#HR Trends and Insights

What are Lifestyle Spending Accounts?

December 07, 2022

where you’re treated well.

It’s good advice and today, more than ever, it’s the advice prospective talent follows when deciding if your place of work is right for them.

Prospective employees want to know, not only that you’ll pay them well, but that you care about their . In fact, a recent survey showed that 96% of your current and future employees believe it’s important their employer demonstrates empathy.

But as an employer, how do you do that?

Offer Spending Accounts! They are one of the most flexible, customizable, and attractive benefits in existence today.

The pandemic, and a general shift in culture, have changed the way we see work and the workplace itself. Flextime and work-from-home options are now standard; and work-life balance, mental, and physical are a priority. We are stepping away from “burn out culture” and into something more sustainable.

A shocking 40% of US workers say they plan to leave their job in the next 3-6 months. And about a third of them won’t be returning to the same industry. Meaning, you as the employer can’t expect someone with the same skills as the person who left to be instantly available as they once would have been.

According to a new analysis completed by McKinsey & Company in their report entitled “The Great Attrition is making hiring harder,” people are switching jobs and industries, moving from traditional to nontraditional roles, retiring early, or starting their own businesses. They are taking a time-out to tend to their personal lives or embarking on sabbaticals.

In summary, people are going where they are treated well, even if that means they work for themselves. If you want them to work for you instead, it’s time to rethink your benefits.

Everything you need to stay healthy in and out of the workplace

Here at Edenred, we can help you run the perfect program and we make sure rolling it out is a breeze.

Firstly, as the employer, you can either tell us which benefits you’d like to offer employees based on your company’s values, or you can choose to offer the full gamut and let your employees opt-in to the benefits that fit them best.

Once that’s done, you set the employees spending limits, and either provide them with a prepaid card (which we will send out ASAP), or choose to have your employees submit claims for reimbursement.

If you choose to let your employees claim reimbursements, we will process and approve the claims for you based on your pre-determined parameters (making it one less task your accounting department has to handle).

We have the tools you need (our app and online portal are friendly and easy to use) and the support you need (with over 10,000 employees worldwide, we are ready to meet you where you are).

If you’d like to find out how to offer Lifestyle Spending Accounts to your employees, schedule a meeting with us so we can discuss the best options for you and your employees.

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