Compensation and Benefits Financial Analyst

2 weeks ago

Nashville, Tennessee, United States Vanderbilt Health Full time

About Vanderbilt Health:

Situated in Nashville, Tennessee, Vanderbilt University Medical Center (VUMC) stands at the forefront of education, innovation, and patient care. Our diverse community is united by a shared mission to make a positive impact on the world.

At VUMC, your expertise is valued, your knowledge is expanded, and your skills are continually challenged. We believe that diversity is crucial for fostering excellence and innovation, and we are dedicated to creating an inclusive environment where everyone can thrive and where diverse perspectives are celebrated.

Employees at Vanderbilt take pride in their contributions, knowing they are part of a larger mission that transcends individual roles. Our commitment is to enhance health and wellness through outstanding programs in patient care, education, and research.

Department:
HR Compensation and Benefits Administration

Position Overview:


The Compensation and Benefits Financial Analyst is responsible for overseeing financial management, budgeting, and data reporting initiatives for Vanderbilt Health's benefits programs. This role involves collaborating with internal HR leaders, finance teams, and external vendors to develop effective cost management strategies.

This position works closely with the Director of Benefits to ensure that the financial strategies for health, welfare plans, time-off programs, and retirement plans align with the overarching goals of VUMC, providing essential data and reports to inform decision-making. Additionally, the analyst supports total rewards leaders in preparing compliance-related benefits reports.

Key Responsibilities:

1. Conduct monthly evaluations of VUMC's benefit programs, focusing on health and pharmacy benefits to identify emerging trends that may affect performance.

2. Collaborate with the central accounting team to monitor fringe cost centers and recommend adjustments as necessary.3. Provide finance colleagues with updates on accruals for key compensation and benefits initiatives.4. Formulate budget recommendations for annual salary increases and market adjustment plans.5. Audit vendor invoices for accuracy and compliance.6. Work with external partners, including actuaries and consultants, as required.7. Analyze health plan expenditure data provided by the plan administrator and the Vanderbilt Health Affiliated Network (VHAN).8. Foster a close working relationship with VHAN leadership to identify new trends that may influence plan performance.9. Collaborate with the Director of Compensation to create market adjustment plans for staff employees, coordinating with Workforce Strategy and Talent teams to address future staffing needs.10. Lead the annual benchmarking process for VUMC's benefit programs and conduct quarterly salary trend analyses.

Core Competencies:

Organizational Impact:
Independently achieves objectives while understanding their implications for the team and related areas.

Problem Solving:
Utilizes diverse data sources to analyze and resolve complex issues, often bringing fresh perspectives to existing solutions.

Knowledge Base:
Possesses advanced knowledge in a professional domain while maintaining basic understanding across related fields.

Team Collaboration:
Acts as a resource for less experienced colleagues and may lead small project teams.

Core Skills:

Developing Others:
Invests time and energy in enhancing the skills and performance of self and others.

Relationship Building:
Maintains regular communication with key colleagues and stakeholders to strengthen professional relationships.

Effective Communication:
Adapts communication style to suit various audiences and situations.

Service Excellence:

Compassionate Service:
Seeks to understand and address the current and future needs of stakeholders.

Complex Problem Solving:
Approaches challenges from multiple angles to identify innovative solutions.

Quality Assurance:

Commitment to Excellence:
Engages in discussions about quality and addresses issues promptly.

Continuous Improvement:
Applies insights from various experiences to uncover root causes of problems and develop effective resolutions.

Resource Management:

Accountability:
Demonstrates ownership and drives critical issues to resolution.

Data-Driven Decision Making:
Utilizes data effectively to identify opportunities for improvement.

Innovation:

Idea Generation:
Proactively identifies new opportunities to enhance processes and improve outcomes.

Technology Utilization:
Shows enthusiasm for learning new tools and technologies to address challenges.

Adaptability:
Embraces change and views challenges as opportunities for growth.
Qualifications:

Experience:
Minimum of 5 years of relevant work experience.

Education:
Bachelor's degree required.

Vanderbilt Health is committed to diversity and inclusion, ensuring equal opportunities for all individuals. We uphold the principles of equal opportunity and affirmative action. EOE/AA/Women/Minority/Vets/Disabled

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