The labor market continues to be strong two months into the New Year. It’s still a worker’s market, and employees are looking for more than pay increases when considering employment. Offering standard health insurance and retirement saving plans is no longer enough. Employers need to get creative to attract, retain, and engage with top talent.
Lifestyle Spending Accounts can pay for health, fitness, and more to help your employees’ general health and well-being. They positively impact employees and employers, helping reduce stress and increase morale and productivity.
Benefits of Lifestyle Spending Accounts
Lifestyle Spending Accounts have many benefits for employees, including:
- Participation in wellness programs
- Make choices toward living healthier and happier lives
On the employer side, these benefits lead to:
- Increased morale
- Increased productivity
- Less sick time used
Is compliance hard?
The good news is that it’s relatively simple to maintain compliance for Lifestyle Spending Accounts, compared to tax-advantaged account-based offerings such as HSAs, FSA, and HRAs.
Lifestyle Spending Accounts are designed to be flexible, and employers have complete discretion over what expenses will be eligible for reimbursement.
These are some examples of items you could choose to include in your Lifestyle Spending Accounts program.
- Active Lifestyle
- Entertainment
- Family & Personal Needs
- For the Home
- Home Improvement
- Restaurants & Groceries
- Transportation & Mobility
- Travel
How Edenred can help
Lifestyle Spending Accounts are a great way to attract top new talent and retain your fantastic staff while boosting productivity and morale at the same time. Schedule a meeting today to get started.
