#HR Trends and Insights

Retain your workforce with Lifestyle Spending Accounts

July 19, 2022

Today’s job market is competitive, and now more than ever job applicants are putting a heavy emphasis on benefits. Working for a company that provides the basics such as healthcare and retirement is one thing, but a company that invests in their employees’ lifestyles and promotes productivity is priceless.

Edenred’s Lifestyle Spending Accounts help employers attract and retain employees by supporting them throughout all aspects of life.

What are Lifestyle Spending Accounts?

Lifestyle Spending Accounts is a flexible benefit plan that provides funds for health and wellness services and products.

With Edenred’s Lifestyle Spending Accounts, your employees will be provided with a prepaid card as part of their benefits package to use at their discretion. Employees can also take advantage of special discounts and reimbursements.

Unlike other account-based benefits, such as health savings accounts, Lifestyle Spending Accounts offer a model that benefits both staff and the employer. Your employees will enjoy choosing what they use their allocated funds for as they find what best serves their lifestyle. As the employer, you can easily set spending controls, dictate the types of expenses covered and how often the card gets reloaded.

Get all the perks

Edenred makes it easy to reward employees with perks they’ll appreciate. Lifestyle Spending Accounts can cover the following expenses:

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

The best part is that you can take advantage of these perks at any given time for any reason! For example, instead of spending their hard-earned money on a gym membership or pet grooming, employees can tap into their company provided prepaid funds to support their lifestyle.

Benefits of putting your employees first

For employees, Lifestyle Spending Accounts make it easier and more affordable to take steps towards living healthier and happier lives. Employees that are fulfilled with their lifestyle outside of the office are more likely to be productive in the office, which will only benefit the business.

The perks associated with Lifestyle Spending Accounts don’t stop with your employees. Employers can save big, promote growth, and increase revenue by offering this benefit. That’s because offering wellness programs help reduce healthcare costs and absenteeism, while simultaneously increasing employee productivity, loyalty, and morale. It’s also a strong recruiting tactic that will attract dedicated and talented employees.

Are you looking to offer your employees with Lifestyle Spending Accounts? Schedule a meeting today and we’ll be happy to review all your options with you.

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