WHAT DOES A BENEFITS CONSULTANT DO?
The Benefits Consultant oversees billing for client fees and disbursements while also providing consultancy on scheme design, modification, and journey planning. In addition, manages client projects and coordinates with external advisers, ensuring the accurate preparation of Trustee Reports and Accounts. Offers advice on governance, legislation, and pension scheme rules, while acting as a central point of contact for all Trustee communications.
A Review of Professional Skills and Functions for Benefits Consultant
1. Benefits Consultant Duties
- Team Collaboration: Partner and communicate effectively in a team environment.
- Sales Support: Support sales and product development as part of the broader team.
- Tool Development: Contribute to the development of consulting tools and processes.
- Technical Support: Provide ongoing technical support to clients.
- Project Management: Contribute to successful project management.
- Progress Monitoring: Monitor progress against the project plan.
- Issue Resolution: Resolve project issues at appropriate levels.
- Communication: Inform the relationship manager and the team of pertinent issues.
- Analysis and Recommendation: Evaluate, analyze, and recommend benefits and program design that meet the client’s needs.
- Benefit Analysis: Perform benefits analyses including claims analyses, budget projections, and benchmarking studies.
2. Benefits Consultant Details
- Mentorship: Act as a mentor to fellow consultants to foster their growth and development.
- Training Participation: Participate in training updates and internal opportunities to share skills and learnings with others within the organization.
- Adaptability: Able to adapt to job requirement changes as the company grows.
- Client Partnership: Partner with clients to lead the design and implementation of their Workday Benefits projects utilizing TopBloc’s internal proprietary software.
- Internal Leadership: Become an internal Benefits leader through the development of training materials related to all Benefits areas including open enrollment.
- Customer Support: Build professional relationships and provide outstanding customer support for clients in a timely manner.
- Project Responsibilities: Take on various responsibilities within different Workday client projects and collaborate with teammates on Payroll and Development teams.
- Integration Assistance: Assist integrations team in Benefits integrations configuration and testing alongside clients and Benefits vendors.
3. Benefits Consultant Responsibilities
- LAN Management: Managing high deductible health plans.
- Employee Support: Answering employee questions regarding benefits plans.
- Prospect Coordination: Works closely with new prospects and CEMs to collect company information and coordinate and schedule meetings between Benefits, CEM, and the prospect.
- Partnership with Carriers and Vendors: Works closely with carrier and vendor partners to relay group information and materials.
- Plan Development and Management: Participate in the development and management of health, welfare, and 401k retirement plans.
- Quote Preparation: Ensure new group quotes are completed and delivered to the Director 2 days prior to client presentation.
- Customer Support: Maintain excellent customer support with prospects throughout the entire sales process.
- Transition Management: Ensure new prospects are smoothly transitioned to Benefits Director and Advantage Team to begin implementation.
- Tier 3 Support: Support the internal benefits team at the tier 3 level and respond to employee service-related questions and concerns.
4. Benefits Consultant Accountabilities
- Analysis: Complete analysis, data collection, and market practice comparisons
- Legal Compliance: Ensures compliance with federal, state and local legal requirements
- Premium Management: Oversee reconciliation and payment of all employer paid premiums
- Stakeholder Engagement: Partner with internal stakeholders such as HR Partners, Legal, and Finance teams
- Regulatory Reporting: Ensure compliance with all state/province and federal guidelines and file required legal and year-end reports
- Leave Management: Manage all employee leaves and communicate implications to HRBP team and employees directly
- Documentation Oversight: Maintain all benefit plan documentation and manage employee-facing materials and communication
- Customer Support: Respond to benefit-related questions from employees with an exceptional customer service focus
- Trend Monitoring: Stay up-to-date on industry trends and make recommendations for ongoing enhancements to plans
- Leadership: Provide guidance, training, and direction to benefits staff and develop and/or improve processes and procedures
5. Benefits Consultant (Governance and Trustee Secretarial Management) Functions
- Billing Oversight: Overseeing the billing for clients for fees and disbursements.
- Governance Advisory: Taking minutes, giving advice on governance and legislation and providing Trustee training
- Minute Preparation: Prepares accurate minutes of Trustees’ meetings & sub-committee meetings
- Consultancy: Proving consultancy as to scheme design, modification and journey planning
- Client Project Management: Manage client projects and ensure coordination within wider client team including external advisers
- Trustee Report Management: Managing and coordinating preparation of Trustee Report and Accounts
- Pension Advisory: Interpret complex pension matters and provide advice to Trustees / Company accordingly
- Legislation Advisory: Providing advice to administration department regarding legislation and interpretation of pension Scheme rules
- Client Account Management: Provide account management to a portfolio of clients in relation to their pensions and benefits arrangements
- Central Point of Contact: Acts as central point of contact for all correspondence and communications to the Trustees
- Coordination: Ensures appropriate liaison between the Trustees, Employer, Scheme advisors and third parties on a range number of schemes matters
- Stakeholder Collaboration: Collaborating with internal stakeholders, including pension administration, Investment Consultants, Scheme and Corporate Actuaries on client projects