Benefits Financial Analyst

New York

Job Summary

Skadden is looking for a Benefits Financial Analyst. This position supports the Benefits team by participating in all aspects of the U.S. health and welfare benefit plans and programs including collecting and maintaining financial data and preparing and reviewing data analytics to assist in the management of the programs.   

  • Support the planning and development of various U.S. benefit plans including but not limited to medical, dental, vision, life, and disability.  Assist to ensure that the programs are up-to-date, competitive and in compliance with legal requirements. 
  • Update budget spreadsheets and maintain all related financial accounting and reconciliation data including collecting data from both internal and external resources, maintaining census, premium and claim spreadsheets and related census data and other related reports.
  • Prepare and analyze monthly claims tracking reports for self-insured plans and performs data analysis of paid claims, and fixed costs associated with the plans to report trends and assist in the development of recommendations for plan design, contributions and funding levels.
  • Support day-to-day project management by coordinating the timely review of data, scheduling meetings with carriers and brokers and maintaining records and notes.
  • Work with brokers, consultants, and vendors and support the management of third-party vendor relationships to ensure efficient and effective administration of all benefit plans.
  • Assist with the annual renewal processes for all U.S. health and welfare benefit plans and programs including but not limited to:  analyzing proposals and negotiating pricing and applicable contract terms, developing associated budget and financial analysis spreadsheets and presentations.
  • Review health and welfare benefit plan performance to control costs by managing claims data, identifying cost savings opportunities and making recommendations for appropriate changes.
  • Monitor, research and analyze utilization, experience and trends. Assist in conducting benchmark analysis to identify industry and competitor trends.  Research best practices using market surveys, networking, and other sources of industry information, to recommend competitive and cost effective benefit packages.
  • Maintain awareness of and analyzes current and developing legislation and regulations affecting U.S. benefit plans to assess their potential financial impact to the Firm.  
  • Understand and participate in the financial aspects of the benefit programs including the development of rate setting, forecasting, and the impact to the P&L and balance sheet.
  • Anticipates and meets partner and employee needs in a timely and professional manner.
  • Performs other duties as assigned.

Qualifications

  • Knowledge of Firm operation, policies and procedures
  • Pays attention to detail and data accuracy
  • Works well independently, takes initiative and works well with limited supervision
  • Strong written communication skills including strong grammar and proofreading ability
  • Ability to synthesize, interpret and summarize information in a clear, concise manner
  • Must be highly organized with ability to work well under pressure and manage multiple high-priorities in a fast-paced environment; flexible and adaptable
  • Excellent time management, prioritization and respect for deadlines with the ability to be flexible and accommodate unforeseen priorities; consistently deliver timely and accurate work products, and respond with a sense of urgency
  • Ability to research, identify and implement solutions for business issues
  • Strong computer skills; high proficiency in MS Word and expert level MS Excel skill set, HR systems, Database systems
  • Strong skills in data mining, manipulation, and analysis
  • Knowledge of U.S. laws and regulations impacting employee benefits
  • Strong mathematical and accounting skills; understanding of payroll and accounting functions, specifically related to their interaction with benefits
  • Proficient in accounting principles, general ledger, budgeting and budget variance analysis
  • Proven project management skills required; need to have taken projects from idea to implementation 
  • Keeps matters confidential
  • Highly effective verbal and presentation skills
  • Strong customer service and interpersonal skills
  • Is a team player; deals courteously/effectively with others
  • Flexibility to adjust hours to meet operating need

Experience/Education

  • Bachelor's degree
  • Minimum of four years of related experience
  • Workday experience preferred
 

 

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EEO Statement

Skadden is an Equal Opportunity Employer. It adheres to an equal employment opportunity policy that prohibits discriminatory practices or harassment against applicants or employees based on any legally impermissible factor including, but not necessarily limited to, race, color, religion, creed, sex, national origin, ancestry, age, alienage or citizenship status, marital or familial status, domestic partnership status, caregiver status, sexual orientation, gender, gender identity or expression, change of sex or transgender status, genetic information, medical condition, pregnancy, childbirth or related medical conditions, sexual and reproductive health decisions, disability (where the applicant or employee is qualified to perform the essential functions of the job with or without reasonable accommodation), any protected military or veteran status, or status as a victim of domestic or dating violence, sexual assault or offense, or stalking.

If you are having technical issues applying for a position, please contact your local internet service provider. Applicants who are interested in applying for a position and require special assistance or a reasonable accommodation due to a disability or a religious belief or practice should contact Jennifer Lee at (212) 735-2073.

Skadden EEO and Affirmative Action Policy

Applicants Have Rights Under Federal Employment Law

In light of the COVID-19 pandemic, please note that all newly-hired personnel in the United States must be fully vaccinated against COVID-19 by their first day of employment.

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