Certified Employee Benefits Specialist: should you hire one?

The minimum, legally mandated employee benefits in Canada include sick leave, paid time off, statutory holidays, retirement plans, health insurance, and more. The minimum requirement of companies for those managing these benefits are HR staff whose qualifications match their job description.

If companies wanted to attract and retain more high-calibre employees, creative offerings that go beyond legally mandated benefits should be part of the compensation package. Offering unusual and sometimes groundbreaking employee benefits cannot be devised and implemented on a whim – for this, a specialist proves invaluable. This is where the Certified Employee Benefits Specialist (CEBS) comes in.

Benefits and Pensions Monitor provides insight into the CEBS and answers questions like:

• What is a certified employee benefits specialist?
• How do you become a Certified Employee Benefits Specialist in Canada?
• What is the Certified Employee Benefits Specialist training like?

If you’re an HR practitioner, learn about this designation that can boost your career and your organization’s ability to hire and retain top talent.

What does a Certified Employee Benefits Specialist do?

In a nutshell, the Certified Employee Benefit Specialist (CEBS) is tasked mainly with negotiating and administering employee benefits. CEBS is a professional designation.

HR or employee benefits professionals often get this certification to have more training on the financial side of employee benefits. Although these specialists often work in a company's human resource department, they can also direct their career and find roles in these sectors:

• accounting firms
• banks
• consultancy firms
• financial services companies
• health maintenance organizations
• law firms

The benefit of having CEBS designation does not only extend to the individual HR practitioner. Those who earn the CEBS designation can help organizations become more appealing to employees, increasing talent acquisition and retention. This, in turn, leads to lower employee turnover rates.

The importance of employee benefits in today’s workplace

Employee benefits are crucial in today’s workplace, and that is not only because they are mandated by Canadian law. Employee benefits that go beyond the usual have been credited with increasing employee recruitment and retention rates. Many Canadian workers would even change jobs if enticed by better benefits.

At least one study has proven that employee benefits that enhance workers’ financial literacy and physical well-being can benefit them once they’ve retired.

Workers across generations have different needs, so it’s important to tailor-fit their employee benefits.

Qualifications and certifications of a CEBS

Obtaining the CEBS designation does not have any specific educational or professional requirements. The CEBS designation does not require any work experience in the HR industry.

CEBS designation is endowed by the International Foundation of Employee Benefit Plans. There are two curriculums:

• US: administered by the Wharton School of the University of Pennsylvania
• Canada: administered by Dalhousie University

Earning the Certified Employee Benefits Specialist (CEBS) designation

To obtain the designation, candidates must take and complete five core required courses. These are drawn from two other similar credentials:

• GBA or Group Benefits Associate
• RPA or Retirement Plans Associate

The GBA and RPA may seem similar at first. The main differences are that the GBA is designed for those who will administer health and other group benefits, while the RPA is a credential for those working on defined benefit and defined contribution plans. After successfully completing each course, candidates must take an exam composed of 75 to 85 questions.

Preparing for the CEBS program

The International Foundation of Employee Benefit Plans (IFEBP), a non-profit research and education organization, is the main sponsor of the CEBS curriculum. It is considered prestigious to have. To date, there are about 14,000 professionals with CEBS designation.  

Candidates must take five courses and pass each of their exams. The courses consist of:

• 2 courses on health and group benefits
• 2 courses on defined contribution and defined benefit retirement plan
• 1 course for understanding more complex principles for other certifications

Aspiring CEBS candidates can take these courses in any order and earn the designation in different ways. They can take online study groups, study on their own, or attend face-to-face classes. There are study materials available in print and online formats.

Since there are differences in regulations between the US and Canada, students in these respective countries will have different course materials. American students will study the Affordable Care Act (ACA), while Canadian students will take up their universal healthcare benefits programs.

The course takes an average of three years to complete, but it’s not unusual for some students to complete the program in a shorter period.

Here’s a video of some CEBS graduates sharing how the designation has impacted their careers:

Maintaining the CEBS designation

As with some other professional designations, those who have successfully become CEBS must fulfill certain requirements to maintain their designation. CEBS graduates are required to earn 30 credits of Continuing Education (CE) requirements every two years.

They may take courses from the International Society of Certified Employee Benefits Specialists (ISCEBS) or the International Foundation of Employee Benefits Plans (IFEBP). The courses can include:

• group benefits / retirement plan management and administration
• wealth management
• personal financial planning
• plan design and governance
• plan funding and finance
• cost containment
• regulatory developments
• professional ethics

Part of maintaining CEBS status is following a set of principles of conduct. CEBS are required to a form of fiduciary duty: they must not allow personal financial gain to interfere with the best interests of plan participants.

