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July 2022 Edition

Aligning health and well-being benefits with corporate diversity, equity and inclusion goals

With the fierce competition to hire top employees, HR and benefits leaders have been trying to offer the ideal combination of competitive compensation and appealing benefits to attract and retain workers.

Beyond robust benefits, employees also care deeply about working for companies that value diversity, equity and inclusion (DEI). In a survey, 62 percent of job candidates would turn down a job if they felt the company culture didn’t value workplace diversity.1

Today, it’s paramount that workers have a clear understanding of their company’s commitment to DEI principles and the initiatives driving them. Employees are skeptical that companies are doing enough to support DEI. According to a 2022 benefits survey, more than a third of employees surveyed feel their companies aren’t committed to DEI.2

What can companies do to foster a more diverse and inclusive culture?

With more employees wanting to work for companies with thriving diverse and inclusive cultures, it’s time to view the company benefit portfolio through a DEI lens. Companies need to identify what benefits their diverse workforce needs and ensure their employees understand what’s available and how to use them. Here are five guidelines to get started:

  1. Offer flexible benefit options because employers that provide flexibility will attract more diverse candidates and retain employees more successfully.3
  2. A diverse workforce also needs diverse employee benefits like benefits that support preventive care, chronic condition management, and benefits for employees and dependents with serious illnesses or injuries.4
  3. Ensure benefits are designed to appeal to (potentially) five different generations in a workforce. Note that Millennials and Generation X workers account for about 68 percent of the US workforce.5
  4. Remember to not only continually educate employees on their health and wellness benefits but provide managers and leaders with the tools to promote benefits offerings. In doing so, employees will feel more supported and more likely to use their benefits when needed.5
  5. Use data analytics to reveal workforce segments often overlooked or excluded from key benefits. Ensure benefits are affordable, accessible and designed to meet a broad range of employee needs.2

Achieving equality + equity

At Securian Financial, we’re prioritizing diversity, equity and inclusion to be a better company. Our DEI program helps us understand and meet the needs of both customers and channel partners. Creating an effective DEI program that’s sustainable and transparent engrains DEI into the organization’s DNA.

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1. Sapoznik, Rachel. “Are you considering diversity, equity, and inclusion in your employee benefits program?” BenefitsPRO, August 30, 2022. 

2. Reynolds, Leah. “DEI: The new benchmark for employee benefits.” BenefitsPRO, April 30, 2021. 

3. Fan, Jason. “3 ways businesses can optimize their benefits spending to support diversity.” Venture Beat, March 16, 2022.

4. Varn, Miles Dr. “A diverse workforce needs diverse employee benefits.” Benefit News, April 26, 2022.

5. Chavarria, Sarah. “A truly diverse and inclusive workplace starts with an inclusive benefit design.” Forbes, October 6, 2021.

Insurance products are underwritten by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not a New York authorized insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

DOFU 7-2022