How Inclusive Benefits Can Help Attract and Retain a Diverse Workforce

BY Carrie Snider | October 31, 2024

In today’s competitive job market, attracting and retaining top talent goes beyond offering standard benefits packages. To build a truly inclusive and diverse workforce, companies must evolve their approach to employee benefits, ensuring they meet the unique needs of various demographics. 

This was the focus of a recent panel at From Day One’s NYC Benefits Conference, where five panelists shared how inclusive benefits—from financial wellness programs to wellness initiatives—are key to fostering a thriving, diverse workforce. Kelsey Butler, equality reporter at Bloomberg, moderated the session.

Regular Benefits Audits

On a yearly basis leaders at Wolters Kluwer conduct benefits audits. This ensures that what they are doing is working, but it also brings up what they might need more support in. This is at the core of inclusivity and retention—keeping up with what a diverse workforce actually wants. 

We really saw so much connection between benefits and wellness and DEIB (diversity, equity, inclusion, belonging). So we work hand in hand, and it's very fluid, very integrated,” said Deb Foley, director of DEIB at Wolters Kluwer. 

One big consideration is being inclusive across generations. As Foley pointed out, this is the first time ever there have been six generations in the workforce together. Each generation faces its own set of challenges. 

Recently, they introduced a new benefit that will help younger employees who are entering the workforce get a jumpstart on their finances as they start their careers. “For those employees who are currently paying off student loans, they can get matched,” she said. Typically a company match is only for retirement benefits, but now they are applying that to student loans. “This is a huge benefit for our employees, and has been really well received.” And it’s all because they proactively sought the data and responded to what employees needed. 

“It’s about doing the right thing for our employees, not necessarily because it’s going to check a box or because it’s going to make us look good. It’s about doing the right thing,” Foley said.

Kelsey Butler, equality reporter at Bloomberg, right, moderated the executive panel discussion 

At the same time, it’s also important to notice things employees need that they aren’t necessarily asking for. At Wolters Kluwer, they’ve realized the importance of wellness so employees can have a good quality of life. 

“We have really amped up our whole wellness,” said Foley. “We rolled out a Wellness Week [and we use our] employee networks. We have several of them as well to actually share their stories.” The focus on wellness, along with sharing stories, has been a great motivator for employees in their own journeys all while promoting inclusivity among workers. 

Employee Business Networks

With 50,000 employees, most of them frontline workers, Quest Diagnostics works to meet the needs of a diverse population. They’ve launched 11 Employee Business Networks (EBNs) to meet employees where they are and promote wellness and diversity.

These EBNs cater to various groups, with thousands of employees involved nationwide. The result? Inclusivity and retention. “Our employees want to talk to each other,” said Gillian Plummer, director of employee health and wellness at Quest Diagnostics. “I’ve had employees laughing, crying, venting, and it just personalizes that experience and includes that employee within the company and conversation. It’s been a really big success for us over the last year and a half.”

As for making the most of benefits, Quest is also focusing on preventative care, launching its Blueprint for Wellness that screens over 100 biomarkers and offers a health risk assessment for employees. The data gathered helps the company know what to offer that will best help employee populations. 

“Our highest costs at Quest are oncology and type two diabetes. So that is something we’re focused on. How do we change behavior in chronic conditions and use data to inform that?” she asked. Many times, employees don’t even realize the benefits offered, so companies must keep them informed.

Quest recently held a Health and Wellness Summit, with input from executives, middle management, and frontline workers to select wellness programs. They invited eleven wellness organizations to headquarters to identify which benefits to offer employees. 

Interestingly, of all the offerings, employees overwhelmingly chose Weight Watchers. “This was so fascinating,” Plummer said. “We have a 63% engagement rate for Weight Watchers. Our population's 80% female, and that right there was missing at Quest.”

Attracting and Retaining with Benefits

As life continues to get more expensive, employees are asking their employers to do more. Benefits are more important than ever. In fact, 38% of employees would consider moving to another job for better benefits, says Corrinne Hobbs, general manager and VP of employer market organization at Ovia Health. 

The other consideration is that younger generations especially care about sustainability. “They want to work for companies that align with their values. And we’re seeing a lot of that with millennials and beyond. They’re choosing their employers based on that, but then also on different policies, like parental leave, FFB (fertility and family building benefits), and flexible work schedules,” she said.

Companies should always have those core benefits that cover most populations, but they should also look outside the norms, especially as people and families are changing. Fertility, adoption, surrogacy, all the ways people want to grow their families should be considered. Beyond that, Hobbs pointed out the importance of workplace support once the baby comes. 

“What do your return to work policies look like? Are they equitable? Are you offering flexible work options? Parental leave?” she added. 

The act of embedding those inclusive benefits offer results: 30% decrease in absenteeism and a 35% increase in productivity, Hobbs says. “But then also, when you have people who can bring their full selves to work, and you have diverse populations. Pew Research reported that there’s a 30% increase in innovation. So if you really want to drive your companies forward, it’s important to embed this,” said Hobbs. 

In addition to employee benefits, companies should pay attention to dependents. What do they need? Do they know their coverage? What else could help them? This is a big part of attracting and retaining employees, Hobbs says. 

Looking at Financial Wellness

When thinking of company benefits, typically physical health is the main focus. But more and more, financial wellness is becoming a big part of what employees want in their benefits package. Which is where Northstar, a financial wellness platform for employees, comes in. 

Britt Barney, the company’s manager of client success says that their financial planners get asked this a lot: is this benefit something that really benefits employees?

Recently, they’ve been seeing a desire for housing discounts as a benefit, often structured as preferred rates. “A preferred rate is amazing, but it does not matter if you can’t afford the house.” Northstar helps employees understand what they might need and how they can achieve their goals through financial education. 

An open feedback loop is key. Constantly taking note of what people are asking about helps companies know where they should place their focus. 

One of their biggest challenges is the stigma with “financial planning” especially in diverse communities who may associate it predominantly with the white and rich.  Barney reiterated that financial planning is customizable and is helpful for everyone. 

“Everybody needs it; it doesn’t matter if you have $30 or $30 million, you need some guidance,” she said. At the same time, they want to make sure the diverse world is reflected in their workforce, so people will feel comfortable with their financial planner. 

New Approaches to Traditional Coverage

Last year, Greystar rolled out several enhancements to its parental benefits, focusing on inclusion of a diverse population. 

“We introduced a gender neutral, paid-parental leave policy,” said Anitha Dhanwada, managing director of global total rewards at Greystar. “Regardless of whether you’re the birthing parent or non-birthing parent, if you end up in a situation where you are the primary caregiver to that child, then you are eligible for the full 16 weeks of paid parental leave.”

The company’s expanding benefits have also reached outside medical coverage and into something many employees wanted help with—housing. “Being in the real estate property management space, one of the best ways that we thought we can actually help employees be able to improve their affordability was to be able to provide a discount to the folks who are working on site at our properties.” That includes a 40% discount for employees working on site, and a 20% discount for those living at a different property than the one they manage.”

“That’s been received very well across the board, and has actually improved our attrition numbers incredibly well,” she said. It’s another example of listening to employees and delivering the benefits they truly want and need.

As the workforce continues to diversify, so too must the benefits that companies offer. By proactively assessing employee needs and incorporating inclusive programs—whether it’s financial planning, wellness initiatives, or flexible parental leave—businesses can not only attract but also retain a diverse array of talent. Ultimately, the integration of inclusive benefits is more than a strategy for talent management; it’s a commitment to creating a workplace where everyone feels valued, supported, and empowered to succeed.

Carrie Snider is a Phoenix-based journalist and marketing copywriter.

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