Almost a third of employees, particularly younger staff, believe that their employer lacks ‘sufficient commitment’ to diversity, equity and inclusion (DE&I). Additionally, there is a direct connection between DE&I concerns and intent to quit, according to a new survey.
The findings from Buck, an integrated HR, pensions, benefits, tech and administration services firm, indicate that employees are less likely to be looking for a new job if they have a positive perception of their employers’ commitment to DE&I. Amongst millennials, 60% expect an employer to demonstrate commitment to DE&I; significantly higher than among older employees, confirmed Buck’s 2022 Wellbeing and Voluntary Benefits survey.
“Employer benefit offerings – including voluntary benefits – play a central role in supporting wellbeing, and the perception among employees of their company’s commitment to supporting an inclusive workplace culture,” said Tom Kelly, a Principal in Buck’s Health practice; and Co-author of the report. “Our findings show that DE&I is an important metric for employees; in addition to a comprehensive benefits plan, and support for holistic wellbeing for themselves and their dependents.”
DIVERSITY, EQUITY & INCLUSION COMMITMENT
According to the survey, interest in employers providing a strong commitment DE&I directly correlated with age; the younger the employee, the more likely they are to be interested in DE&I. In fact, 32% of employees said their company lacked diverse benefits for diverse populations; this was higher for Black employees (35%) and female employees (35%). Interestingly there is a direct correlation between employees and their likelihood to want to leave the organisation if they think diversity in cultures and backgrounds are not respected; their company is not committed to DE&I; or their company does not provide diverse offerings for a diverse workforce.
The finding also found that financial wellbeing is a top priority for employees and differs by ethnicity; this is significantly higher for Black (66%), Hispanic or Latino (56%), and other/native Americans (60%) employees; with 54% of employees living pay cheque-to-pay cheque. Desire for expanded wellbeing resources also varies by ethnicity. Overall 72% of employees want more work/life balance resources; but the need for support is more prevalent amongst Black (76%), Asian (78%) and Hispanic or Latino (78%) employees. Additionally, 55% of millennials surveyed would change jobs for better benefits and wish they had a better understanding of their benefits compared to only 15% of boomers.
UNDERSTANDING WORKFORCE NEEDS
“The challenge for employers is to really understand the needs of the workforce, and then to develop a benefit package that includes appropriate voluntary options that meaningfully address their physical, emotional, social, and financial needs,” highlighted Ruth Hunt, Principal in the Engagement practice and Co-author of the report. “The survey findings show that recruiting and retaining talent will be significantly more challenging if employers don’t continue to take meaningful steps to offer benefits that support the diverse needs of a diverse workforce.”
To download a copy of the report, click here.
Another recent survey also found that more than three-quarters of Gen Z employees have considered moving jobs in the last six months for better wellbeing benefits and support. Click here to read more.
Sign up for our newsletter
