Seek to understand. Review data to understand how the retirement plan and associated wellness programs are utilized. Understand:

Who is contributing?
Who is receiving the full match?
Who is only participating because of automatic enrollment?

Dig deeper. High participation and contribution rates may not tell the full story. As such, dig deeper to understand:

Who is taking distributions and why?
Who is taking plan loans and why?

Ask questions. Talk to your participants, and remember to seek diverse voices, so all voices are included and heard. Surveys are a great way to start the conversation. Ask:

What is working?
How can we improve?

Evaluate plan and program design. With quantitative and qualitative data in hand, review your retirement plan and financial wellness programs to evaluate whether:

Your plan design creates a disparate impact.
Your contribution structure is unclear or overly complicated.
Your plan is penalizing those already in need.

Evaluate communications. Update your communications to make sure that they are inclusive. Your communications should:

Speak to the needs of your participant population.
Not make assumptions about your participant population.

DE&I is an integral part of any successful financial wellness program and pays dividends for plan sponsors and participants. Not only are you better able to understand and meet the diverse needs and goals of participants, you also get the full bang for your buck from your retirement plan and your wellness resources. With the right wellness and benefits consultants, it is very possible to set clear goals and efficiently bridge the gap between benefits and DE&I.

Instant Insights /

Integrating diversity, equity, and inclusion (DEI) into your financial wellness programs

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