Employers can track financial benefit uptake by race to boost equity, Mercer says – HR Dive – DC Initiative on Racial Equity
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Dive Brief:

  • Few employers track financial benefit uptake by race or ethnicity, according to a March 31 Mercer report, missing an opportunity to improve workplace equity.
  • Fifty-two employers, representing more than half a million employees, were surveyed. Only 15% said they track participation in defined contribution plans like 401(k)s by race or ethnicity, and only 2% said they monitor racial or ethnic differences in investment behavior. Twelve percent of respondents said they customize or target financial education or training programs on those bases.
  • “Understanding utilization is an important step in determining whether programs are meeting the needs of Black employees,” Mercer said, advising employers to recognize financial wellness as part of equity and work to close any gaps.

Dive Insight:

Most organizations responding to Mercer’s

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