Hartford Insurance Group Becomes Latest Company to Announce Student Loan Payoff Benefit

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In the current tight labor market it becomes increasingly important to do the little things that keep top employees happy and woo needed employees from competitors. The Hartford Insurance Group (HIG) is making sure its employees feel at home in a diversified workforce.

The Hartford has been named by Forbes as the highest ranked property-casualty insurer on its annual list of Best Employers for Diversity. Hartford ranked number eleven in a list of over 500 companies recognized by Forbes.

By implementing positive employee focused policies, which land the company on lists like the Forbes Diversity rankings, Hartford increases employee retention, and decreases hiring and training costs. These reduced costs fall straight to bottom line earnings. 

Commenting on the most recent honor, Susan Johnson, the company’s Chief Inclusion & Diversity Officer, said, “At the Hartford, we believe that having a workforce which mirrors the communities we serve is essential to our ability to support the wide range of customers and stakeholders who rely on us…”

In addition to the high ranking on the Forbes Diversity list, Hartford has also recently received recognition from several organizations related to its inclusive policies for a number of demographics. Hartford was named to the 2020 Bloomberg Gender Equality Index for policies related to equal pay and its female leadership and talent pipeline.

The company also achieved 100 percent on the Corporate Quality Index, governed by the Human Rights Campaign Foundation. And, was recognized by Working Mother as a Best Company for Multicultural Women.

Related: Hartford Insurance Group Bans Insuring and Investing in Coal Related Businesses

The recent onset of the coronavirus has begun a move by many investors to safer investment vehicles, like bonds and U.S. Treasuries. This in turn has led to lower interest rates, making it more difficult for financial companies such as Hartford, negatively impacting the stock prices in the financial and insurance sectors. 

One way companies like Hartford can continue to thrive is by constantly addressing and improving employee productivity and retention numbers. In addition to the accolades mentioned here, Hartford is also tweaking policies to enhance current employee education.

The company recently announced that in 2020 it would be providing up to $10,000 to U.S. employees to offset student loan costs. In reference to the new retention benefit, Karen Howard, Hartford’s AVP of Total Benefits stated, “It can be hard to think about the future…when someone is worried about their student debt.”

These recent awards and benefit changes will pay dividends to investors in the long run as Hartford is able to retain valuable employees. 

Steven Adams’s personal position in The Hartford Insurance Group: none.

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