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How to boost retention with Lifestyle Spending Accounts

October 21, 2021

Lifestyle Spending Accounts help retain current and potential employees

Does your company want to boost employee retention rates? Starting an employee wellness program can help you tremendously. According to Aflac, 70 percent of employees enrolled in a wellness program have higher job satisfaction than those not enrolled. The more choices employees have, the more they enjoy the program.

According to a study from Optum, employees are more likely to recommend their employer to someone else if the company has a wellness program with several offerings. More than 50 percent of those who took the survey said they would recommend their company to someone else if a wellness program had seven to eight offerings. If a company has one to three offerings, only 23 percent would recommend it.

Retaining employees is important for many reasons, including cost. The Center for American Progress said that it costs employers 16-20 percent of salary to replace low and medium-wage employees. Employers who make more cost more to return too. Employers could be paying $2,500 or more to replace an employee, on average.

Retaining employees is not the only benefit of a wellness program. Employees who take advantage of one are more productive, record fewer sick days every year, and reduce healthcare costs. Now is a great time to set up a wellness program. Edenred’s Lifestyle Spending Accounts solution has a diverse set of offerings whether you have a hybrid workforce, or everyone is back in the office.

Edenred offerings include programs on reducing stress, losing weight, quitting smoking, exercise, nutrition and more. Since no two businesses are exactly alike, Lifestyle Spending Accounts can be customized to your business. Your company also maintains complete control over the program and can control all costs.

Are Lifestyle Spending Accounts the right fit for your company? If so, let’s book a meeting so you can learn more.

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