Imagine feeling valued and appreciated by your employer, who goes above and beyond to provide you with a comprehensive post-tax benefit that covers everything from your gym membership to your child’s education.
This is the power of LSA, the latest and greatest offering that’s revolutionizing employee benefits.
In this case study, we’ll explore the story of a tech startup that partnered with Edenred to offer LSA to their employees and saw impressive results, including increased job satisfaction, retention, and recruitment.
Lifestyle Spending Accounts: Why Are They Important?
As mentioned earlier, LSA is a flexible, cost-effective benefit solution that offers employees the freedom to choose how to spend their money. Unlike traditional employee benefits that come with specific restrictions, LSA can be used to cover a wide range of expenses such as restaurants, markets, entertainment, education, pet services, transport and mobility, gyms and physical sports and pharmacies, among others. This free choice allows employees to use the benefit in a way that suits their lifestyle and needs.
In addition, LSA is instrumental in reducing employee turnover rates by increasing job satisfaction. This benefit solution has been proven to boost morale and engagement levels within the workplace, leading to better productivity and improved company culture. LSA is a post-tax benefit solution, which can be tailored to fit any budget and offers potential cost savings for businesses.
The Story Between Edenred and a Biotech Startup
The biotech startup in question was struggling with employee retention and recruitment, with turnover rates higher than they would have expected. Recognizing that their employees were facing a range of financial challenges, the company decided to explore new ways to improve employee satisfaction and retention. They reached out to Edenred, a leading provider of employee benefits, to see if they could help.
Understanding the Importance of Reducing Turnover Rate in a Small Company
High turnover rates can be particularly challenging for small companies that rely heavily on their employees’ skills and knowledge. The cost of replacing employees can be extremely expensive, especially when considering recruitment fees, training, and lost productivity. Moreover, high employee turnover rates can negatively impact company culture and damage employee morale, leading to decreased productivity and job satisfaction. Then, facing employee turnover should be a top priority for small businesses looking to grow and succeed.
Which Solutions Edenred Could Provide to Solve This Problem?
Edenred worked with the biotech startup to create a subsidized LSA program that would help employees cover the costs of commuting and meals. The program was launched on July 1st, 2022, and has been a resounding success. The company’s employees have taken advantage of the full benefits program and enjoy commuting back to the office without any financial stress, besides the relief of having great meal options. The LSA program has not only improved employee satisfaction but also helped reduce the company’s turnover rate.
How Did These Actions Affect the Relationship Between Employees and Employers?
The LSA program has had a positive impact on the relationship between employees and employers. By offering a benefit that addresses a common concern among employees, the biotech startup has shown that they care about their employees’ well-being, which has improved employee loyalty and engagement. Additionally, the LSA program has helped create a sense of community among employees, as they share tips and advice on how to best use their benefits.
What Were the Impacts of LSA in This Company?
The LSA program has had a significant impact on the biotech startup’s bottom line. The company has been able to reduce turnover rates, which has helped them save money on recruitment and training costs. Additionally, the LSA program has improved employee satisfaction, leading to better productivity and company culture.
Learn how Edenred could help your business
Are you ready to take your business to the next level? Look no further than Edenred, the premier provider of employee benefits solutions. With many years of experience and a reputation for excellence, we’ve helped countless businesses just like yours to succeed.
Our team of experts will work with you to develop a customized benefits package that meets the unique needs of your business and your employees. We’ve got you covered.
But don’t just take our word for it. Our satisfied clients speak for themselves. They’ve experienced firsthand the positive impact our solutions have had on their businesses, from increased employee morale to improved retention rates, and more.
So why wait? Get in touch with us today and learn how Edenred can help your business reach new heights. With our top-notch solutions and unrivaled customer service, we’re confident that we can help you achieve your goals and more. Don’t settle for less – choose Edenred and start seeing results today!