Following CEBS principles also means never committing any act of dishonesty, deceit, fraud, or knowingly participating in any illegal activity.

Benefits of hiring a CEBS for your organization

Since the CEBS curriculum includes several courses that equip its students with many different technical skills, HR professionals with CEBS can give their employers an edge over competitors. CEBS can make the workplace more enticing to high-performing employees, increasing both talent acquisition and retention rates.

There are operational benefits to having a CEBS on board as well. For instance, a company with a CEBS among their staff can reap the benefits of having an HR professional who can:

• help manage financial risks of benefits plans
• use discounted cash flow analysis to estimate plan costs
• evaluate the initial pricing of an insurance product
• design employee profit-sharing plans
• assist in compliance with financial reporting requirements
• navigate special situations like corporate reorganizations
• ensure tax efficiencies
• assist in ensuring effective corporate governance

Gain knowledge. Increase confidence. Propel your career. Make an impact. These are just a few of the ways CEBS, GBA and RPA can expand your horizons. What are you waiting for? Take the next step in your professional development journey >> https://t.co/03iKDRcihM #CEBSgoals pic.twitter.com/mYQu5xBrpd

— CEBS Program (@CEBSProgram) March 11, 2024

How CEBS can help improve employee satisfaction and retention

With their skills and knowledge, a Certified Employee Benefits Specialist can play an important role in designing and managing employee benefits that are both cost-efficient for the company and attractive to potential hires.

There are many ways and strategies that CEBS can help organizations increase their employee acquisition and retention rates. Here are a few examples:

• provide opportunities for career advancement
• increase employee engagement as necessary
• provide customized and unique job benefits (pet insurance is an example!)
• offer competitive compensation packages
• assist employees to upskill and enhance job security

Another important way that CEBS can contribute to employee acquisition and retention is to communicate these benefits to employees. Sometimes, it’s not the type of benefits offered but the lack of communication about these benefits that can impact employee retention. Many employers were surprised to discover that many of their employees did not use health benefits. Employees did not understand their benefits or did not know that they existed.

CEBS and health and wellness programs

CEBS are in the perfect position to create and enact employee wellness and employee assistance programs to promote and maintain their overall well-being.

Collaborating with stakeholders to design and implement initiatives that promote employee well-being is one of the key roles of a CEBS. Once implemented, the specialist can collect data and make assessments to identify the specific health needs of the company workforce.

Developing tailored wellness programs to meet those needs effectively is the logical next step. CEBS can also evaluate the performance of existing health and wellness programs, making data-driven recommendations for enhancements and improvements when appropriate.

As it is the CEBS’ duty to stay informed about the latest trends and best practices in health and wellness, a CEBS can help your company create a culture of well-being that boosts employee morale, productivity, and overall satisfaction.

Enhancing employee benefits package with a CEBS

A CEBS can also be useful when putting together a lucrative benefits package to attract top talent.

They can enhance compensation packages by conducting thorough analyses of market trends, employee preferences, and organizational goals to design competitive and attractive compensation structures.

A CEBS can apply their expertise in benefits and compensation to create comprehensive and attractive benefits packages. These can include a mix of:

• competitive salaries
• bonuses
• performance incentives
• non-monetary benefits

With a CEBS, companies can better meet the needs and expectations of their workforce.

The role of a CEBS in managing retirement plans

Certified Employee Benefits Specialists are also well-equipped to manage retirement plans. They can help company stakeholders develop, implement, and administer retirement plans that are aligned with company goals and in compliance with legal requirements.

With their knowledge and expertise, CEBS can analyze employees' needs to come up with fitting retirement plans. The plans can be designed to meet employees’ financial objectives and retirement requirements. Moreover, a CEBS stays informed of any regulatory changes in retirement plans, so they can quickly adjust the plans, ensuring that they stay competitive, cost-efficient, and beneficial to both the company and its workers.

With a CEBS’ guidance on the plan design, compliance, and communications, retirement plans and other retirement benefits can be optimized and help employees achieve their retirement goals.

Impact of a CEBS on employee satisfaction

HR professionals who want to enhance their skills and become more valuable employees can largely benefit from the CEBS designation. It’s the CEBS’ job to remain informed about regulatory changes and industry benchmarks to ensure that company compensation packages are competitive and compliant.

By collaborating with HR and leadership teams, a CEBS can help optimize compensation strategies to attract and retain top talent. If you’re an HR person or manager, becoming or hiring a CEBS can contribute to greater employee satisfaction and increased company productivity.

As an HR professional, would you consider getting the Certified Employee Benefits Specialist designation? Let us know in the comments