By Chris Bruce, MD and co-founder, Thomsons Online Benefits
Last year, 800+ executives in the U.S. pledged to make elevating diversity and inclusion a workplace priority. This work is crucial, especially in Silicon Valley where half of startups still do not have any women in their leadership teams. Attracting and retaining diverse talent can be challenging, but it’s imperative that HR teams use all resources available to them in this effort, and that processes are in place to ensure female talent is nurtured, developed and has equal opportunity to progress in the organization.
Employee benefits can play a critical role in ensuring everyone feels included and cared for. Here’s how, from data analytics to benefits personalization, companies can use technology and benefits programs to create an employee benefits proposition that appeals to all.
Personalizing through wellness pots
Instead of using a one-size-fits-all solution that may only serve the needs of a limited number of employees, wellness pots can serve differing interests and needs. Companies offering wellness pots to support employees’ mental and physical wellbeing are automatically ahead of the curve. These employees are able to spend their wellness pot contribution on the benefits offerings that best support their diverse interests and needs. For example, one employee might take personal training, another could join a mindfulness program and a third take up drumming lessons. Not only do people feel better supported, but they have even more reason to regularly engage with their benefits which can lead to them using and valuing them more.
Employing data and analytics
To help companies make better decisions to support D&I, those that use pulse surveys to gather feedback from employees should begin segmenting the data by gender, generation, ethnicity, geography, and any other relevant subsection within the company. Not only does this give HR the opportunity to be proactive, but by only looking at total numbers there is a risk of missing opportunities to identify and fix issues for specific groups.
Additionally, there’s a wide range of data available to employers from benefits software that many are not taking advantage of. For example, our research showed that only 48% of organizations measure benefit take up levels and 46% measure employee wellbeing. Companies are however beginning to understand just how important data and analytics are. Over a quarter of respondents are intending to begin collecting this information on benefits take-up and program engagement this yea. Combining the qualitative data from surveys with the quantitative data that can be derived from benefits technology, can create a powerful tool for HR and benefits teams.
Another way to support all employees is by offering ‘floating’ PTO days to accommodate all employees’ civic or cultural preferences. For example, employees could choose to switch out their Presidents Day holiday for Election Day. What’s more, employers can also give the option to work remotely when needed to accommodate employee needs if something of importance to an individual worker, like an Ash Wednesday service, won’t take the entire day.
What’s more, those who work from home have been shown to be more productive, working an additional 1.4 more days per month, although it will be seen in the coming months how productivity is impacted under the new circumstances of working from home due to COVID-19. This is a win-win for both employees and employers and should alleviate any fears around productivity and flexible working. Beyond that, there can be additional long-term payoffs for companies that are sure to be inclusive: our research found that 80% of HR decision makers believe that flexible working arrangements are important when considering talent retention.
The bottom line
Research has found that 85% of candidates ask about benefits at some point in the interview process so as a key talent attraction tool they must be strategically planned if they are to effectively support D&I right from the start of the employee journey. With this in mind, employers must make their benefits more relevant, easier to access and more engaging in order to meet the needs of an increasingly demanding and diverse workforce. Only then will every employee – of any age, from any location, of any background or culture – be able to get the most out of their benefits and really feel their value.