Toronto-Dominion Bank is adding child daycare and elder care as eligible expenses for employees’ wellness accounts as lenders battle for talent and try to build workforces with greater diversity.
The Toronto-based bank also is adding coverage for fertility and reproductive treatments as well as support for surrogacy, donor and adoption costs, according to an emailed statement Tuesday. The firm also is extending its bereavement leave to those mourning the end of a pregnancy. The changes take effect March 1.
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With the pandemic roiling labor markets, banks are paying more for talent and facing difficulties attracting employees whose skills are in high demand. Firms also are changing their workplaces to meet environmental, social and governance targets. Toronto-Dominion last year tied its senior executive team’s compensation to new metrics related to climate change, diversity, inclusion and employee engagement.
“TD is committed to building an inclusive future, and this starts with building a culture that supports our colleagues and their diverse needs,” David Fellows, senior vice president for human resources at Toronto-Dominion, said in the statement. “We’re proud to open the doors to more choices and offer more support to our colleagues.”
