Advertisment

Advertisment

Home » Knowledge Hub » » Everybody Benefits

Everybody Benefits

Monica McCoy_Founder and CEO

Story by
Monica McCoy former Coca-Cola senior executive and founder of Monica Motivates

Employee benifits concept. Indirect and non-cash compensation paid to employees offered to attract and retain employees. Fringe benefits for employee engagement. Insurance, paid vacation, office perks

Monica McCoy, former Coca-Cola senior executive and founder of Monica Motivates, a global consultancy offering DEI solutions and programs for individuals and multinational companies on how to get maximum value from benefit packages.

All good benefits strategies align closely with the overall values and objectives of the organisation that develops them. Increasingly among those values and objectives is a strong commitment to diversity, equity and inclusion, and how to keep growing DEI in the workplace. If DEI is a priority, it must also be considered as part of your benefits strategy, along with financial limitations and other obligations the organisation has.

Evaluate your existing benefits

The first step is to ask the question: Where are the gaps? Does your existing healthcare policy cover mental health? Is it trans-inclusive? Are your parental leave benefits gender-neutral? Have you considered confidential, culturally sensitive counselling policies for those in need of mental health support? The more you understand your unique employee population, and the more targeted questions you ask, the better your understanding of your existing range of benefits will be, and the greater your ability to make specific – and therefore cost-effective – interventions.

It’s important to recognise, too, that gaps don’t always look like gaps. This is something to bear in mind if your company is growing quickly. In a fast-growing company, benefits that used to be requested and given out on an ad-hoc basis have to be formalised, and that can create ambiguities among those used to the old system. One concrete example of a policy that can show gaps in this way is flexible working, which is essential for the health and happiness of working parents, those with disabilities or chronic illnesses, and those with dependents, among others. It’s important that those who may have relied on an informal policy around remote work in the past know what their rights are under a more formal policy as an organisation grows.

Involve your team members in your assessment

To get a truly rounded understanding of your existing benefits arrangements, you need the contributions of those in your team. You can gather feedback in the form of surveys, focus groups, or one-to-one conversations, for instance. Even the most rigorous benefits assessment can miss things; speaking to individuals has the benefit of giving you a clear view of individual preferences, wants and needs. Of course, in large organisations, speaking to everyone might be unworkable but surveys and focus groups can help. What’s vital is to strive for maximum diversity of representation in the feedback process, so you can be confident that the benefits strategy you build or revise is as inclusive as possible.

Set goals

It’s very difficult to measure progress if you haven’t clearly defined what your objectives are. If you’ve conducted a thorough assessment of the current state of your benefits, then some goals are likely to have emerged naturally. If you find, for example, that your current strategy doesn’t accommodate certain groups, or that there are gaps in uptake of the benefits currently on offer, you might make improving those areas key objectives. Perhaps there’s no mentorship programme for members of underrepresented communities, or you offer fitness classes that don’t accommodate people with disabilities.

Ambition has to be balanced with humility here. DEI has to be understood as a process, not a project with a neat start and end date. What’s important is to make steady incremental progress across the board and to adjust based on results.

Look for providers who offer flexibility

Getting maximum value from a benefits strategy oriented towards DEI means finding the right providers too. Those that have publicly committed to DEI are the most likely to have the experience and approach needed to support your goals, but it’s important to take the time to compare and contrast one company’s offering with those of others.

Providers who offer tailored and flexible benefits will be in the best position to make sure the diverse needs of your team members can be accommodated. The more flexibility a benefits package has, the more you can empower your team members to choose the options that suit their unique circumstances. That provides you with a great way to increase inclusion and trust and reduce the time and effort you would otherwise have to spend putting together different packages to cover all your employees’ needs.

Measure your progress

Once your strategy is in motion, you need to monitor and report progress. The most effective approach to improving your benefits from a DEI perspective is always one that has robust means of measuring its impact. These may include employee feedback surveys, which you can anonymise to protect individual privacy. You could ask: Do you feel that the existing benefits arrangements are sufficient to accommodate your needs? Do you find them easy to access and understand? You could track uptake rates of benefits across distinct demographics: for instance, are your parental leave policies taken up by all genders?

You can also look at retention and turnover, as well as promotion and advancement rates, to see if certain groups are overrepresented or underrepresented. And you can gauge financial impact. A diverse, equitable and inclusive benefits strategy is likely to deliver tangible outcomes in productivity, employee satisfaction, and innovation, all of which translate to greater profitability.

Adapt and evolve

DEI is a field that is evolving all the time. Organisations evolve over time as well. And that means you, and those responsible for the benefits strategy in your organisation, need to evolve, too. Reading external case studies, conducting research, running surveys, and seeking out reports and guides to industry best practices can help you make sure that your understanding of diverse, equitable, and inclusive benefits strategies is always growing, and that you can make the adjustments necessary to accommodate key needs and wants in your organisation and to effectively manage your financial investment.

Having a DEI consultant on call is also really helpful here. They can come into your organisation from time to time and give you an outsider’s perspective, which is incredibly useful. We all have a tendency to normalise what takes place in our immediate environment, and introducing a new perspective helps us to stay objective.

Topics

Share

Advertisment

Latest Events

Apr 2024 – Reward and Recognition – is that the best you can do?

Delve into standard and innovative ways HR can effectively reward and recognise employees from the start!
Reward and recognition HR Webinar from The HR World

May 2024 – Equality, Diversity, Inclusion: Put your money where your mouth is

Is EDI still a vital part of every business' agenda and what good does it deliver for HR?
May 2024 Webinar from the HR World

May 2024 – Employee Benefits: How to Stop Wasting Money

Are you throwing money at employee benefits or a health and wellbeing programme that aren't appreciated?

