Benepass’ Post

Just published a comprehensive guide on designing optimal lifestyle spending account plans! 👏 It covers: 🔹 Key factors HR must consider 🔹 Best practices from top companies 🔹 Strategies for customizing offerings 🔹 Ways to align with company values 🔹 Tips for simplifying administration 🔹 And more! Whether you're looking to create a new program or evolve an existing one, this article will provide valuable insights. Read it here: https://lnkd.in/d9v8_khz

Are you part of the 70% embracing lifestyle spending accounts? A recent Mercer Insights Survey revealed a striking trend: 70% of companies are planning to offer Lifestyle Spending Accounts (LSAs) to their employees. Why the surge in popularity? It's simple. #LSAs empower employees to tailor benefits to their unique needs, enhancing their overall well-being and job satisfaction. At Compt, we believe that flexibility in benefits isn't just a perk—it's a necessity. That’s why we're proud to support companies in creating programs that truly resonate with their teams. One of our most popular options? Wellbeing lifestyle benefits. What makes our wellbeing lifestyle benefits stand out? 1️⃣Flexibility: Employees choose what matters most, whether it’s a gym membership, mental health resources, or wellness apps. 2️⃣Inclusivity: Cater to the diverse needs of your workforce, making every employee feel valued and supported. 3️⃣Simplicity: Easy for HR to implement and manage, while being straightforward for employees to use. We’ve seen firsthand how customized lifestyle benefits can transform employee engagement and retention. Companies using Compt’s platform report higher satisfaction and a more vibrant, committed workplace culture. (Hello 90% engagement) Curious about how to implement LSAs in your company? Visit our website to learn more about how Compt can help craft the perfect benefits package for your team. Let’s make benefits meaningful and genuinely supportive. Because when employees thrive, companies flourish. 💡 #EmployeeBenefits #HR #WorkplaceWellbeing #LifestyleSpendingAccounts #Compt

🙅♂️ Generic benefits packages don't cut it anymore! The workplace is ever-evolving. To continue meeting employees’ benefits needs, companies’ need to fully understand their workforce. With benefits analytics, you can dive into data and insights to help your next benefits strategy planning. 📈💪 Read more here: https://lnkd.in/eziPX_sA #employeebenefits #flexiblebenefits #peopleanalytics #employeewellbeingrevolution

🌟 **Elevating Employee Benefits in Retail & Service** 🌟 Hey LinkedIn community! 👋 Chris here, today, let's delve into a topic close to every business owner's heart – employee benefits in the retail and service sectors. 💼 **Prioritize Employee Well-being:** Our teams are the backbone of our businesses. Prioritizing employee well-being isn't just good for them; it's a strategic move for the success of our ventures. From health plans to wellness programs, how is your business ensuring that your employees feel valued and supported? 🌐 **Competitive Edge Through Benefits:** In a competitive job market, attractive employee benefits can be a game-changer. They not only attract top talent but also retain valuable team members. What innovative benefits is your business offering to stand out in the crowd? 🤝 **Tailored Packages for Diverse Teams:** Understanding the diverse needs of our teams is crucial. Tailoring benefit packages to meet the unique requirements of a varied workforce is a mark of a thoughtful employer. How is your business customizing benefits to cater to the diverse needs of your team? 📊 **Financial Wellness Matters:** Financial stress can impact job performance. Offering benefits that support financial wellness, such as retirement plans and financial counseling, contributes to a more satisfied and productive workforce. How is your business addressing the financial well-being of your employees? 🔄 **Continuous Communication and Feedback:** Employee benefits shouldn't be a one-size-fits-all solution. Regular communication and feedback sessions help in understanding what matters most to your team. How is your business fostering open communication channels to ensure employee benefits align with their evolving needs? Let's make this post a hub of shared knowledge! Share your insights, experiences, and thoughts in the comments below. How does your business approach employee benefits in the retail and service sectors? Like, share, and let's build a collaborative space where we can learn from each other! 🚀💼 #EmployeeBenefits #BusinessSuccess #RetailAndService Your participation adds immense value to this conversation. Let's create a community where businesses thrive, and employees feel valued and empowered! 💪🏽✨

🌟 Unlocking Employee Well-Being: Lifestyle Spending Accounts (LSAs) Explained! 💼✨ Explore the world of LSAs, a game-changer in employee benefits! 🚀 HR Brew brings you the lowdown on how LSAs positively impact financial well-being and boost employee retention. Discover the flexibility of LSAs and how they cater to diverse lifestyle needs. 🤔 Why LSAs Matter: ADP research suggests LSAs could be a key to improving employees' financial well-being. With 74% of employees considering better financial wellness benefits as a reason to switch jobs, LSAs become a compelling offering. 🌐 Flexible and Unlimited: LSAs cover a vast array of expenses, from spa days to groceries. The flexibility lies with the employer, making it a versatile tool to enhance the employee experience. 💳 Easy Accessibility: 100% employer-funded, LSAs provide financial flexibility through debit cards or receipt reimbursement. Discover the simplicity and cost-effectiveness of implementing LSAs. 🔍 Zoom Out: In a world where financial stress affects 90% of Americans, HR's role in alleviating this burden is crucial. LSAs emerge as a powerful solution, contributing to happier, more engaged, and productive employees. 💬 Share Your Thoughts: What are your thoughts on LSAs? How can they reshape the employee benefits landscape? Share your insights in the comments! Let's foster a conversation on enhancing employee well-being. 🌐✨ #EmployeeWellBeing #LSABenefits #HRInsights #WorkplaceWellness

