For years, businesses have struggled to attract and retain the best talent, and with the current job market, it’s become even more challenging. Providing employee benefits can be expensive, and finding solutions that meet the diverse needs of your employees can be overwhelming. Luckily, Lifestyle Spending Accounts (LSA) are here to help.
In this article, we’ll explore how LSA could help your business attract and retain top talent by presenting a successful case between Edenred and a consulting firm. We’ll also discuss the importance of employee benefits, the challenges of employee retention, and how to manage situations like these with the help of Edenred.
Attract and retain talent: how can LSA help?
Lifestyle Spending Accounts are a cost-effective and flexible solution that companies can use to retain and attract top talent. Employees can use their accounts to cover expenses related to a variety of wellness benefits such as gym memberships, education, pet services, entertainment, mobility, and many more.
With LSA, companies can tailor wellness programs to suit their employees needs, improving their well-being. A company that invests in its employees well-being will have a lower turnover rate and a higher level of employee satisfaction. That’s why HR leadership’s top stressor is keeping good employees.
Why attraction and retention are important for big companies?
Big companies face the challenge of keeping their employees satisfied and engaged. Employee retention is vital for companies to sustain growth, increase productivity, and maintain profitability. In the current job market, where employees have more options, companies must offer competitive benefit packages to attract and retain top talent. Benefits such as LSA, which are tailored to employees needs, can help companies differentiate themselves from their competitors.
Understanding your employees’ needs
One of the main challenges that companies face when offering benefits is to meet the diverse needs of their employees. With four generations in the workforce, it is becoming increasingly clear that a one-size-fits-all approach does not work anymore. Gen Z, Millennials, Gen X and Baby Boomers, all have different needs and expectations from their employers. LSA is a flexible solution that can be customized to meet the needs of each generation, ensuring they receive the benefits that are relevant to them.
The success story of a consulting firm with Edenred
A success story we had was with a consulting firm that was struggling with employee retention due to a lack of competitive benefits. After implementing LSA, they were able to differentiate themselves from their competitors and improve employee satisfaction. The employees were thrilled to have access to a flexible benefit that could be used for various wellness expenses, including entertainment, education, and gym memberships. The result? A 51% participation rate in the first two months of the program, indicating that the employees were happy with their new benefits package.
What can Edenred do in such situations?
To ensure a successful and productive workforce, Edenred invests in the well-being of its employees. Our customized LSA programs can help you tailor your benefits package to meet the needs of each of your employees no matter the generation. We understand that each generation has different needs and expectations and we can help you create a program that caters to them.
The effects of LSA on employee-employer relationship
The employees appreciated the flexibility and ease of use of the program, which helped them manage their wellness expenses. Additionally, our LSA program helped the company build stronger relationships with its employees, which had a positive impact on productivity and overall company culture.
How Edenred could help your business
At Edenred, we believe that offering customized benefits such as LSA is crucial for building stronger relationships with your employees. By showing them you care about their well-being and investing in their happiness, you can create a more positive and productive work culture. Our LSA program is designed to help you achieve just that.
If you’re struggling with employee retention or want to attract top talent to your company, contact Edenred today. Our team of experts can help you create a healthier, happier, and more productive workforce with our LSA program. Let us help you show your employees how much you value them.
