We know that when employees are less stressed about their finances, they perform better at work.

• Less stressed
• More productive
• Easier to retain
• Increased satisfaction

However, most organizations aren’t talking about “financial diversity” specifically. What do we mean when we say “financial diversity”?

“Diversity in banking, accounting, pricing strategy, and other parts of the financial sector means eliminating conscious and unconscious bias against underrepresented groups. This allows them to succeed and contribute at equal rates to other demographics.”

When we think about financial diversity when it comes to benefits specifically, most organizations only focus on those groups that are more represented (think: middle to upper class).

What exactly does that mean?

A mix of benefits

Think about the benefits that you offer now. Maybe they look something like this:

• Health insurance
• Dental insurance
• Vision insurance
• Retirement plan benefits
• Life insurance
• Mental health benefits
• Professional development and education benefits
• Pet insurance

All of these benefits seem quite straight forward but what you don’t see at first glance is that many of these are unattainable for those who have financial struggles.

And we know that employees all across the nation struggle with financial inclusion, especially when it comes to both the gender gap and the race gap.

Retirement plans, life insurance, mental health benefits, professional development and education benefits–these are all benefits that may be taken from an employee’s pay to be able to participate. What happens to those employees that are barely making ends meet to pay for rent, groceries and other mandatory expenses to live?

Your benefit mix can tell a lot about the value you place on your employees whether you realize it or not.

An ideal benefit mix…

Would include all of the above AND other options that adhere to those that may be underrepresented in your organization currently.

The benefits above help those who are more financially stable and can participate freely in additional-cost benefits.

Options for those who may be less financially stable could include:

• Discounted prescription programs
• No credit check loans
• Financial counseling
• Emergency savings

In other words, these benefits are ones that can enhance the quality of your employees’ lives by enhancing their financial security.

What financial wellness benefits are you offering now? How do you prioritize financial diversity?