Mar 2024 – Leveraging Digital Learning Tools: Empowering HR Teams for Success

In today's fast-paced business landscape, the role of HR teams is evolving rapidly. To stay competitive and foster organisational growth, companies must leverage effective learning programs strategically.

Mar 2024 – The Efficiency Programme: How HR can maximise technology benefits

There are huge promises and potential for the use of AI and technology in HR and in this session we discuss the best way ahead for HR for technology and AI use.

Effective Resourcing Models & How We Guarantee the Integrity of Inclusive Recruitment Regardless of Approach

A opportunity to debate how can we adopt a cohesive inclusive approach that enhances the candidate experience without creating barriers between us and the talent essential to your organisational success.

Feb 2024 – It’s All HR’s Fault

Despite being a trusted voice in the C-suite, HR is still viewed with distrust and outright disdain by many employees – the very people HR is there to support.
Its all HRs Fault On demand Webinar

Jan 2024 – Health and Wellbeing: Making it Personal

If you’re investing in a health and wellbeing strategy, you want to make sure it meets the needs of your workforce.

Dec 2023 – Year in Review 2023

In this webinar we brought back some of our previous 2023 webinar speakers who gave their view on the past 12 months.

Nov 2023 – Reward and Recognition for the International Workforce

In this webinar we explored the dispersed workplace and asked what it means to support employees all over the world.
Reward and Recognition for the International Workforce

Streamlining Year-End HR Operations

Providing seasonal support, ideas and inspiration, this webinar covered the challenges and opportunities presented to HR professionals at this time of year.
Streamlining year-end HR operations

Compensation Planning – The key to a motivated and satisfied workforce

Compensation and reward strategies have changed radically over the past few years with the impact of the pandemic and the trends that followed.
Compensation Planning - The key to a motivated and satisfied workforce

Oct 2023 – Talent Acquisition: Why your Employee Value Proposition (EVP) is more important than ever

This webinar addressing talent acquisition majored on the Employee Value Proposition (EVP).
Talent Acquisition – Why your Employee Value Proposition (EVP) is more important than ever

Resourcing Models, Insource, Outsource or Hybrid what are the best solutions?

Discussions on the evening were led by two invited experts Jim Richardson, with spells at Santander and Royal Bank of Scotland as Global Head of Talent, Jim now advises corporate businesses on their TA models, and, Ross Crook, Managing Director at Sanderson Solutions.
Resourcing models round table

Sep 2023 – Retention: Holding on to The Talent You Need

The post-pandemic workforce now presents more of a challenge in terms of feeling satisfied and content in the workplace. This webinar on retention also provided a masterclass on employee engagement.
Retention holding on to the talent you need

Aug 2023 – Professional Development: Making the Step Up

What does it take to be an HR Director, or to take a position at Board level? This webinar looked at professional development for HR leaders.
What does it take to be an HR Director?

Jul 2023 – Employee Benefits: Then, now and next

The importance and value of giving employees choice on rewards and recognition.
Employee benefits, then now and next.

Jun 2023 – HR Data: The Key To Delivering Real Value

This webinar on HR Data brought home the importance of understanding the value of people data not just to HR but to the business as a whole.
HR on demand event - HR data: the key to delivering real value

RPO Market – Insource, Outsource or Hybrid: What are the best solutions?

The HR World and Sanderson Managed Services Ltd held an exclusive Round Table dinner to explore and debate the current RPO arena.

AI as part of the hiring, on-boarding and retention processes

The HR World and Sanderson Managed Services Ltd held an exclusive Round Table dinner to further the discussion of AI among Senior HR Leaders.

May 2023 – AI in HR: The Perfect Balance

AI is hitting the headlines right now as experts forecast a future that’s powered by tech. But what will this mean for HR?
On demand hr webinar - Ai in HR

Apr 2023 – HR Tech: Ensuring your technology delivers for all your people

Technology continues to throw challenges at the HR function as the speed of change increases and new technology (anyone noticed something called AI?) enters the arena.
HR tech on demand webinar with Sympa

Mar 2023 – Equality, diversity, and inclusion: Reshaping thinking for action

In this webinar we explored how ED&I can have a real impact for businesses. At the centre of the discussion was the idea of changing thinking in order to make things happen.
Equality, diversity, and inclusion: Reshaping thinking for action

Feb 2023 – Leading With Agility: How to give your business the behaviours and mindsets it needs for volatile times

This webinar took as its focus agility and how businesses can develop and maintain these skills among its workforce.
This webinar took as its focus agility and how businesses can develop and maintain these skills among its workforce.

Jan 2023 – How can you create a culture of health and wellbeing in the workplace?

This webinar tackled the important and timely issue of creating a health and wellbeing culture in the workplace.
How can you create a culture of health and wellbeing in the workplace?

Hiring Gen Z – what can employers learn about emerging talent in 2023?

Join us at this cross-learning, in-person event as part of The HR World Culture Clash series at RSA House in London on 20 Oct 2022.
Hiring Gen Z: Culture Clash Panellists

Bridging the gap: what can employers learn about emerging talent to drive better hiring strategies?

Join us at this cross-learning, in-person event as part of The HR World Culture Clash series, bringing HRDs, founders and emerging talent together to build a better workforce for the future.
Bridging the gap: what can employers learn about emerging talent to drive better hiring strategies?
HRW Membership@2x@2x

Are you a senior HR professional?

Join our membership to shape the future of work, get exclusive access to events, white papers and research content, profile your work, gain access to support from HR experts and celebrate your successes.

Become a Partner

Please get in touch to talk about how we can help your business make an impact in the world of work through our content marketing, partnership plans and advertising.