As organizations strive to attract and retain top talent, a one-size-fits-all benefits program is no longer enough. They now need to design flexible, inclusive benefits programs that are customized to the diverse needs and preferences of their employees.
Today’s corporate workforce is made up of a wide range of groups: Baby Boomers on the cusp of retirement, Gen Xers in the middle of their careers, Gen Yers starting families, Gen Zers just entering the job market, newcomers, etc.
Each group has its own needs and expectations when it comes to employee benefits.
How do DEI principles fit into the workplace?
Diversity reflects the different demographic groups within an organization (age, gender, sexual orientation, religious beliefs, etc.). It’s important to understand that diversity is key. Without it, you’ll hit a dead end when it comes to your DEI efforts.
Equity refers to ensuring fair treatment, access and opportunities for all employees. We’ve learned over the years that there is still a lot of inequity between male and female executives. This is just one example, but it illustrates the need to ensure access for people whose career paths are often already filled with obstacles.
Inclusion means creating an environment in which every individual feels valued and can fully contribute to the organization’s success. How does an organization go about fostering this type of environment? That’s the real challenge, especially if it is unaware of the inequities in question.
Integrating DEI principles into a benefits program
Incorporating DEI into employee benefits demonstrates an employer’s commitment to supporting a diverse workforce. In addition, as benefits are increasingly a determining factor in hiring decisions, offering inclusive benefits attracts a wider pool of talent. Below are a few examples of how this can be done.
Hybrid working and flexible leave
Hybrid working and flexible leave are accommodation measures that enable employees to observe their personal traditions, which enhances their overall experience.
Gender affirming care, fertility and adoption
Many insurers offer coverage for gender-affirming care, ovulation induction drugs and fertility treatments (e.g., in vitro fertilization), as well as for surrogacy and adoption. Employers can add these types of coverage, entirely paid for by them, with a lifetime maximum of $5,000, $10,000, $25,000 or more.
These types of benefits can help you attract and retain top talent, reduce employee turnover and foster a culture of loyalty and openness. While many people won’t take advantage of these benefits, those who do will see their morale greatly improve and feel a greater sense of job satisfaction.
Through organizational initiatives that recognize life goals outside work, employees feel supported.
Support for people living with disabilities
Measures to support people living with disabilities, ensure accessibility in the workplace and provide assistive technology will greatly facilitate their working lives and reinforce an inclusive environment. These benefits not only boost employee satisfaction and morale, but also foster an inclusive, supportive and productive workplace.
Meeting the needs of all employees
Adding coverage to your benefits plan may not necessarily benefit all employees, but the simple fact that it improves the experience of other colleagues shows that their employer is striving to meet their needs.
If you have any questions about how to integrate DEI initiatives into your benefits plans, the AGA team is here to help.
Employee Benefits is Cheryl’s vehicle to assist others. Using her expertise, innovative ideas and custom strategies, Cheryl has been assisting Employers to modernize their group benefit and organizational health programs for over 30 years. Cheryl has significant experience in leadership positions in health insurance and employee benefits. Her main strengths are managing large clients and designing and managing flexible benefit plans.