Senior Benefits Analyst Salary
Senior Benefits Analysts in the United States tend to be well-versed in their field, and just below three-fifths have more than 10 years of experience. Average salary is expected to be around $69K per year, but may range from $51K to $89K per year. Total cash compensation to Senior Benefits Analysts bottoms out near $51K and approaches $89K on the high end; the biggest paychecks include approximately $10K from bonuses and almost $5K from profit sharing. Location and years of experience each impact pay for this group, with the former having the largest influence. For the most part, Senior Benefits Analysts enjoy their work and report high levels of job satisfaction. The vast majority of Senior Benefits Analysts (86 percent) who participated in the survey are women. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Senior Benefits Analyst
A senior benefits analyst manages the day-to-day administration of employee benefits. The responsibilities include new hire benefit enrollment, as well as the life event and annual benefits enrollment processes. Another main task is to create and maintain the annual compliance calendar to ensure that every employee has received benefit information and completed any necessary steps. The typical workday takes place in an office setting during regular business hours. The opportunity to work from home is sometimes available, though the senior benefits analyst does need to be available to employees who may have questions or concerns.Read More...
An associate's or bachelor's degree in a related field is typically preferred, though it is not necessarily required. Several years' experience in human resources and benefits administration are needed. The senior benefits analyst must be proficient in basic computer software programs such as the Microsoft Office suite. Comprehensive knowledge of flexible benefits program and benefits administration - including Section 125 regulations, COBRA, FMLA, HIPAA, and IRS regulations - is useful for this position. A thorough knowledge of human resource management systems is typically required as well.
Senior benefits analysts should be able to anticipate and meet deadlines. Time management skills, the ability to multitask, and the ability to prioritize are critical. They should be prepared to work independently, but also be able to work with a team. Excellent written and oral communication skills are essential for success in this position, as are strong analytical skills and attention to detail.
Senior Benefits Analyst Tasks
- Ensure benefit plans are administered according to plan provisions and company's regulatory guidelines.
- Work with insurance carriers to resolve issues regarding eligibility and claims.
- Provide ongoing analysis on trends, legislative changes and best practices within the benefits field.
- Participate in cross-departmental budget review for benefit plans.
- Formulate solutions to solve needs regarding benefits.
Senior Benefits Analyst Job Listings
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Popular Skills for Senior Benefits Analyst
Senior Benefits Analysts report using a diverse set of skills on the job. Most notably, skills in Vendor Management, Project Management, Data Analysis, and 401k Plan Administration are correlated to pay that is above average, with boosts between 3 percent and 15 percent. Most people who know Benefits Administration also know 401k Plan Administration.
Pay by Experience Level for Senior Benefits Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. Workers in their first five years can expect to earn $60K, but people who have been around for five to 10 years earn a noticeably bigger sum of $70K. For Senior Benefits Analysts, 10 to 20 years of experience on the job amounts to an average salary of $72K. Veterans who have acquired more than 20 years report a median income of $77K, which is generally higher than the pay reported by other tenure groups.
Pay Difference by Location
Home to some of the best pay for Senior Benefits Analysts, Washington offers exceptional salaries, 19 percent above the national average. Senior Benefits Analysts will also find cushy salaries in San Francisco (+10 percent), Houston (+9 percent), Seattle (+8 percent), and Chicago (+7 percent). In Minneapolis, salaries are 16 percent below the national average and represent the lowest-paying market. Not at the bottom but still paying below the median are employers in Denver and Philadelphia (4 percent lower and 1 percent lower, respectively).