Skadden, Arps, Slate, Meagher & Flom LLP is hiring a Health & Welfare Benefits Financial Analyst. You'll be responsible for supporting the firm's health & welfare benefit plans by collecting and maintaining financial data, preparing analytics, and assisting in financial management. This position is based in New York with a hybrid schedule.
What You'll Do
- Support the financial planning and development of benefit plans including medical, dental, vision, life, and disability.
- Participate in financial tasks associated with benefit programs planning including rate setting, forecasting, and analyzing impact to P&L and balance sheet.
- Update budget spreadsheets and maintain all related financial accounting and reconciliation data, including collecting data from internal and external resources.
- Maintain census information, premium and claim spreadsheets, and other related reports.
- Analyze monthly claims tracking reports for self-insured plans including paid claims and all fixed costs.
- Develop self-insured medical plan trend reports utilizing databases provided by insurance carriers.
- Develop and maintain budgetary spreadsheets and all related financial accounting and reconciliation data.
- Review and reconcile carrier invoices and facilitate payment of invoices.
- Analyze trends and assist in developing recommendations for plan design and contributions by identifying savings opportunities to control costs.
- Conduct auditing functions to ensure data accuracy and integrity.
- Support day-to-day project management by coordinating meetings with carriers and brokers, maintaining records and notes, tracking take-away items, and following up with stakeholders.
- Work with brokers and consultants to support management of third-party vendor relationships to ensure efficient administration of benefit plans.
- Support the annual renewal processes for all health and welfare benefit plans and programs, including guiding renewal timelines, analyzing proposals, negotiating pricing and contract terms, and developing budget and financial analysis spreadsheets for senior leadership.
- Assist in reviewing benchmark data to identify industry and competitor trends.
- Support research of best practices using market surveys, networking, and other sources to recommend competitive and cost-effective benefit packages.
- Anticipate and meet partner and employee needs in a timely and professional manner.
- Perform other duties as assigned.
What We're Looking For
- Bachelor's degree
- Minimum of three (3) years of related experience
- Self-insured health plan financials experience required
- 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
- Highly organized with ability to work well under pressure and manage multiple high-priorities in a fast-paced environment; flexible and adaptable
- 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 laws and regulations impacting employee benefits
- Knowledge of payroll and accounting functions, as they relate to the interaction with benefits
- Proficient in mathematical and accounting principles, general ledger, budgeting and budget variance analysis
- Keeps matters confidential
- Strong customer service and interpersonal skills
- Is a team player; deals courteously/effectively with others
- Flexibility to adjust hours to meet operating needs
Nice to Have
- Workday experience preferred
Technical Stack
- MS Word
- MS Excel
- HR systems
- Database systems
- Workday
Benefits & Compensation
- Salary: $95,000 - $105,000
- Competitive salaries and year-end discretionary bonuses
- Comprehensive health care (medical, dental, vision), savings plan/401(k) and voluntary benefits
- Generous paid time off
- Paid leave options, including parental
- In-classroom, remote, and on-demand learning and professional development opportunities
- Robust well-being classes and programs
- Opportunities to give back and make an impact in local communities
Work Mode
This position is based in New York with a hybrid schedule.
Skadden is an Equal Opportunity Employer. It does not discriminate against applicants or employees based on any legally impermissible factor including, but not 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, any protected military or veteran status, or status as a victim of domestic or dating violence, sexual assault or offense, or stalking.
