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VP, Benefits

  • Job
    Full-time
    Expert Level
  • People, HR & Administration
    Banking & Finance
  • Hartford
  • Quick Apply

AI generated summary

  • You need 10+ years in HR/benefits management, 5+ years in people management, strong project management skills, M&A experience, and a grasp of employment laws and organizational effectiveness.
  • You will develop and manage benefits programs, lead a team, analyze market trends, negotiate with vendors, ensure compliance, optimize budgets, and promote employee wellness initiatives.

Requirements

  • Minimum of 10 years HR or relative business experience preferably in a corporate environment with at least 7 years of direct or combined experience in benefits management.
  • BA or BS in Business, HR or related field, advanced degree in relevant field preferred
  • Minimum of 5 years of direct people management experience.
  • Manage, coach, and develop team members.
  • Serve as a role model for leadership behaviors and attributes to all HR team members and the broader organization.
  • Demonstrated experience with M&A HR due diligence on full scope of benefits plans
  • Possess a growth mindset with respect to business strategy and self; willing to develop talents through hard work, effective strategies, and input from others
  • Values and fosters relationships at Voya, both within and outside of HR, including Workplace Solutions, finance, legal, and strategic partnerships; embraces a ‘stronger together’ mindset
  • Demonstrated experience in continuous improvement processes, initiatives, and activities to improve organizational effectiveness
  • Must possess an understanding of the business; quickly learn the organization's strategy and the industry
  • Working handle of federal, state, and local employment laws as they relate to benefits
  • Strong project management and organizational skills, bias for action and results orientation
  • Excellent presentation and facilitation skills
  • Strong problem solving and conflict resolution skills including strong interpersonal savvy and composure especially in critical events
  • Work with all levels of the organization, including executive leadership team
  • Must be able to deal with ambiguity and cope with change.
  • Proven ability to manage a wide variety of HR programs, roll-out of corporate HR initiatives, ability to change the business through creative problem-resolution, policy creation or improvement efforts
  • Proven ability to build effective partnerships with leadership teams and team members and develop effective and matrixed relationships within and outside of HR.

Responsibilities

  • Develop and promote benefits programs and policies aligned to support Voya’s Purpose (Together we fight for everyone’s opportunity for better financial future) across Workplace benefits (health and wealth) for our employees. Collaborate with HR business partners, internal business leaders, Voya’s Executive Committee, and external partners to develop and execute the enterprise benefits strategy.
  • Lead the design, implementation, and continuous improvement of employee benefits programs, including health insurance, qualified and nonqualified retirement and savings plans, HSAs, wellness initiatives, paid time off, flexible spending accounts, and other voluntary benefits.
  • Inspire, manage, and develop a team of benefit specialists to deliver on strategic objectives.
  • Direct team in the analysis of market trends, best practices, benefits data, and the benefits of competitor firms to evaluate and recommend changes that will enhance Voya’s ability to attract and retain top talent.
  • Employs continuous improvement principles to ensure that all HR Benefits operations are efficient and effective while delivering both the highest quality and service and ensures flawless execution of key practices.
  • Lead the management of relationships with brokers, vendors, consultants, and regulatory agencies. Lead the process for vendor proposals & negotiations and evaluation of vendor performance including feedback and recommendations for changes. Collaborate with the sourcing and procurement colleagues in negotiation of contracts for services and programs with outside vendors/brokers to obtain cost-effective, maximum coverage for employees across the enterprise.
  • Develop communication and educational materials to help associates understand their benefits options and make informed decisions. Collaborate with HR and other teams to create and support initiatives that promote associate wellness, engagement, and satisfaction.
  • Manage the benefits budget, analyze cost trends, and make data-driven recommendations to optimize resources and control expenses.
  • Ensure all benefits programs comply with federal, state, and local laws, as well as industry regulations and reporting requirements.
  • Provide regular reports to HR and enterprise leadership teams and other stakeholders on the performance, costs, and impact of benefits programs.
  • Provide leadership on Plan Investment and Plan Administration Committees monitoring investment options and fees, plan financials, and adherence to regulatory requirements.
  • Complete due diligence on target benefit plans and advise on implications and recommendations.
  • Other projects and/or duties as required by Voya’s initiatives.
  • Collaborate with Workplace Solutions product and leadership teams on new initiatives and pilot new offerings.
  • Support development of Voya’s go-to-market client service model that demonstrates the value of integrated Voya product offerings.
  • Represent Voya at client advisory board meetings, industry conferences, and in client meetings as appropriate.

FAQs

What is the primary responsibility of the VP, Benefits?

The primary responsibility of the VP, Benefits is to drive the strategic design and delivery of the enterprise benefits strategy for Voya, focusing on the development, implementation, and oversight of a comprehensive benefits portfolio that is competitive, inclusive, and cost-effective to attract, motivate, and retain engaged employees.

Who will the VP, Benefits report to?

The VP, Benefits will report to the SVP, Total Rewards, Employee Relations, and Workforce Analytics.

What qualifications are required for the VP, Benefits position?

Candidates should have a minimum of 10 years of HR or relevant business experience, preferably in a corporate environment, with at least 7 years in benefits management. A Bachelor's degree in Business, HR, or a related field is required; an advanced degree is preferred. Additionally, candidates should have at least 5 years of direct people management experience.

Is experience with mergers and acquisitions (M&A) important for this role?

Yes, demonstrated experience with M&A HR due diligence on the full scope of benefits plans is important for this role.

What skills are emphasized as critical for success in this position?

Critical skills include customer focus, critical thinking, team mentality, business acumen, and learning agility.

What types of benefits programs will the VP, Benefits manage?

The VP, Benefits will manage a comprehensive portfolio that includes health insurance, qualified and nonqualified retirement and savings plans, wellness initiatives, paid time off, and other voluntary benefits.

How does the VP, Benefits engage with employees?

The VP, Benefits will develop communication and educational materials to help associates understand their benefits options and foster initiatives that promote associate wellness, engagement, and satisfaction.

Are there budgeting responsibilities associated with this position?

Yes, the VP, Benefits is responsible for managing the benefits budget, analyzing cost trends, and making data-driven recommendations to optimize resources and control expenses.

What kind of team will the VP, Benefits lead?

The VP, Benefits will inspire, manage, and develop a team of benefit specialists to deliver on strategic objectives related to benefits.

Does Voya offer competitive compensation for this position?

Yes, Voya is committed to fair and equitable pay, offering a base salary range along with incentive opportunities tied to performance objectives. Actual compensation may vary based on experience and location.

What additional benefits does Voya provide to its employees?

Voya provides health, dental, vision, and life insurance plans, a 401(k) savings plan with company matching contributions, an employer-paid cash balance retirement plan, tuition reimbursement, paid time off, and paid volunteer time.

What is Voya's stance on equal employment opportunities?

Voya Financial is an equal-opportunity employer, providing equal opportunities regardless of race, color, sex, national origin, citizenship status, religion, age, disability, veteran status, creed, marital status, sexual orientation, gender identity, genetic information, or any other status protected by state or local law.

Are reasonable accommodations available for individuals with disabilities?

Yes, Voya is committed to the inclusion of all qualified individuals and will ensure reasonable accommodations are provided as needed for participation in the job application process, essential job functions, and other employment benefits.

Finance
Industry
5001-10,000
Employees
2014
Founded Year

Mission & Purpose

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.3 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a newly joined Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index.