New Assessment and Scorecard Offers Holistic Framework to Align Employee Benefits with Diversity, Equity and Inclusion Strategy and Address Specific Needs of Today’s Workforce
Fidelity Expands Diversity, Equity and Inclusion Resources Available to Employers and Employees as Part of its Efforts to Improve Financial Outcomes for All
Fidelity Investments®, one of the country’s leading workplace benefits providers, announced the availability of the Fidelity Benefits Equity Scorecard, part of an innovative new consultative approach designed for the growing number of employers2 who are striving to create a more inclusive and equitable benefits program. This new offering is part of Fidelity’s broader suite of resources to help employers advance their diversity, equity and inclusions (DE&I) efforts and the company’s larger efforts to improve the financial outcomes for underrepresented and unserved customers.
“Understanding the varying and diverse needs of a workforce is the first step in designing a program that is equitable and inclusive”
Traditionally, employee benefits have been designed to meet the needs of a broad majority, which can leave some workers feeling excluded. 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.
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“Understanding the varying and diverse needs of a workforce is the first step in designing a program that is equitable and inclusive,” said 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.”
How It Works
Fidelity’s Benefits Equity assessment and scorecard are part of a unique, holistic approach that evaluates an organization’s complete benefits portfolio. The approach involves capturing current employee sentiment and leveraging technology to help employers measure, track and monitor their benefits program from an equity and inclusion perspective, as well as examining 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).
Following are details on how Fidelity’s approach can help organizations assess the equity of their benefits platform:
- 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.
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Benefits Equity Scorecard Part of Fidelity’s Broader DE&I Efforts
Fidelity is focused on creating new opportunities and value for customers and communities of all background and cultures through its broader Customer Inclusion and DE&I initiatives. The Benefits Equity assessment and scorecard is the latest addition to Fidelity’s suite of products, workshops and content to help employers advance their DE&I efforts.
“Diversity, equity and inclusion is a multi-faceted topic each employer approaches differently,” continued 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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