#HR Trends and Insights

Popular Lifestyle Spending Account programs for 2022

January 20, 2022

A lot has changed in the world since 2020 and so has the employee benefits picture. The standard benefits — medical, vision, dental, and a retirement package — are the starting point now for candidates, employees, and employers. But over the years, many companies have turned to Lifestyle Spending Accounts, which are used to pay for health, fitness, and more to help your employees’ general health and well-being.

Lifestyle Spending Accounts are customizable, so you can offer a wide range of services that will be attractive to employees. Here are some of the more popular offerings for 2022.

1 – Pet care

Employees grew closer to their pets during the stay-at-home period of 2020. Some employees are still working side-by-side with their pets in a remote office. The pet insurance market is now worth more than $2 billion in the United States and is growing by double digits every year.

Pet care is a great Lifestyle Spending Account service to offer employees because it gives them peace of mind regarding their pets’ health while also helping your business hopefully retain them longer.

2 – Financial wellness

If you think financial wellness is not a top priority for your employees, think again.

According to Betterment for Business, financial wellness is more important than paid time off. The company ran a survey where 68 percent of employees said financial wellness is a higher priority than a vacation.

Lifestyle Spending Accounts allow businesses to accommodate employee wishes with financial wellness programs. Employees are seeking benefits such as 401(k)s, stipends, emergency funds, student loan repayment help, and more.

Offer employees benefits they’ll use

Edenred’s Lifestyle Spending Accounts allow you to offer your employees a wide range of services. You can customize the account, mainly depending on if your team is working remotely.

There are many program options that are attractive to employees, including:

  • Physical Wellness
  • Athletic and Camping Equipment
  • Entertainment Expenses
  • Pet Care
  • Mobility
  • Food and Dining
  • Nutritional Counseling
  • Continuing Education and Tuition
  • Financial Wellness

Lifestyle Spending Accounts are a great way to support and care for your employees. The services are designed to help them reduce stress while increasing morale and overall productivity. These are easy programs to manage, and you will have complete control over the program — including costs.

Would Lifestyle Spending Accounts be a good fit for your company? If so, book a meeting with us so we can customize a program that is right for you.

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