Are you interested in learning more about a benefit specialist salary? Every large company employs benefit specialists and analysts. The benefits specialists jobs include different tasks. It’s the benefits specialist job to gather and interpret data about various personnel costs, make sure the company complies with current laws, present information to company stakeholders, among other things each company may require. Smaller companies or nonprofits often employ a part-time benefits analyst. Important factors can contribute to the average base salary of a benefits specialist:
- company size
- experience level
- labor market
- company location
Read on to find out more about a benefit specialist salary.
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Qualifications
According to the Bureau of Labor Statistics (BLS) the easiest path to becoming a benefit specialist is to earn a bachelor’s degree in human resources. People who attend a university that doesn’t offer a degree in human resources degree can take individual courses, earn a certification, or take an internship or entry-level work to start gaining experience in the field.
Wages
What is a benefits specialist salary? On average, an HR benefits specialist salary is $66,490 annually. Specialized fields in the private sector have higher average wages, for example benefit specialists working for an aerospace company ($92,780/year), telecommunications company ($84,310), or an insurance company ($72,270). However, employment in the public sector shows lower than average salaries for example for a state government ($54,420) or a local government ($64,220).
Hot and Cold Locations
A compensation and benefits specialist salary range can vary depending on location. The BLS reports that there are more available benefit specialist positions in east coast states, California, Texas, and the two Midwestern states of Illinois and Ohio and the average salary in these locations is higher. Employment opportunities are the worst in the Midwest, Alaska, and Hawaii and the average benefit specialist salary range in these states is generally lower than average.
There are also highest paying cities for benefits specialists. Specifically, the New York City metropolitan area has the highest number of benefits specialists positions, and the average employee benefits specialist salary is $77,980 annually. The Hartford, Connecticut metropolitan area has the highest average payroll and benefits specialist salary at $88,480 per year. The Newark, NJ metro is a close second with an annual human resources benefits specialist salary average of $85,890, and in third place is the San Jose, CA metro at $85,000.
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Employment Projections
The future of benefits specialists is projected by the BLS to increase 9% by the year 2026, adding 7,200 jobs across the country. Benefit specialists are needed in every occupational sector and by nearly every business and organization. The statistics show that earning a degree in human resources or a certificate is a solid career choice.
Stepping Up to Management
After holding a benefits specialist position, people who have experience in the field may want to move up to a human resources managers management position to improve their salary. There are no industry-wide requirements for qualification. There are certificate courses that you can pass to show your competency and increase your chances of promotion. The HR Certification Institute is a professionally respected online program that offers examinations and certifications in seven primary areas. The International Foundation of Employee Benefit Plans offers certification courses that are valid in both the United States and Canada. The WorldatWork is another popular hub for professional development courses.
The BLS estimates that people can expect a salary increase with a promotion to an average of $116,240 annually. Similarly to benefit specialist positions, managers can earn higher salaries in insurance and technical industries, and lower than average salaries if working for the government.
Future positions as benefits managers are expected to grow by 2% through 2031. This increase is less than the average projected growth across all industries.
Conclusion
Overall, a career in human resources is a stable choice with possibilities for qualified people to move into management positions. There are many paths into a career as a benefits specialist, making it a fairly accessible career option with an entry-level benefits specialist salary.
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