The TD Bank Group’s inclusive benefits offerings resulted in a win in the Drug and benefits plan innovation category at Benefits Canada’s 2022 Workplace Benefits Awards on Oct. 18.
In March, the bank enhanced coverage to include fertility and reproductive treatments and introduced new surrogacy and adoption benefits, with a $20,000 lifetime maximum for each benefit. “We heard a lot from employees — ‘What about surrogacy and adoption?’” says Maria Serio, senior manager of Canadian benefits at TD. “Every family is different and it’s about giving our colleagues the support systems to build their family. That’s what drove a lot of those decisions and being a leader in that space among some of the larger employers.”
The bank also expanded the list of eligible expenses for employees’ wellness accounts, including childcare and elder care expenses. It also increased the maximum for mental-health practitioners to $5,000 per benefit year and removed the deductible for mental-health claims.
Over the course of the coronavirus pandemic, TD saw increased utilization of mental-health benefits and telehealth services, says Darryl Burton, the bank’s associate vice-president of Canadian and international benefits and well-being. “We’re assisting our colleagues with access to mental health, but also the coverage — it’s covered at 100 per cent and not subject to any deductible. There’s more opportunity to market our telehealth service — everyone who uses it loves it, so we need to make our colleagues aware of it as much as possible.”
TD also supports employee well-being through its employee assistance program and resources such as a well-being hub on its intranet, mental-health training and online tools through its provider. In May 2021, it also introduced a well-being ambassador program to connect employees with resources based on monthly well-being themes.
The bank’s benefits offerings exemplifies a “culture of care,” which in turn is driving talent attraction and retention strategies,” says Burton. “Benefits and well-being programs are becoming table stakes in how we differentiate ourselves [from other employers]. We wanted to do it through our family planning and fertility benefits and we made a conscious decision to be market leading in that way.”