5 key areas to ensure benefits equity

For years, workplaces offered employee benefits programs that were one-size-fits-all. Then, the pandemic hit.

Employees suddenly needed customized support in areas of physical, mental, financial, and family wellbeing, and found their benefits offerings falling short. Employers rushed to offer supplemental programs but faced backlash when their solutions supported some team members and not others.

Benefits equity was pushed into the spotlight and has been a trending topic ever since.

In our modern world, employees expect a higher level of care from their benefits. As a result,  top employers are stepping up to the plate.

What is benefits equity?

Are groups of employees being excluded from key benefits programs? Are you losing talent to top competitors that offer more robust benefits packages? Both are signs that you need to reassess your benefits equity.

Equitable benefits address complex employee challenges, delivered in ways that meet employees where they are.

Think of the move from childcare benefits to more inclusive dependent care offerings. Or, the shift from financial planning for executives to holistic financial wellbeing programs that help employees at every life stage and level of financial confidence. These updates to existing programs and additions of new offerings greatly impact your benefits equity.

Five key areas of benefits equity

How can employers make benefits equity a priority, and drive engagement as a result? Here are five key areas of benefits equity to consider.

1. Cost

More than 1 out of 5 workers say they have avoided seeking medical care because they can’t afford it. For 90% of Americans, the cost of accessing trustworthy financial guidance is so prohibitive that they lack a financial plan. Benefits teams should consider cost factors and provide education. Top teams are making it a priority to educate their workforce on how programs are priced, what’s included in the cost, and calling on experts (such as Certified Financial Planner™ professionals) to help people make the best decision for their unique situation.

2. Choice

Needs change, so choice allows employees to personalize their plans to their situations in real-time. A new hire may be single and renting an apartment when they choose their first benefits. A few years into their career, they may buy a home, adopt a dog, plan a wedding and care for an aging parent. Providing choice and flexibility allows your benefits package to support all employees at each life stage and through each season.

3. Personalization

After choice immediately comes personalization. Why? Employees easily experience information overload. Personalized experiences help them reach the right solutions quickly. Choose benefits programs that can custom-fit the solution to each individual, instead of presenting them with thousands of PDFs to sort through solo.

4. Accessibility

Consider benefits that are accessible to your full workforce. Choose programs that are available 24/7, both virtual and on-site if you are back in the office. Does the program provide text-based content with audio? Videos with closed captioning? Many team members can benefit from assistive technologies, even if they do not have visible or disclosed disabilities.

5. Representation

Employees should feel seen and supported by the benefits you offer. The phrase “representation matters” gets a lot of use because it’s true. In the financial wellbeing space, for example, programs may offer Certified Financial Planner professionals but many of these experts are not representative of the demographics of your workforce today. Break the mold by offering a benefit that allows employees to talk to a financial planner that looks like them, who comes from their background, and can understand their challenges on a personal level. Choose programs that use diverse and inclusive imagery on their website, in their marketing, and woven into the fabric of their offerings.

Offering an equitable benefits program creates a workplace where employees feel valued and included. It’s good for business, it’s good for your employer brand, and it fosters belonging in a time when we all need it most. By making a commitment to strive for benefits equity, everybody wins.

Brin Chartier is the Director of Marketing at LearnLux, the leading provider of trusted financial wellbeing for the workplace. Brin is passionate about creating a world where having a financial plan is never out of reach. At LearnLux, she creates strategic content and marketing campaigns to support clients, partners, and members. Brin is based in Austin, TX, and in her free time volunteers as a marketing mentor, likes to do yoga, hike the Greenbelt, and is constantly counting the days until SXSW.