Senior Benefits Consultant - Pharmacy

Job Overview At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognising and rewarding performance, and how we make an impact in the communities we serve. Bank of America is committed to an in‑office culture with specific requirements for office‑based attendance and an appropriate level of flexibility for our teammates and businesses based on role‑specific considerations. Position Overview The Sr. Benefits Consultant will join the Global Benefits team that recently was awarded 2025 Best employers – excellence in Health & Well‑being by the Business Group on Health. This individual will report to the Head of Benefits and 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., including national medical plans for active employees and retirees. The Sr. Benefits Consultant must be able to independently analyse data, market trends and business needs to evaluate cost effectiveness and implementation of existing programs, design recommended improvements, and develop business cases for new programmes. The role requires subject‑matter expertise in the design, implementation and management of pharmacy benefits programmes at large employers, the ability to manage multiple work products simultaneously, strong communication skills, and the ability to identify and work with multiple key stakeholders. Responsibilities Partner with multiple third‑party service providers, platform administrators and 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 teammates. Evaluate market trends and emerging products and approaches to drive pharmacy benefits. Use data analysis and market trends to develop business cases to address existing or emerging opportunities. Identify impacts, compliance requirements, business needs and employee experience in all programme design recommendations. Ensure required regulations and compliance activities are executed, participate in vendor audits, claims reviews, annual meetings and develop business requirement documents and employee engagement approaches. Drive change initiatives and implementations. Required Qualifications Minimum 7‑10 years of Health Care Benefits and related pharmacy experience through consulting, brokerage, insurance companies or employers. Ideally 3+ years of delivery experience of pharmacy benefits for a large organisation. Experience with pharmacy market checks, annual audits and programme optimisation. Depth and knowledge of the pharmacy benefit industry, market shifts and complex dynamics. Excellent oral & written communication skills and ability to articulate complex concepts to a non‑specialist audience. Demonstrated facilitation, client‑service orientation, leadership, influence, teamwork and collaboration across multiple partners, both internal and external. Strong vendor‑relationship experience. Strong data analysis skills for industry benchmarking and business‑case development. Highly organised, able to drive many competing priorities and complete tasks concurrently. Team player with a proactive, continuous‑improvement mindset and a can‑do attitude. Self‑starter, proficient with Microsoft Office, especially PowerPoint and Excel. Experience in a complex, matrixed work environment. Desired Qualifications Experience with pharmaceutical strategy for large organisations. PharmD degree. Experience managing outsourced services. Experience designing and executing communication and engagement strategies to drive member engagement. Skills Analytical Thinking Benefits Plan Development Data and Trend Analysis Prioritisation Reporting Attention to Detail Benchmarking Emotional Intelligence Innovative Thinking Strategic Thinking Business Case Analysis Collaboration Influence Process Design Risk Management Minimum Education Requirement High School Diploma / GED / Secondary School or equivalent. Work Schedule and Compensation Shift: 1st shift (United States of America). Hours per week: 40. Pay range: $110,000.00 – $145,000.00 (annualized). Benefits This role is currently benefits eligible. We provide industry‑leading benefits, access to paid time off, resources and support to help our employees make a genuine impact and contribute to the sustainable growth of our business and the communities we serve. Discretionary Incentive The role is eligible to participate in the annual discretionary plan. #J-18808-Ljbffr