Benefits Manager Job Description
A Benefits Manager oversees an organization’s benefits schemes and ensures the packages on offer are comparable with industry norms and competition.
Working within the HR department, a Benefits Manager leads the benefits team, monitors benefit scheme uptake and usage, ensures records are kept up to date, and provides management with suggestions for improvements to the organization’s benefits policy.
The role can lead to promotion to the post of HR Manager or Compensation and Benefits Manager.
What Does a Benefits Manager Typically Do?
A Benefits Manager handles all benefits-related tasks in an organization—from putting together benefits packages to monitoring their uptake.
The common task for this role include:
- Ensuring the benefits packages are complete, functional, and fit for purpose
- Benchmarking the organization’s benefits schemes against competitors
- Monitoring benefits uptake and usage
- Working with providers to ensure value and service
- Researching possible improvements to the benefits schemes
- Forecasting benefit claims, usage, and financial implications
- Reporting on benefits scheme claims, usage, and uptake
- Leading and developing the benefits team
Ensuring the Benefits Packages Are Complete, Functional, and Fit for Purpose
Benefits may include health insurance, pension plans, share or stock option arrangements, housing allowances, and travel benefits.
If any gaps are found in the organization’s offering, a Benefits Manager runs a tender according to the organization’s procurement policies to identify a suitable provider. The tender process may be long and complicated, and a Benefits Manager ensures it is fair, thorough, and impartial enough to secure the best provider for the organization’s needs.
Benchmarking the Organization’s Benefits Schemes Against Competitors
An attractive range of benefits improves an organization’s ability to recruit and retain the best employees, rather than seeing them poached by the competition. A Benefits Manager benchmarks the organization against industry standards and against direct competitors to make sure its benefits offering is attractive.
The benchmarking is performed using online research, professional networks, and recruitment agencies, all of whose input is aggregated to form a full picture.
If the organization is significantly above or below its competitors or the norms within its industry, a Benefits Manager will recommend the necessary changes to senior management.
Monitoring Benefits Uptake and Usage
Organizations benefit financially from high uptake of individual benefits schemes among their employees, and a Benefits Manager is responsible for doing everything possible to ensure as many eligible employees as possible sign up to the schemes on offer.
Having ensured the maximum possible membership of each scheme, a Benefits Manager monitors how much each scheme is used. If a scheme’s uptake is high but usage low, for example, a Benefits Manager will analyze the scheme to determine whether its services can be improved to generate higher usage. Any changes are then negotiated with the provider, and the results are tracked.
Working With Providers To Ensure Value and Service
An organization should aim for long-term relationships with benefits providers, but this must be accompanied by consistently good service and value.
A Benefits Manager monitors each scheme’s performance against written Service Level Agreements (SLA’s) and meets the schemes’ representatives regularly to discuss their success.
Researching Possible Improvements to the Benefits Offering
An organization’s benefits offering should evolve and react to changes in the employment environment. Consequently, a Benefits Manager searches for ways to enhance the organization’s benefits offering—whether by adding more schemes or by making improvements to existing ones.
The most effective research tool for a Benefits Manager is the employee survey, which gives direct insight into what benefits the organization’s staff wants. Semi-annual or annual employee surveys deliver facts that help a Benefits Manager plan and develop a roster of benefits that aid staff retention.
Forecasting Benefits Claims, Usage, and Financial Implications
A wide benefits offering has a significant financial impact on an organization, and a Benefits Manager is responsible for keeping costs under control.
Forecasting based on historical data allows the finance department to provide for the cost of the Benefits schemes and also to understand the implications of increased claims, usage, or membership.
The finance department and a Benefits Manager work closely together to ensure the costs are kept under control, anticipated, and planned for.
Reporting on Benefits Scheme Claims, Usage, and Uptake
Regular reports are required by both the organization’s senior management and the benefits providers. A Benefits Manager prepares monthly reports detailing the number of claims made against each scheme, the percentage of usage of each scheme, and the number of members as a percentage of the total of eligible employees.
The reports must include an analysis of the data and suggestions for corrective action if any issues are identified.
Leading and Developing the Benefits Team
The benefits team is responsible for the administration of all the organization’s schemes, including logging and processing claims, maintaining employee records, liaising with the payroll team, and answering employee queries. A Benefits Manager ensures the team is performing all its tasks efficiently and correctly.
Also, the team must undergo regular training to ensure all the members are up to date with changes to any of the schemes and to help the team develop and improve. A Benefits Manager liaises with the providers and the organization’s training department to make sure this is coordinated and executed regularly.
Benefits Manager Salary
A Benefits Manager’s earnings in the U.S. can average between $91,000 and $118,000 a year, with the median being $104,178.
What Is the Benefits Manager Pay Difference by Location?
A Benefits Manager’s pay will differ by location as follows:
|San Francisco, CA||$130,222|
|New York, NY||$125,326|
What Is the Benefits Manager Pay Difference by Experience Level?
Experience will influence a Benefits Manager’s salary as follows:
|Experience Level||Average Salary|
|< 1 year||$100,277|
Benefits Manager Job Description Template
[Company] is recognized as an employer of choice in our industry, and we are looking to hire a Benefits Manager to ensure we can attract and retain the best employees.
We are looking for a benefits expert who can manage our schemes, identify opportunities for improvement, and deliver best-in-class service to our beneficiaries.
Benefits Manager Job Responsibilities
Your role as a Benefits Manager will involve:
- Ensuring our current Benefits schemes all perform to expectations
- Benchmarking [Company] to ensure competitiveness
- Proposing enhancements to our Benefits offering
- Monitoring and reporting on Benefits activity
- Leading the Benefits team
Required Skill Set
We are looking for:
- Bachelor’s degree in HR, Accounting, Finance, or Payroll
- At least two years’ experience in an HR managerial position
- Expert knowledge of accounting
- Thorough knowledge of common HR Information Systems
- Strong planning skills
- In-depth analytical skills
- Excellent negotiation skills
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