As businesses aim to make diversity on their teams a priority, it’s important that their benefits packages reflect that. The offerings of the past don’t cut it anymore – different employees have different needs, and moving past one-size-fits-all to a more flexible benefits approach might be the deciding factor that makes star talent choose your company.
In this blog, we’ll look at seven inclusive flexible benefits you can offer your employees to show you’re keeping their needs top of mind.
What are flexible benefits?
Flexible benefits offer employees the ability to choose from a range of benefit options based on their individual needs and preferences. Almost any benefit can be made flexible: from health insurance to financial coaching, flexible benefits give employees the chance to tailor their benefits to what they’ll actually use.
That level of flexibility not only means happier employees who feel like their needs are being met, but better benefits engagement – so flexible benefits benefit employers, too!
Flexible benefits and diversity, equity, and inclusion (DEI)
Benefits might not be the first thing you think of when it comes to centring DEI in your workplace, but they play a crucial role. A diverse team is made up of people with different ages, genders, sexual orientations, ethnicities, and family structures. Traditional benefits packages often fail to account for this diversity, offering limited options that may not address the unique needs of all employees.
By implementing flexible benefits, companies can ensure that all employees, regardless of their background, have access to the support and resources they need to thrive. This effort toward real inclusivity promotes equity by providing all employees with equal opportunities to benefit from company offerings.
Plus, studies have shown that companies with strong DEI practices are more likely to outperform the competition.
For example, a recent study shows that companies in the top quartile for gender diversity have a +25% likelihood of financially outperforming their peers, with those in the top quartile for ethnic diversity showing a +36% likelihood. So it’s clear that investing in inclusivity isn’t only the right thing to do, but also a strategic business choice.
Examples: 7 inclusive flexible benefits
There are countless flexible benefits you can offer employees to speak to their individual needs and display your commitment to DEI. Here are a few ideas to get you started.
Comprehensive health benefits
Broad health coverage encompasses a variety of health plans addressing diverse medical needs, from standard healthcare insurance (also known as "private medical insurance"), to health spending accounts (HSAs), to supplemental dental and vision plans. Giving employees the chance to opt into a plan that best addresses their medical situations not only speaks to their individual healthcare needs, but can also reduce absenteeism, by making sure employees have healthcare access when they need it most.
Financial education
Financial education benefits can look like budgeting apps, personalised financial advice, financial education courses, or other online tools. Financial education can help employees across different life stages manage their financial health effectively, and help remove the gap between those who grew up with financial education and those who may not have. This initiative levels the playing field, allowing every employee to achieve financial stability and informed decision-making.
Mental healthcare
Mental health is an issue that touches everyone, but it may disproportionately affect some employees over others. For example, according to a study by Business in the Community, 81% of LGBT+ employees have experienced a mental health condition compared to 60% of all employees.
Offering mental healthcare benefits, including counselling, therapy, and stress management programs, supports employees' mental well-being and means they can show up as their best selves at work. Plus, it promotes a culture of inclusion, where everyone’s mental health is a priority, reducing stigma and supporting diverse workplace needs.
Workplace nursery schemes
Childcare is prohibitively expensive and in many cases, emotionally draining for working parents to arrange. Plus, gender still plays a huge role in childcare – in fact, a quarter of a million mothers with young children have left their jobs due to childcare pressures. That’s a few too many star women employees leaving the workforce where benefits might help.
Workplace nursery schemes and childcare benefits help employees balance work and family life. By providing accessible childcare, companies encourage gender equity and enable parents from all backgrounds to thrive professionally.
Career counselling
Career counselling services, including access to career coaches and professional development resources, help break down barriers to advancement for underrepresented groups. These services ensure that all employees, regardless of their background or social network, have equal opportunities for career growth.
Family planning benefits
Comprehensive family planning and fertility benefits support various pathways to parenthood, including fertility treatments, adoption, and surrogacy, accommodating diverse family needs and lifestyles. This inclusivity strengthens support for personal and family life across your team.
Flexible benefits allowances
Flexible benefits allowances let employees spend on what they need most, within employer parameters. This gives them full control over their benefit, so they can tailor it to their specific needs–making it the ultimate benefit for inclusivity!
Want to learn more about how flexible allowances can become your company’s inclusivity superpower?
Final thoughts
Inclusive, flexible benefits are the key to attracting best-in-class, diverse talent. And for the employees you already have, it shows a real commitment to their wellbeing at home and at work, no matter what their lives look like.