Benefits Specialist
Benefits Specialists are professionals who work on evaluating and assessing different
employment positions in the organization and are in charge of an organization’s benefits and
compensation program. They are responsible for classifying different areas within the
organization and calculating the appropriate salary for such positions. They are also responsible
for managing investment managers, insurance brokers, and other such third-party vendors for the
company.
Depending on the strength of an organization, a benefits specialist may supervise either benefits
or compensation program, and at times, they may also manage both of these programs. They
work in coordination with other departments within the organization, as the human resource
department, finance department, and make recommendations regarding different benefits and
compensation packages.
Candidates can pursue a career as a benefits specialist after completing their studies at the
undergraduate level. The bachelor’s degree can be in human resources, business administration,
management, or any other related field. Many institutions also offer specialization in benefits and
compensation in their undergraduate programs. Furthermore, candidates can pursue a master’s in
human resource management or any other related field. They can also pursue an MBA degree
with a major in human resource management. There are also many different online certifications
available for candidates who do not want to pursue a full-time program.
Scope
As more companies and organizations come in the market, they’ll need the help of benefits
specialists to develop much more competitive and lucrative wages and better wellness programs.
By taking such steps, companies can attract qualified, passionate, and hardworking employees.
An excellent salary and wellness program are the main things that an employee looks for while
applying to work at a company. The Bureau of Labor Statistics (US) expects that jobs in the
benefits specialist field can see a growth of nine percent for 2016-26. There’s a substantial
shortage of qualified professionals in different areas in India. Hence, there are excellent
prospects in the field of benefits specialists as benefits specialists are responsible for planning
payment and benefits schemes to attract qualified professionals.
Job profile and responsibilities
There are different job profiles in benefits fields like human resources, benefits coordinator,
benefits analyst, benefits administrator. They are assigned various duties and responsibilities
like:
Preparing and monitoring the company budget.
Researching and analyzing data to create competitive packages.
Ensuring all the payments and wellness programs comply with different labor laws.
Making recommendations to varying departments after going through data.
Coordinating healthcare-related insurances.
Top countries
Some of the top states for working as a benefits specialist are:
United States
Germany
Switzerland
Australia
Top companies
Top companies for working as a benefits specialist are;
Microsoft
Google
Facebook
Netflix
Qualtrics
Verizon
Salary
Benefits specialists are fields where the value of work experience is almost the same one’s
educational qualifications. Factors like training, certification, location also affects your salary.
With sufficient training and work experience, benefits specialists can climb up the corporate
ladder and become benefits managers, which usually has a much higher wage.
In India, benefits specialists earn on an average INR 600,000-900,000 per annum. In the United
States, an entry-level benefits specialist can receive an average of USD 65,000-75,000 per
annum, whereas a benefits manager can earn more than USD 130,000 per annum.