As part of a company’s human resources (HR) team, a benefits specialist manages compensation and benefits programs and ensures compliance with federal and state laws. The online Bachelor of Arts (BA) in Human Resources Management program from Florida Institute of Technology provides students with the foundation for a career as a benefits specialist.
Human Resource Benefits Specialist Job Outlook
The U.S. Bureau of Labor Statistics (BLS) anticipates that employment for workers known as compensation, benefits and job analysis specialists will grow 7% between 2023 and 2033. This is faster than the average projected growth rate for all occupations.
Companies face increased competition for qualified employees. Benefits structures are transforming to attract and retain employees while reducing cost. Employment laws and healthcare coverage options change continuously. These and other factors should continue driving demand for experienced, educated benefits specialists.
What Is a Benefits Specialist?
Benefits specialists work in HR departments and may also be known as compensation specialists. Employers may use these titles interchangeably because the duties professionals perform may overlap. Some benefits specialists work in various areas of HR, while others interface with specific departments. Generally, benefits specialists oversee company benefit systems and can be responsible for creating benefits packages that attract potential employees.
Without a benefits specialist’s expertise, employers could find themselves navigating complex compensation structures without the knowledge of benefits and industry trends needed to attract and retain top talent. That’s where specialists come in. They’re part of the team that is responsible for recruiting talent and keeping up with the hiring market as well as the competition.
What Does a Benefit Specialist Do?
The job duties of benefits specialists involve administering and managing a company’s employee benefits and retirement programs — essential components of overall compensation for employees. Job responsibilities can include:
- Coordinating retirement, pension, profit-sharing and stock ownership plans
- Researching and analyzing healthcare plans including medical, dental, vision and disability insurance
- Designing a comprehensive benefits package to meet the needs of a changing workforce
- Evaluating the costs and benefits of wellness programs, life and long-term care insurance, and employee assistance programs
- Evaluating job positions for classification, status and salary requirements
- Planning, developing, evaluating and communicating techniques for compensating employees
- Advising management on resolving benefits issues
- Building and maintaining relationships with health and retirement plan providers
- Assisting employees by explaining benefits and appealing decisions made by insurance companies
- Reviewing vendor invoices, resolving disputes and reporting on fees and costs
Do Benefits Specialists Need Certification?
Benefits specialists generally do not need a specific certification. Most human resources management programs prepare those pursuing a career as a benefits specialist to take on core job duties.
However, professionals with sufficient experience and education have the option to pursue a professional certification offered by external organizations such as the HR Certification Institute. Universities like Florida Tech offer courses that help students develop the academic knowledge required to obtain specialized certifications.
Similar Job Titles and Promotion Opportunities for Human Resource Benefits Specialist
Aspiring HR professionals may also want to consider different human resources roles than a benefits specialist. The following positions may have similar duties to a benefits specialist, yet some are entry-level while some require more experience and management education:
- Benefits coordinator
- Benefits analyst
- Benefits administrator
- Human resources manager
HR Benefits Specialist Salary Potential
The median annual salary for compensation, benefits and job analysis specialists was $74,530 as of May 2023, according to BLS data. Yearly salaries for the highest 10% of earners exceeded $127,240.
Like employment opportunities, a variety of factors determine potential salary ranges. These include a candidate’s work experience and level of educational attainment, as well as regional market conditions.
How to Become a Benefits Specialist
The journey to a career as a benefits specialist can begin with enrolling in a bachelor’s degree program in human resources management. HR coursework typically includes compensation and benefits, organizational behavior and development, management of human resources, and administrative and personnel law. Graduates of a human resources management program should be able to:
- Apply organizational training theory, methodology and evaluation to real-world business situations
- Understand the legal issues relating to wages, pay equity and benefits
- Comprehend the forces shaping current and future training and development practices
According to BLS, most compensation and benefits analyst or specialist professionals have a bachelor’s degree and related work experience. Benefits specialists who secure a position with a bachelor’s degree may be eligible for employer-provided tuition assistance to further their education and ascend to more advanced HR job roles.
Could a Benefits Specialist Career Be the Right Choice?
Typical attributes for benefits specialists include excellent written and verbal communication skills, attention to detail, strong interpersonal skills and the ability to think rationally and analytically. Together with general business knowledge, a strong foundation in human resources prepares individuals to thrive in a benefits specialist career.
Those interested in learning more about professional opportunities that impact critical HR functions can explore related job roles in the field with a 100% online BA in Human Resources Management program from Florida Tech. The degree program prepares students with the skills and knowledge to excel in myriad fascinating roles in HR and beyond.
Learn more about Florida Tech’s online BA in Human Resources Management program.