In the realm of Human Resources, the importance of a strong employee benefits program cannot be understated. But in today's world, with its increasingly diverse and dynamic workforce, a cookie-cutter approach to benefits just doesn't cut it anymore. 🍪🚫 Why, you ask? Because every employee is unique - with their own set of needs, preferences, and lifestyle choices. So, shouldn't their benefits reflect that? This is where the power of customization comes into play. 🔑💡 Customizable benefits programs are not just about offering a smorgasbord of options, they are about putting the choice in the hands of your employees - whether that's deciding the subsidy frequency, choosing their reimbursement options, or allocating their Lifestyle Spending Accounts. And when employees feel empowered and understood, you’ll see a notable spike in job satisfaction and, in turn, employee retention. 📈👥 But customization doesn’t just benefit your employees, it's a win-win situation. Organizations can align their benefits strategy with their broader objectives and company culture. This alignment sends a powerful message to your workforce - your organization values their unique needs and is committed to their well-being. Additionally, customized benefits plans often come with tax benefits, presenting a financial upside for both the organization and the employees. 💰💼 Our latest article provides an in-depth analysis of these topics, with the aim to provide HR professionals with actionable insights and guidance for crafting a truly flexible benefits package. Whether you're looking to revamp your current benefits strategy or need validation for your already progressive program, this article serves as a comprehensive guide. 📚🎯 Find out more about how customization in employee benefits programs can revolutionize your HR practices and ultimately drive company success ➡️ https://lnkd.in/d9GpP3aN Remember, a happy employee is a productive employee, and when employees thrive, so does the company! 🌱💼 #HR #EmployeeBenefits #CompanyCulture #TalentRetention #LifestyleSpendingAccount #ThrivePass

In Forma's latest report, research indicates that although organizations have expanded their benefits offerings, there are still gaps and employees don't always value them. This has resulted in increased effort spent administering these programs, more complexity, and inefficient spending. The survey shows employers offer a variety of 33 perks and wellness benefits today. However, the average number of perks offered is only 9, indicating that there is still plenty of room for companies to develop a comprehensive and inclusive benefits package. Furthermore, utilization rates for these perks are typically under 50%, highlighting a clear problem with the traditional method of offering point solutions and continuously adding one on top of another. Benefits teams are facing significant challenges in expanding benefits while operating within flat or reduced budgets. Potentially, there is a better way. More companies are adopting Lifestyle Spending Accounts (LSAs) as a flexible and cost-effective way to offer benefits. With LSAs, employers can set eligibility criteria and then let employees choose how to spend them, maximizing value and engagement. This approach reduces inefficiencies and aligns benefits with employee needs and preferences. When done correctly, LSAs benefit all parties: Employees are able to choose benefits that are most meaningful to them. Benefits leaders drastically reduce the amount of administrative work, benefits communication, and vendor relationships they need to manage. And companies make every dollar count only spending for benefits that get used while creating an equitable, competitive benefits package that’s difficult to match. Read the report here: https://lnkd.in/gnCcbi4g #flexiblebenefits #forma #employeebenefits #lifestylespendingaccount #worklifebalance

In today’s fast-paced work environment, employee well-being extends beyond physical and mental health—it also encompasses financial wellness. Financial wellness programs are no longer a luxury—they’re a necessity. As we navigate an increasingly complex economic landscape, offering robust support systems for employees can drive engagement, retention, and loyalty. https://lnkd.in/g8yd4EFy #employeeprograms #tech #humanresources

Sometimes I wonder if our audience is using the same terminology/language as we are. My coworker Lauren Schneider shared something about this same thought on LinkedIn last week. For 7 years at Compt, we've been sharing how our software helps HR set up Lifestyle Spending Accounts (LSAs) and stipends for their people. These two terms above didn't catch on at the speed we were hoping. And just as we researched a better term and were beginning to pivot, the term LSAs exploded overnight. As a marketer, I can confirm that the search volume for Lifestyle Spending Account "LSA" is up. But what I'm wondering is, what do HR folks think is the most accurate term? At Compt, we mostly hear the following: - Companies want to set up an LSA. In their LSA are multiple spending categories like wellbeing, family, travel, etc. - Companies want to set up ONE or SEVERAL stipends. For example, a wellbeing stipend only. OR a wellbeing stipend, professional development stipend, and a remote work stipend, each serving a dedicated goal. Part of the reason that's our main conversation is that it's our specialty—it's what we do best. But maybe a better question is: Is this space so new that these terms (e.g., lifestyle spending accounts, stipends, lifestyle benefits) are required because they are each uniquely different? What do my HR friends think? Are these terms interchangeable or unique, and what are you calling them at your company? And for everybody else, what does your company call them (if they offer them)?