best candidates.
In some organizations, staff retention may even form part of the benefits department’s performance standards. The Benefits Analyst should also be able to evaluate the organization’s performance objectively and present the results to management.
Conducting Staff Surveys To Elicit Employee Interests and Satisfaction
The Benefits Analyst conducts employee satisfaction surveys on a quarterly or annual basis to ensure staff remains satisfied with their benefits packages. They track the trends over time and communicate the survey results to the management to facilitate the planning process. The Benefits Analyst will often use tried-and-tested survey formats, but they should also be proficient in survey methodology and analysis.
Analyzing and Trending the Organization’s Current Benefits Package
A Benefits Analyst must trend the entire benefits package and support financial planning and management by reporting the results upwards. The Benefits Analyst should present the analysis in such a way that management is convinced to instigate change where necessary.
Recommending Changes or Improvements to Management
A Benefits Analyst should be able to make validated recommendations to HR and finance management on what changes or improvements could be made to the remuneration structure. The recommendations must be based on a detailed assessment of the financial impact, employee satisfaction, and manageability of the proposed changes.
Communicating With Stakeholders About Policies, Changes, and Improvements
A Benefits Analyst should ensure stakeholders are informed of changes that may affect them. This could involve running meetings, preparing written material, or presenting in front of large groups.
The Benefits Analyst must be inclusive, collaborative, and supportive in presenting changes to the benefits system and should be prepared to answer any related questions. Success in implementing changes to the benefits system may rest on the Benefits Analyst’s ability to help employees understand these changes.
Roles a Benefits Analyst Typically Collaborates With
A Benefits Analyst will work closely with the following posts:
|HR Manager||HR Specialist||Payroll Manager|
|Payroll Coordinator||HR Director||Human Resources Project Manager|
|Senior HR Specialist||HR Strategist||Finance Manager|
Benefits Analyst Salary
The average salary for a Benefits Analyst will typically be between $53,000 and $66,000 annually in the U.S. The median is around $59,464.
What Is the Benefits Analyst Pay Difference by Location?
Average salaries for a Benefits Analyst differ by location as follows:
|San Francisco, CA||$74,330|
|New York, NY||$71,535|
What Is the Benefits Analyst Pay Difference by Experience Level?
Depending on experience, the Benefits Analyst’s pay will vary as follows:
|Experience Level||Average Salary|
|< 1 year||$58,383|
Benefits Analyst Job Description Template
[Company Name] is looking for a strategic, insightful, and dedicated Benefits Analyst to help us maintain our position as an employer of choice.
Reporting to the HR Manager, you will assess our current remuneration practice, benchmark our position in the market, survey our staff, and suggest improvements to enhance the way we remunerate our team.
You will be able to work autonomously and must be detailed, thorough, and strategically minded.
Your input will be central to our ongoing efforts to recruit and retain the best people possible, and your success could lead to future management responsibility.
Benefits Analyst Responsibilities
The Benefits Analyst’s tasks will include but are not limited to:
- Analyzing our current remuneration and benefit structure
- Running employee satisfaction surveys
- Compiling medium- and long-term remuneration forecasts
- Recommending improvement actions to management
- Assessing the potential impact of proposed changes
- Communicating with all levels of staff on any impending changes
Required Skill Set
The Benefits Analyst should possess the following qualifications, skills, and attributes:
- Bachelor’s Degree, preferably in Accounting, Payroll, HR, or a related field
- At least five years’ experience in payroll, benefits, or accounting
- Expert computer skills
- Excellent written and verbal communication
- Strategic mindset
- Expert analytical ability
- Attention to detail
- Commitment to excellence
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