VP Employee Benefits Direct Growth

About the team/role:

WEX is an innovative company looking to forge the way in a rapidly changing environment, with a goal to simplify the business of doing business for our customers and partners. Our Benefits offerings do just that, by empowering people to make confident benefits decisions, so they can live happy, healthy lives.

As a key member of the Benefits Growth Leadership team, you will be responsible for strategically growing and maintaining strong relationships within our Direct book of business resulting in delivering sustainable revenue growth, exceptional customer experiences, and enhanced market positioning for WEX. This leader will develop and execute on a holistic Sector strategy growth and retention strategy , influencing cross-functional stakeholders in Sales Enablement, Product, Marketing, Professional Services, Go-To-Market, and Service. Experience and ability to "see the big picture" is a must.

Putting our customers at the center, this role will ensure we are creating customer satisfaction and loyalty by addressing customer needs fostering trust and long term partnership. Relevant WEX Benefits products include Benefit Administration, Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, COBRA, Commuter Benefits, and Lifestyle Spending Accounts.

How you'll make an impact:

Leadership & Strategy

• Vision and Strategy: Develop a bold vision, strategic goals, and priorities to increase revenue and enable growth across our direct book of business to include delivering bundled cross-product sales. This will require cross-functional partnership with Sales, Product, Marketing, Go-To-Market, and Service teams

• P&L Management: Own the profit and loss (P&L) responsibility for the direct book of business, including setting growth targets, managing and mitigating attrition, managing cost, and ensuring profitability.

Revenue Growth

• Drive Customer Growth: Lead strategies to expand the customer base and build long-term partnerships. Partner to create sales messaging, in partnership with the Marketing team. Cascade in a scalable way through the account management teams.

• Account Management: Oversee key customer relationships, ensuring customer satisfaction and identifying opportunities for upselling or cross-selling additional services.

• Cultivate and deepen relationships with key decision-makers at broker / consultant partnerships.

• Negotiate and manage customer agreements to ensure mutually beneficial outcomes.

Market Insight & Innovation

• Market Analysis: Stay ahead of market trends, understanding industry shifts and customer needs, and adjusting practice offerings accordingly.

• Competitive Intelligence: Monitor competitors and industry dynamics to keep our approach competitive and innovative.

Customer Satisfaction & Retention

• Customer Relationship Management: Maintain and deepen relationships with key customers ensuring high levels of satisfaction and fostering long-term partnerships.

• Customer Feedback: Partner with the Account Managers to address Voice of the Customer / NPS findings and pain points, with support from Product and Technology teams

• Retention Strategy: Partner to develop and implement strategies to retain customers, reduce churn, and increase customer lifetime value.

Operational Excellence

• Quality Assurance: Ensure the high-quality delivery of services, products, or solutions within the practice, maintaining customer satisfaction and high standards.

• Operational Efficiency: Continuously improve processes, team routines, operating rhythms and standards to enable customer satisfaction and business process optimization.

• Conduct regular business reviews to track progress, identify opportunities, and address challenges.

Financial Management & Reporting

• Budgeting & Forecasting: Create and manage the budget, including revenue forecasts, and report on financial performance regularly.

• Cost Control: Monitor expenses and ensure cost-effective delivery of services, balancing quality with profitability.

• KPI Tracking: Track and report on key performance indicators (KPIs) such as revenue growth, customer retention, profitability, and operational metrics.

Team Leadership & Development

• Team Management: Lead, motivate, and develop the team, ensuring they have the necessary skills and support to meet performance goals.

• Talent Acquisition: Oversee the recruitment and retention of top talent, ensuring that team capacity matches business growth.

• Training & Mentorship: Provide guidance, mentorship, and training to team members to enhance their skills and performance.

Experience you'll bring:

• Bachelor's degree in Business Administration, Marketing, or a related field.

• 15+ years of experience in sales, account management, or business development within the health and benefits industry.

• 5+ years of experience leading and managing high-performing sales teams.

• Proven track record of success in driving revenue growth and exceeding sales targets.

• Strong understanding of the health insurance and employee benefits landscape.

• Excellent communication, interpersonal, and presentation skills.

• Ability to build and maintain strong relationships with internal and external stakeholders.

• Strategic thinker with a demonstrated ability to develop and execute effective sales plans.

• Proficient in CRM software and sales reporting tools.

• Deep customer centricity, with a passion for understanding customer problems and rapidly experimenting to solve them.

• Strong leadership presence and proven ability to effectively communicate and influence across a broad set of stakeholders and executive leaders to drive strategic alignment

• Ability to set a bold vision for the reimagined experiences, and develop a strategy to execute and iteratively deliver on the vision.

• Strong analytical and problem-solving skills, with an extensive use of both quantitative and qualitative data, to drive prioritization and performance.

• A true partner to general management and operations to achieve revenue, profit, and customer

• Willingness to travel up to 25%

Preferred Qualifications:

• MBA or other relevant advanced degree.

• Experience working with broker partners in the consumer-directed benefits space.

• Existing relationships with key players in the health and benefits broker market.