NAICS Code 541612-01 - Employee Benefit Consultants

Marketing Level - NAICS 8-Digit

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NAICS CODE 541612-01
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NAICS Code 541612-01 Description (8-Digit)

Employee Benefit Consultants are professionals who provide advice and guidance to companies regarding employee benefits packages. They work with employers to design, implement, and manage employee benefit programs that meet the needs of both the company and its employees. Employee Benefit Consultants are knowledgeable about various types of benefits, such as health insurance, retirement plans, and other perks, and they help companies choose the best options for their employees. They also stay up-to-date on changes in laws and regulations related to employee benefits, and ensure that their clients remain compliant.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 541612 page

Tools

Tools commonly used in the Employee Benefit Consultants industry for day-to-day tasks and operations.

  • Benefits administration software
  • HR management software
  • Payroll software
  • Compliance tracking software
  • Data analytics tools
  • Communication tools (e.g. email, video conferencing)
  • Financial planning tools
  • Benchmarking tools
  • Employee engagement tools
  • Survey tools

Industry Examples of Employee Benefit Consultants

Common products and services typical of NAICS Code 541612-01, illustrating the main business activities and contributions to the market.

  • Retirement planning
  • Health insurance
  • Life insurance
  • Disability insurance
  • Dental insurance
  • Vision insurance
  • Flexible spending accounts
  • Health savings accounts
  • 401(k) plans
  • Employee stock ownership plans (ESOPs)

History

A concise historical narrative of NAICS Code 541612-01 covering global milestones and recent developments within the United States.

  • The Employee Benefit Consultants industry has a long history dating back to the early 20th century when companies started offering employee benefits such as pensions and health insurance. In the 1950s, the industry saw a significant increase in demand as more companies began offering employee benefits. The 1970s saw the introduction of the Employee Retirement Income Security Act (ERISA), which regulated employee benefit plans and increased the need for consultants to help companies navigate the new regulations. In recent years, the industry has seen a shift towards more personalized and flexible employee benefit plans, with a focus on wellness programs and work-life balance. In the United States, the Employee Benefit Consultants industry has experienced steady growth over the past decade. The Affordable Care Act (ACA) of 2010 led to an increase in demand for consultants to help companies comply with the new regulations. The industry has also seen a shift towards more technology-driven solutions, with the use of online portals and mobile apps to manage employee benefits. In addition, the COVID-19 pandemic has highlighted the importance of employee benefits such as healthcare and paid time off, leading to increased demand for consultants to help companies adapt to the changing landscape.