When it comes to building a benefits strategy, no two years are ever identical. At financial services firm Ascensus — which has already seen big changes in recent years — perfecting the benefits package is an ever-evolving process.
In 2022, Ascensus acquired Newport, a California-based
"Now that we've settled in as a combined organization, we're really listening to what we're hearing from associates," Walker says. "Who might be leaving us? What are we hearing on the attraction front, in terms of talent acquisition? We weigh all those items, and then really put a DEI lens on the benefits program. Pay and benefits are personal, and big. We're trying as much as we can to keep things status quo for associates and make recommendations for enhancements where we can."
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In the midst of getting ready for open enrollment and finalizing new and expanded benefit offerings, Walker will carve some time out of her schedule in September to join EBN in San Diego, where she'll take the stage at our new
To hear more from Walker and to secure your spot at Benefits at Work,
As you head towards open enrollment, what benefits are you hoping to enhance or expand this year?
After the merger, we adopted Lyra Health as our mental health care benefit last year, and it's been very positive and popular. So we're looking at whether or not we can add more counseling sessions to that benefit.
The other thing we're talking about is partnering with a provider called TrueHearing, which would integrate with our medical providers and help for individuals who are hearing impaired. This is an example of how we put that DEI lens on benefits: opening doors and opportunities for them to get wider and broader benefits, and allow for accommodations.
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COVID really heightened individuals with hearing impairments — if someone is hearing impaired, being close to someone and in a room with someone helps them considerably. But in a remote world, it can be as simple as turning on meeting captions.
When it comes to open enrollment and communicating these changes and enhancements, what's the approach Ascensus takes?
We use Alex, which is a little cartoon from Jellyvision that gives people a heads up about important enrollment dates — it's super cute and gets people's attention. It also asks important questions: Did you buy a house this year? Did you get married Did you have kids? It's sort of like when you do your taxes, it helps you remember all the things you should be considering.
Beyond Alex, we try to explain why we've made additions or made tough decisions. We want to let people know: We heard you, we listened, and this is what we're doing and why.
How much can tech tools enhance the open enrollment experience?
Well, last year was the first that we did not print hard-copy benefits guides that went to everybody's homes. Instead, we included a link with electronic, searchable access. And we were a little nervous — sometimes people want to hold something in their hands. But we actually got great, great feedback from people who were able to easily navigate the table of contents and page through digitally.
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Next month, you'll be joining EBN at our conference, Benefits at Work, to discuss financial wellness. Internally at Ascensus, how do you approach financial wellness?
From an overall wellness perspective, we really rely on Financial Finesse, which is built into our 401(k) platform. We're continually getting increased participation and engagement. You can complete an assessment questionnaire that will spit back a report and feedback on what you may want to focus on — or you can go out and talk to a financial adviser directly. So that's a resource that our associates can utilize from an overall financial perspective.
As a business, Ascensus is all about smart financial thinking. Are you seeing an increased concern from clients around how employees are feeling about their finances?
We definitely see call volumes spike during uncertain times. And it's hard! Using 401(k) plans as an example, you should really keep your money there. But it's tough because, as an organization (and as an HR team) we don't provide advice. We are still working, for example, to educate folks on things like health savings accounts — because that's a form of savings, right? It's our role to be educators, and to be resource providers.
