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Leah and her dedicated team are excited to start welcoming customers and contractors into their beautiful new store!

Insurance Update continued from page 8
Data analytics and benchmarking will literacy, such as teaching basic budgeting, or achieve DEI goals. Instead, organizations are
continue to facilitate personalized benefits, programs to support savings efforts beyond introducing single, one-off benefits that draw
resulting in benefits packages that are retirement savings, including paying down attention to the issues like paternity leave
relevant and cost-effective. debt or saving for a large purchase. benefits or coverage for gender reassignment
Organizations, in turn, will be relying on surgery.
3. Financial wellbeing will become a their benefits consultants and brokers to pave That piecemeal approach is unlikely to
cornerstone of benefits plans the way toward greater understanding of the result in diversity, equity and inclusion long-
Workers face tremendous pressures in employee base and finding how to deliver term. Within the realm of employee benefits,
managing daily finances and debt, and for financial wellness. In terms of benefits, this DEI requires an in-depth evaluation of how
employers, that pressure represents a tangible can include access to financial planning, benefits are encouraging or hampering the
hit to productivity and engagement. offering greater matching funds in a savings organization’s goals.
As part of their effort to alleviate vehicle and providing debt counselling.
employee financial stress, employers will Moving forward in 2022
focus on financial wellbeing to improve the 4. DEI becomes fully integrated into the Because of the massive number of job
workplace. benefits package openings in Canada, organizations will need
The COVID-19 pandemic led Canadians to Promoting diversity, equity and inclusion to attract and retain talent through benefits.
be more cautious with their money, and 25% (DEI) not only helps an organization become Doing so requires personalized employee
reported in 2020 that they were saving more more well-rounded, but can help drive benefits. However, delivering personalized
because of reduced discretionary spending. positive business outcomes, especially when benefits requires in-depth data analysis into
In 2022, employee anxiety over money it’s a priority for the organization: the workforce, identifying groups beyond age
has not abated. Financial stress often carries • 79% of employees think that a diverse parameters and applying insights to deliver
over to the workplace, as employees spend organization attracts high-quality talent benefits that increase engagement.
time working on financial issues on the clock • 71% prefer to work for a diverse Given that health and wellbeing is a top
or simply are less productive. organization that values inclusion priority, having expert guidance and decision
As a result, organizations that want to • 80% believe DEI initiatives improve the support in this area is critical to protect and
increase engagement should figure out what organization’s reputation nurture any organization’s most important
their employees need most when it comes asset — their people.
to financial wellbeing. For some employees, However, while many (if not most) employers
that may mean offering education on financial say they support DEI, few have a plan to

20 LBMAO Reporter - January-February 2022 www.lbmao.on.ca