Diversity, Equity and Inclusion (DEI) initiatives are more important than ever. A Wellness Account is simple to implement and can have a significant impact on contributing to DEI efforts. Read on for 5 ways wellness accounts can help.
Enhance Employee Wellbeing
Wellness accounts allow employees to invest in what matters most to their wellbeing. Adding this type of account tells employees that your organization trusts them to take care of their health and wellness in a way that best suits them and their families.
When employees feel this support, they are more likely to be engaged and productive at work. Underrepresented employees who may face unique stressors can source what gives them the greatest wellbeing return.
Deliver Inclusivity in Health and Wellness
Non-taxable health spending accounts are directed by CRA, and the list of eligible claims can be limiting to some employees. DEI initiatives seek to ensure that all employees have equitable access to opportunities and benefits. Taxable wellness accounts can cater to diverse needs by putting the control and choice in the hands of each unique employee.
Address Health Disparities
Underrepresented populations can experience health disparities due to several factors. With a WSA, employers provide financial support for preventative care, mental health services and other health-related expenses that may not be eligible under a non-taxable HSA.
Enhance Employee Engagement and Satisfaction
DEI initiatives strive to create a sense of belonging and inclusion among all employees. By encouraging employees to bring their whole selves to work, organizations create a positive work environment and strong company culture. In turn, organizations tend to attract and retain a diverse talent pool.
Provide Professional Development and Training
Inclusive organizations that invest in professional development and training programs address unconscious biases, foster culture competence. A wellness spending account can be used to fund workshops, seminars, and training sessions related to DEI topics. This can raise awareness and promote understanding among employees.
Wellness spending accounts are all about creating flexible, customizable benefits. They can articulate the kind of culture of caring that organizations want to promote in order to be seen as an employer of choice.