Benefits administrators work with employee benefits specifically, whereas a compensation manager tackles multiple aspects of pay systems. This job involves an administrator analyzing employee benefits, as well as keeping mind of various types of employee standards, which will ultimately serve as qualification.
Benefits Administrators Have Specific Duties in Payroll
This job is actually within the H&R department of a company. Most of the work is organizing a plan that has already been implemented. You are overseeing the administration aspects, making sure all plans are going as arranged in advance. You must review how schedules are proceeding, including vacation days, sick days and personal time off. The duties call for following protocol and working, with the payroll department, to ensure communication and proper approval.
Benefits include health insurance coverage, and creating a probation period to avoid short employee turnovers. You may also be required to work with investments and retirement packages. A great deal of the process involves making deductions and planning for employee contributions, and how this affects the totals. This means you will have to report to the financial officer or officers of the building, working together in order to keep all records reconcilable.
Interacting directly with the employees will also be expected and will not only include answering employee concerns but also giving regular updates to employees, regarding issues with their benefits, so that they are not kept in the dark.
Remember that benefits administering is not merely about satiating the employees, but also reflects on the company. You’re developing good will and yet you have to be careful about overtaxing the company’s expenses. This will require you looking into new options and innovations in the market, finding programs that cost little and yet reward employees with considerable benefits.
Complexities Make the Difference
Part of the job is undoubtedly dealing with complexities of paperwork, including instances in which employees change plans, change jobs, or find new jobs. Usually, you will find that payroll flexibility is what gets you hired specifically as a benefits administrator. However, for employers that can afford the expense, it is an invaluable service and worth $89,000 a year for a starting salary.
When it comes to applying for a job most employers are going to expect a bachelor’s degree if not a master’s degree. The degree fields most likely to land you a job as an administrator might be in human resources, finance and business administration.
Work experience is crucial but not merely generic experience—continuing education is a must since this is an industry that changes frequently. For help with certification, consult the World at Work Society of Certified Professionals and inquire about the Certified Benefits Professional certification.
There is also a certification called the Administrators Masters Program presented by the International Foundation of Employee Benefit Plans. Passing an exam will allow you to compete against other professionals in the field and create a stronger application.
This is a career that will prove to be intriguing for the challenge and the potential to earn high income.