Sr. Benefits Manager Salary
The average salary for a Sr. Benefits Manager is $99,514 per year. Most people in this job have more than five years' experience in related jobs.
Job Description for Sr. Benefits Manager
Senior benefits managers work within human resources departments of a variety of organizations, and a bachelor's degree in human resources and significant work experience are generally required for the position; those with master's degrees in relevant majors may be preferred by some employers.Read More...
Senior benefits managers are responsible for administering employee compensation and benefits, such as salaries, health care benefits, pension programs, 401K programs, vacation days, and so on. They may also recommend benefits and compensation programs for their company's employees to upper management for consideration.
These managers are often involved in their company's compensation and wage structure and must continuously follow trends in the industry to remain competitive and retain valuable employees through the years. They may also oversee junior benefits managers and other staff members or coach/mentor new employees. Excellent oral and written communications skills are very important in this position, as are financial and information analysis skills. Compliance with all federal, state, and local legal requirements related to human resources and labor-related issues is also of the utmost importance.
Senior benefits managers must always stay up-to-date with new legislation and regulations issued by governmental institutions such as the Department of Labor, Internal Revenue Service, and state treasury departments.
Those in this position should become members of professional societies in their field and attend various educational workshops and read and review professional publications. They must also be able to make presentations using computers, and knowledge of their company's database systems and Microsoft Office (Word, Excel, PowerPoint, Outlook) is beneficial.
Sr. Benefits Manager Tasks
- Ensure compliance of all plans and programs with governmental regulatory agencies.
- Manage vendors to ensure services are delivered within contractual agreements.
- Manage the selection, training and development of benefits staff who administer benefit programs and respond to employee inquiries.
- Propose cost and time efficient changes to benefits programs, manage the annual benefit budgets.