Benefits Manager Salary
Roughly three-fifths of Benefits Managers in the United States have been in the field for more than 10 years. Pay can fall anywhere from $49K to $111K per year, but median earnings come to around $73K per year. Total cash compensation for Benefits Managers runs from $49K to $111K depending on bonuses that can occasionally exceed $15K and profit sharing that can reach almost $10K. Residence and tenure each impact pay for this group, with the former having the largest influence. The majority of workers are highly satisfied with their job. The vast majority of Benefits Managers (87 percent) who responded to the survey are women. Medical benefits are awarded to a large number, and most earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$49,684 - $105,719|
|Bonus||$1,006 - $14,507|
|Profit Sharing||$0.00 - $9,955|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$48,689 - $110,984|
|Hourly Rate||$13.85 - $30.98|
|Overtime||$18.91 - $48.89|
|Bonus||$1,006 - $14,507|
|Profit Sharing||$0.00 - $9,955|
|Total Pay (||$48,689 - $110,984|
Job Description for Benefits Manager
A benefits manager is a supervisory position in a company's Human Resources (HR) department. Benefits managers' primary role is to handle all issues related to employee benefits. Usually in most medium and large-sized companies, much of this benefit work revolves around employee health care insurance and related programs, but it can also include other aspects as well.Read More...
For employees, the two most important benefits they carry are their employer-sponsored health insurance and earned vacation time. Both of these (and more) are administered by benefits managers. They also help determine employees' benefit eligibility and process the documentation for new employees. In addition, benefits managers also help process and expedite claim forms of employees covered by company-sponsored health insurance.
While much of benefits managers' time is consumed with insurance work, they normally also maintain and update databases with employee sick day and vacation eligibility, and make the database available to the workers and supervisors at a company. This helps virtually all of the departments within a company ensure that employees' vacations do not adversely affect productivity.
A benefits manager normally must have at least a bachelor’s degree in a business-related discipline; larger companies may seek candidates with related postgraduate study in business management or human resources. Benefits managers normally work in an office environment during regular business hours. They must be organized, computer literate, good at working with others, and have an aptitude for understanding the complex and constantly changing insurance regulations and coverage terms, as well as changes in health care law. (Copyright 2017 PayScale.com)
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.
Common Career Paths for Benefits Manager
It's not very common for Benefits Managers to move on to become Directors of Compensation & Benefits. Average pay for a Director of Compensation & Benefits is $122K annually. A Human Resources Manager role is the most common promotion for Benefits Managers moving up the ladder. Pay for this role tends to be $59K per year. Another typical, albeit less common, transition for Benefits Managers is a Senior Benefits Manager position, where earnings are usually $95K.
Benefits Manager Job Listings
Popular Skills for Benefits Manager
Benefits Managers report using a deep pool of skills on the job. Most notably, facility with Vendor Management, Pension Plan Administration, and 401k Plan Administration are correlated to pay that is significantly above average, leading to increases of 33 percent, 17 percent, and 6 percent, respectively. Those listing Human Resources as a skill should be prepared for drastically lower pay. Payroll Administration and Health and Wellness also typically command lower compensation. Most people who know Benefits Administration also know Microsoft Office and Benefits & Compensation.
Pay by Experience Level for Benefits Manager
Pay by Experience for a Benefits Manager has a positive trend. An entry-level Benefits Manager with less than 5 years of experience can expect to earn an average total compensation of $59,000 based on 188 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Benefits Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $69,000 based on 340 salaries. An experienced Benefits Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $81,000 based on 478 salaries. A Benefits Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $89,000 based on 208 salaries.
Pay Difference by Location
For those looking to make money, Benefits Managers in New York enjoy an exceptional pay rate, 43 percent above the national average. Benefits Managers will also find cushy salaries in San Francisco (+36 percent), Chicago (+31 percent), Houston (+19 percent), and Seattle (+19 percent). Location significantly influences compensation, with San Antonio Benefits Managers earning much less — 33 percent less — than the national average. Employers pay around 29 percent less in Colorado Springs and 21 percent less in Rochester, below-median salaries for those in this field.
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Key Stats for Benefits Manager
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