This site uses cookies. To find out more, see our Cookies Policy

Principal Analyst - Wealth Benefits Strategy & Design in Canton, OH at The Timken Company

Date Posted: 2/23/2018

Job Snapshot

Job Description

Your Career Begins at Timken 
If you're ready for a challenging career that provides you with the ability to advance personally and professionally, look to Timken.  Our associates make the world more productive by improving the efficiency and reliability of the machinery that keeps industry in motion.

This position provides the strategy and design globally for wealth and welfare benefits for our active and retiree population within our total rewards portfolio. The detail designs behind the respective benefit programs include, but are not limited to, defined contribution plans, defined benefit plans and other supplemental benefits and are driven by this role. Responsibilities include understanding market trends, providing top-quartile ideas/improvements/plan designs, and maintaining full awareness of the company's strategy to ensure such design and strategy changes do not contradict the direction of the enterprise.

This role is global in nature which requires the ability to interact and manage our global professional service firms such as Empower, Mercer, Willis Towers Watson, and Aon to ensure these advisors provide prompt and complete service, accurate market data, and deep strategic thought.  Such interaction relates to matters involving such things as country specific market studies and some interaction with the Company’s Global Brokerage process involving all countries with Timken employees.

Compiling, analyzing, and reporting on financial, demographic, and market data as it relates to Timken globally is a key responsibility. 

A key requirement of this role is the development and dissemination of internal and external communications and educational offerings for our active employees and retirees.

This role also provides Team Leader oversight to the Benefits Administration team members within the Health space.

  • Assess global market trends and make recommendations to maintain the competitiveness and cost-effectiveness of the company’s benefit programs in the US and globally.
  • Design and implement proactive initiatives in plan design and participant engagement.
  • Manage projects that impact and affect the design of benefits offered and provide program solutions compatible with Timken’s strategic framework for providing benefits.
  • Compile, review, and analyze data concerning or related to the company’s benefit plans, working with vendors and brokers concerning the same, and make recommendations for actions to be taken based on such data.
  • Develop business partnerships with vendors and brokers in the US and globally, managing those relationships to bring optimal value with respect to the terms, conditions, and service expectations benefiting the company and plan participants.
  • Monitor legislation that impacts the design and delivery of benefits programs and represent the company’s interest to government officials at both the state and federal levels in the US; implement strategies and plan designs that effectively manage the impact of regulatory requirements.
  • Lead preparations related to U.S. annual benefits enrollment with respect to plan design changes, plan pricing, and strategic communications.
  • Design, implement, and participate in communication, education, and associate engagement programs as necessary to enhance the effectiveness of the company’s benefit offerings and well-being programs.
  • Interface with the benefit administration team on plan/program implementations, resolution of escalated issues, execution of annual open enrollment activities, and project or data related tasks.
  • Provide subject matter expertise as it relates to audits, compliance reviews, or other compliance matters.

Required Competencies:

  • Strong Analytical Skills
  • Financially minded: financial analysis capability and strong financial acument
  • Microsoft Office – mandatory (Excel & PowerPoint are critical skills)
  • Strong communication skills (will have opportunity at a technical level to be in front of the Officers)
  • Group Speaking / Executive presence (ability to speak in front of large groups of people)
  • Ability to network (vendor management)
  • Team player
  • Relationship management (professional service firm development)
  • Presentation skills (ability to “think on their feet” in front of large groups during various road-shows for retirees or in-house groups for active employees)
  • Project management skills
  • Strong Learning agility

Basic Qualifications:

  • Bachelor Degree in Finance, Accounting, Legal, HR (specifically benefits) with a minimum of 4 years of work experience or a Master's Degree with 3 years of experience.

All qualified applicants shall be treated equally according to their individual qualifications, abilities, experiences and other employment standards. There will be no discrimination due to gender or gender identity, race, religion, color, national origin, ancestry, age, disability, sexual orientation, veteran/military status or any other basis protected by applicable law.