Fidelity Investments has announced the availability of the Fidelity Benefits Equity Scorecard, part of a new consultative approach designed to help employers that are striving to create a more inclusive and equitable benefits program.
Traditionally, employee benefits have been designed to meet the needs of a broad majority, which can leave some workers feeling excluded, Fidelity says. However, employers are increasingly realizing that identifying and addressing the specific needs of these employees can contribute to a more inclusive workplace, a more engaged workforce and greater use of employee benefits across their organization.
“Understanding the varying and diverse needs of a workforce is the first step in designing a program that is equitable and inclusive,” says Ranjan Dutta, senior vice president, Workplace Consulting at Fidelity Investments. “For example, are there groups within the organization that are more likely to be financially supporting their extended families, workers who have a child with special health care needs, or military veterans who may have unique needs? The Benefits Equity assessment and scorecard provide employers with the insight they need to help their benefits become more equitable.”
Fidelity’s Benefits Equity tool captures current employee sentiment and leverages technology to help employers measure, track and monitor their benefits program from an equity and inclusion perspective. It examines benefits across all four domains of total well-being, including health (preventative care, health care accessibility), life (childcare, elder care), work (flexible work policies, career opportunities) and financial well-being (retirement savings, emergency funds, student debt repayment).
The solution helps employers:
- Review and identify how well the current benefits programs align and support the organization’s unique philosophy and business goals.
- Conduct an assessment of the organization’s current benefits portfolio using Fidelity’s proprietary framework, which includes over 300 markers of equity and evaluates individual employee benefits based on five key areas.
- Derive and benchmark a benefits equity score, which is calculated using a proprietary algorithm and benchmarks benefits across each domain of total well-being.
- Implement an interactive scorecard that shows an objective equity score and combines that with employee sentiment and utilization data.
Fidelity will also work with organizations to repeat the assessment at regular intervals to measure progress and identify opportunities.
“Diversity, equity and inclusion is a multi-faceted topic each employer approaches differently,” says Dutta. “As a result, we’ve created resources that can help our clients address specific aspects of their DE&I strategy while advancing their overall efforts to create a more equitable and inclusive organization.”
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