HR Data Labs - Season 3 - Episode 7 - Ray Goldberg - Reconceptualizing Benefits from the Perspective of DE&I

Summary:

Ray Goldberg founded Pier Forward to help employers address DEI challenges in the benefits arena, improving organizational performance and addressing disparities. He has decades of experience in HR, benefits, technology, operations, and transformation, with leadership roles at marquis employers, and experience consulting with corporate clients. He actively leads the BennIE Forum, which brings HR leaders together to explore how DEI and Benefits can strengthen organizations. He also serves on the Advisory Board on Community Relations for his home town of Teaneck, NJ. Ray earned a degree in Computer Science from Columbia University, and is certified in Change Management; DE&I in the Workplace; and Mental Health First Aid. 

In this episode, Ray talks about reconceptualizing benefits— from the perspective of Diversity, Equity, and Inclusion— to improve organizational performance and the lives of colleagues and their families. 

Chapters:

[0:00-5:24] Introduction

•Welcome, Ray!

•Today’s Topic: Reconceptualizing Benefits from a DEI Perspective

[5:33 -10:38] What Does It Mean to Reconceptualizing Benefits? 

•Looking at the results of two independent analyses

•Why organizations should be trusted partners to their employees

[10:50 -16:33] Do Organizations Have the Information They Need to Look at Benefits in 

This Way?

•How organizations can use the information they have

•Making sure employees understand how their benefit elections will affect them

•Options for providing individualized support and the challenges they present

[16:42 -20:13] Where Should Organizations Begin?

•Understanding and assessing existing strategies

•Comparing your strategies to your competitors’ strategies

[20:22 -24:56] Final Thoughts & Closing

•Understanding that it’s OK to make mistakes

•Thanks for listening!

References

Nick Noel et. al., “The economic impact of closing the racial wealth gap,” McKinsey and Company, August 2019.

https://www.mckinsey.com/~/media/McKinsey/Industries/Public%20and%20Social%20Sector/Our%20Insights/The%20economic%20impact%20of%20closing%20the%20racial%20wealth%20gap/The-economic-impact-of-closing-the-racial-wealth-gap-final.pdf

 Dana M. Peterson, Catherine L. Mann, “Closing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S.,” Citigroup Global Markets, Sept 2020.

https://ir.citi.com/%2FPRxPvgNWu319AU1ajGf%2BsKbjJjBJSaTOSdw2DF4xynPwFB8a2jV1FaA3Idy7vY59bOtN2lxVQM%3D

Quotes:

“You've got to start by making sure that you actually understand your existing strategies... In terms of the analysis, I'd recommend picking some benefits— just pick a few probably in the financial space or maybe non-financial or non-health— and assessing utilization and impact by race and ethnicity, by gender, by age, and by compensation. That's data that almost every organization has.”

“This is a spot where benefits people, if you will, and DEI people look at things pretty differently. Benefits folks to their eminent credit are always worried about treating everybody exactly the same. It's the nature of the beast— it’s partly driven by regulation, but it's really also the nature of the beast. DEI folks are really struggling to make sure that different populations are getting what they need from their organization. That's a difficult bridge to start to talk about how to cross, but it needs to be crossed and folks have to come together.”