Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities, and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Position Overview:
The Sr. Benefits Consultant will join the Global Benefits team that recently was awarded 2023 Best employers – excellence in Health & Well-being by the Business Group on Health. This individual will be responsible for executing on the Pharmacy Benefits Strategy and driving all aspects of the design of benefit programs that support the health and wellness of employees and their family members, in the U.S. which may include but not limited to national medical plans for active employees and retirees.
Responsibilities:
- Partner with multiple third-party service providers, platform administrator, Health & Insurance carriers as well as internal partners (Benefits Service Delivery, Life Event Services, Legal, Communications, Finance, Sourcing, HR Reporting teams, HR leaders, etc.) to ensure processes and services are delivered flawlessly to our teammates.
- Evaluate market trends and emerging products and approaches to drive pharmacy benefits.
- Ability to understand, translate and apply data analysis and market trends in the development of business cases to solve existing or emerging opportunities.
- Develop business cases to present to key stakeholders.
- Partner across multiple teams to ensure impacts, compliance requirements, business needs, and employee experience are identified in all program design recommendations.
- Ensure required regulations, and compliance activities being executed.
- Participation with vendor audits, claims reviews, annual meetings, development of business requirement documents and employee engagement approaches.
- Ability to understand, translate and apply changing legal and regulatory environment impacting programs.
Required Qualifications:
- Minimum 7-10 years of Health Care Benefits and related Pharmacy experience either through Consulting, Brokerage, Insurance companies or employer. Ideally 3+ years of delivery experience of pharmacy benefits for a large organization.
- Experience with pharmacy market checks, annual audits, and program optimization.
- Depth and knowledge of pharmacy benefit industry, market shifts and complex dynamics.
- Must have excellent oral & written communication skills; ability to articulate complex concepts to a non-specialist audience.
- Strong vendor relationship experience.
- Strong data analysis, used to help with industry benchmarking and build/develop business cases.
- Highly organized with ability to drive many competing priorities and multiple tasks concurrently.
- A team player who thinks and acts cross-functions, proactive and focused on continuous improvement.
- A problem solver with a “can do” attitude, consultative approach, and client service mentality.
- Demonstrated ability to work/navigate in a complex, matrixed work environment.
Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent.
Shift: 1st shift (United States of America)
Hours Per Week: 40
Pay Transparency details:
Pay range: $110,000.00 - $140,000.00 annualized salary, offers to be determined based on experience, education and skill set. Discretionary incentive eligible. This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits: This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
#J-18808-Ljbffr
