Benefit Analyst

T. Rowe Price

Jan 9, 2025

Job
Full-time
Junior & Mid Level
Customer Relations
People, HR & Administration
Owings Mills
Quick Apply

AI generated summary

You need a bachelor’s degree, 2+ years in benefits administration, HRIS experience, relevant certifications, strong analytical skills, and proficiency in Excel with excellent communication abilities.
You will manage vendor interactions, provide benefits guidance, conduct research on compensation, implement wellness initiatives, and support benefits technology while ensuring compliance and communication.

Requirements

Bachelor's degree or the equivalent combination of education and relevant experience AND
2+ years of total relevant work experience
Experience with Workday or similar HRIS platforms, and case management systems (i.e., Salesforce, ServiceNow)
Professional certification such as Certified Benefits Professional (CBP) or Certified Employee Benefits Specialist (CEBS)
Prior experience in benefits administration
Basic understanding of health and welfare plan benefits and vendors acquired through 4+ years of experience providing group health and benefits service preferably at a large corporation
Expert knowledge of operations, services, and activities of a comprehensive employee benefits program; the full range of employee benefit plans and programs including flexible benefits, workers’ compensation, health plans, leaves of absence, employee assistance and retirement programs
Working knowledge of federal, state, and local laws and regulations related to employee benefits, leave of absence, including but not limited to FMLA, ADA, workers' compensation, and other types of leaves such as multi-state paid leave compliance requirements
Ability to analyze complex situations (i.e., benefit issues, appeals, member claims, administrative issues), identify workable solutions/alternatives and make appropriate determinations and/or recommendations resulting in minimal risk
Perform technical analysis of and troubleshoot benefits file integration errors, when necessary
Above average analytical skills, critical thinking, problem solving, time management, and planning/organizational techniques are essential
Ability to become proficient in internal analytic systems and vendor online data and reporting tools
Proficiency with Microsoft Office products. Expert experience with VLookup, formulas, pivot tables, creating tables, charts, and graphs in Excel a must
Excellent oral and written communications skills demonstrating diplomacy, discretion and good judgement when delivering information
Ability to handle confidential information in a professional and discreet manner
Demonstrated process execution skills with strong attention to detail and judgement when determining customer needs/expectations and escalating
Intellectual curiosity with strong desire for continued learning and personal development including staying abreast of regulatory and firm policies and changes
Strong teamwork skills embodying the firms’ values including the ability to collaborate with others to deliver results with a focus on continuous improvement
Exhibit leadership by taking accountability and personally delivering consistent results setting high standards while demonstrating initiative and adaptability
FINRA licenses are not required and will not be supported for this role

Responsibilities

Contributes to the selection and management of and negotiation with vendors, in collaboration with the vendor management function. May interact with vendors directly to gather information or assist with issue resolution. With minimal supervision and depending on the area of focus, provides guidance to Human Resources and the business on compensation programs and issues. May support more senior professionals by reviewing and analyzing compensation data.
Provides guidance to managers, Human Resources business partners and employees on benefits questions, issues, and claims escalated through more junior team members. Issues and claims handled are moderately complex and require nonstandard solutions. Forecasts and plans for assigned benefits and compensation projects. Prepares and monitors budgets. Corrects budget and/or timing issues and determines when to escalate issues to more senior professionals. May make tactical recommendations based on expected results, desired outcomes, and success measures. With guidance, may manage a small compensation project that requires a standard solution, including establishing a project plan, coordinating, and managing resources, forecasting and monitoring project budget, etc.
Conducts research on benefits and compensation programs and gathers competitive intelligence to contribute to the development and implementation of best-in-class programs that align with business needs. Monitors benefits programs and offerings to ensure they align with Total Rewards philosophy and global governance strategy and are culturally/market relevant.
Supports implementation of wellness activities focused on the long-term health and well-being of employees. Promotes and champions wellness initiatives.
With minimal guidance, implements strategic benefits plan in partnership with more senior professionals. Supports new benefits technology program implementations in partnership with information technology. Once implemented, responsible for day-to-day management of vendors and programs in conjunction with Human Resources shared services partners. Analyzes jobs through the job evaluation process to ensure internal equity of positions across job families and grade levels. Matches T. Rowe Price positions to external market data, identifies internal comparisons, and recommends grade and salary changes.
Supports associate understanding of how to best utilize benefits to meet their needs. Recommends educational or communication opportunities for other benefit team members, and implements methods for disseminating clear and concise benefits information to associates.

FAQs

Do we support remote work?

Yes, we offer a hybrid work schedule with the flexibility to work from home up to two days a week after the initial 90-day period.

Is previous experience in benefits administration required for this role?

While prior experience in benefits administration is preferred, it is not strictly required for all applicants.

What types of benefit plans will the Benefits Analyst be managing?

The Benefits Analyst will be responsible for U.S., Canadian, and international benefit plans including health, dental/vision, disability, time off, and retirement programs.

What qualifications are required for this position?

A Bachelor's degree or equivalent experience, along with at least 2 years of relevant work experience and familiarity with HRIS platforms like Workday, are required.

Are there opportunities for professional certification?

Yes, obtaining professional certifications such as Certified Benefits Professional (CBP) or Certified Employee Benefits Specialist (CEBS) is preferred.

What is the salary range for this position?

The salary range varies by location, with figures from $68,000 to $145,000 depending on the specific area.

What kind of team environment can the Benefits Analyst expect?

The Benefits Analyst will work in a fast-paced, team-oriented environment that requires collaboration, adaptability, and strong communication skills.

What types of wellness activities does this role support?

The Benefits Analyst will support wellness activities aimed at promoting the long-term health and well-being of employees.

Will there be a focus on compliance and audit requirements in this role?

Yes, the Benefits Analyst will participate in annual compliance and audit activities, including the preparation of Form 5500 filings and other regulatory requirements.

How important is communication in this role?

Effective and timely communication is crucial, as the Benefits Analyst will interact with internal and external stakeholders, including associates, finance, HR, and vendors.

T. Rowe Price

Finance

Industry

5001-10,000

Employees

1937

Founded Year

Mission & Purpose

T. Rowe Price is an asset management firm focused on delivering global investment management excellence and retirement services that investors can rely on—now, and over the long term. Headquartered in Baltimore, Maryland, we provide an array of mutual funds, subadvisory services, separate account management, recordkeeping, and related services for individuals, advisors, institutions, and retirement plan sponsors. At T. Rowe Price, we believe in strategic investing. It has guided how we do business for more than 80 years, and it’s driven by independent thinking and rigorous research. So our clients can be confident that we’ll strive to select the right investments as we help them achieve their objectives. Strategic investing means that we don’t stop at surface level analysis. Instead, we go beyond the numbers. Our investment professionals travel the world, visiting the companies they evaluate. It’s this passion for exploration and understanding that has helped inform better decision-making and prudent risk management for our clients since its founding by Thomas Rowe Price Jr. in 1937.