Do your clients' benefits offerings match diverse needs?

Do the benefits that your employer clients offer meet the unique needs of the diverse workforce they are trying to attract and retain?

U.S. employers have made great strides in embracing more diversity and inclusion in the workplace as a strategic initiative – and it’s reflected in hiring practices and retention efforts, development opportunities and employee interest groups.

But when it comes to workplace equity, have they solved the other side of the equation? That is, do the benefits that your employer clients offer meet the unique needs of the diverse workforce they are trying to attract and retain?

Modern families are now the norm

Studies show the family dynamic has evolved – comprising married and unmarried couples of the opposite sex or same sex, with or without children; adoptive and foster parents; single parents; individuals; or multi-generational households.

As a result, the benefits provided to employees need to go beyond the standard offerings of medical, retirement, dental and vision. Employers and their brokers should consider offering a suite that’s customizable to employees’ particular situations, whether it’s dictated by family dynamics or life events. Here are four ways to assess a company’s current state – and to determine what may require further focus.

Benefits to help employees care for others – and themselves

One place to start evaluating benefit strategies? Take a close look at your clients’ culture and employees’ work-life balance, especially as work-from-home initiatives and technology contribute to “an always on” environment, further blurring the line between the office and employees’ personal lives. That challenge becomes even more pronounced for employees who are balancing the day-to-day demands of a job along with the demanding role of a caregiver.

Caregiving duties can take many forms, from a Gen Xer caring for both their children and aging parents, to a spouse caring for a partner with a chronic illness or an employee caring for a child with special needs. And nearly 6 million children under the age of 18 are living in grandparent-headed households, many where one or both grandparents still work. 

It can be mentally, physically and financially exhausting for the employee. Yet a report by Harvard Business School finds that businesses are largely disconnected from the caregiving needs of their employees. And it finds that this lack of awareness and support not only hurts workers, but results in significant costs to companies, including the loss of some of their best people.

According to SHRM, only 10% of employers offer caregiver benefits that could help alleviate this stress.

Flex-time or working remotely part-time could also offer some relief to employers as well as their staff. Both options give workers added adaptability and improved work-life balance while boosting engagement. Flexible scheduling can not only benefit caregivers but also help new parents, employees with ongoing health issues and employees with long commutes.

Many large companies are providing caregiving assistance through third-party firms, including plans that includes caregiving referral services to help find assistance or a care facility for loved ones.

Make sure mental health is addressed

Employees’ mental wellness should be a top priority for your clients. The Partnership for Workplace Mental Health and the American Psychiatric Foundation advises that it costs companies $44 billion in lost productivity due to untreated depression in the workforce.

Don’t underestimate the power of wellness offerings to provide much-needed support to employees. Embrace the opportunity to partner with an engaged EAP to build strong stress management solutions. Promoting a healthy and balanced lifestyle could be as simple as providing wellness opportunities that include standing desks and flexible work arrangements to yoga sessions and meditation classes. 

Reassess the equity in your workplace benefits

The Corporate Equality Index 2020 reports that offering LGBTQ-inclusive benefits to employees and their families is an overall low-cost, high-return proposition for businesses. To date, hundreds of thousands of LGBTQ workers and their families have benefited from the expansion of inclusive workplace benefits, policies and programs, including domestic partner recognition and transgender-inclusive benefits. These are good cues to consider when evaluating which current offerings benefit all employees equally and where there are gaps in coverage.

It’s also imperative to recognize what life events may exponentially impact LGBTQ employees, particularly those who have added legal and financial impact. Situations can range from the legal issues a same-sex couple encounters with a surrogate to a transgender employee having difficulties in changing their legal name or an international adoption that runs into roadblocks.

These needs were reflected in a product study ARAG conducted last year regarding offering coverage geared toward this community. Feedback from attorney interviews indicated matters that could affect LGBTQ workers at a higher rate include still-restrictive laws involving assisted reproductive technology (ART). Parenting rights involving second parent adoption and different establishment rules in each state was also cited as an issue.

Help people prepare for the unexpected

Keep in mind that employees have a very busy (and often complicated) life outside of work. They’re constantly facing situations involving family matters, financial problems or legal issues that need to be dealt with. And many times, they’re taking time out of work to address these situations.

The pressing need to focus on financial matters, such as student loan debt or credit card payments, is being recognized in larger firms. Seventy-five percent of companies with 10,000+ employees offer some type of financial wellness program, according to EBRI research. In addition to retirement fund matching, some employers offer student loan repayment programs, college savings plans and a host of financial planning and education resources. 

Think outside the benefit box

Providing benefits that work for all employees (and their families) is no small task. Find ways to actively listen to employees’ concerns and keep exploring options that can benefit a wider base of the workforce. And be ready to adapt your benefit offerings as the team and its needs continue to evolve. That agility will help your clients attract, engage and retain valued employees – and contribute to a more diverse workplace.

Dennis Healy is a member of the ARAG® executive team. Dennis is a passionate advocate for legal insurance because he has seen firsthand how it helps people receive the protection and legal help they need. He has nearly 30 years of insurance industry experience, with a primary focus on the sale of group voluntary benefit products to employer groups of all sizes through the brokers and consultant community.