Can the Right Employee Benefits Build Diversity?

In the US, for every 10% increase in racial and ethnic diversity, earnings rise by 0.8 percent.

Gender diverse teams receive higher valuations, and a better return on equity than their male-dominated competitors.

Originally, diversity initiatives were often originally framed as quotas. A selected demographic would be targeted, typically based on race or gender, and a goal would be developed to increase the percentage of that demographic in the workforce.

These practices were not effective, primarily because they focused on isolating people by their differences rather than creating an environment where each person is valued for their unique capabilities, and where every individual feels safe and supported to bring their whole selves to work. That is inclusion—rather than dividing people by what makes them different, the goal is to create a shared ecosystem of common goals and mutual respect.

As companies have taken a more nuanced, inclusive approach to supporting their diverse workforce, it has become clear that there is no one-size-fits-all solution. Organizations have implemented numerous creative ideas and practices to develop a benefit strategy that supports the diverse needs and concerns of every employee at their company...

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