These days you need to be creative when thinking about attracting new employees and supporting the ones you already have. It’s no longer enough to offer basic health and dental insurance. In today’s job market, you must meet people where they’re at with services and benefits that genuinely support their needs.
Employees seek wellness programs to help them cope with stress and remain healthy. Lifestyle Spending Accounts are among the best ways to deliver those benefits to your employees.
What are the ins and outs of Lifestyle Spending Accounts? Here are some frequently asked questions:
What are Lifestyle Spending Accounts?
Lifestyle Spending Accounts (LSA) are wellness plans with various offerings that can be tailored to your employees’ needs. Employees can use LSA for health, general fitness, or well-being.
Lifestyle Spending Accounts have a positive impact on both employees and employers. For employees, it makes wellness programs accessible and gives them the tools to lead a happier and healthier lifestyle.
The benefits to employers include reduced absenteeism, a more engaged workforce, and an overall increase in productivity.
By the numbers:
Companies with workplace wellness programs in place report a:
- 66% productivity increase
- 67% increase in employee satisfaction
- 63% increase in financial stability and growth
- 50% decrease in absenteeism
What can Lifestyle Spending Accounts be used for?
Edenred’s Lifestyle Spending Accounts program allow employers to spend money on a wide range of goods and services meant to support a healthy lifestyle.
For example, employees can enroll in stress reduction and resilience programs, weight loss, smoking cessation, exercise programs and activities, nutrition education, and more.
Can Lifestyle Spending Accounts be customized?
Yes, Lifestyle Spending Accounts can be customized. No two companies are alike, and neither are any two wellness plans. The more a wellness program is tailored to the habits and goals of your team, the more successful it will be.
Can Lifestyle Spending Accounts work for hybrid teams?
Yes. How you structure your company’s time and physicality does not impact the program. It can work the same for employees who work in the office, remotely, and hybrid.
How are Lifestyle Spending Accounts managed?
Lifestyle Spending Accounts are easy programs to manage. As an employer, you have complete control of the costs and the programs you want to offer.
You can also control the program through restrictions, including geographic, eligible days, and spending limits.
More questions? Edenred can help
Schedule a meeting today, and we’ll help you find a plan that’s right for your team and answer any questions you have about which Lifestyle Spending Account plans are right for you.
