Realize the impact of flexible life benefits
The world is changing faster than ever. From pandemic-related health concerns to seismic shifts in workforce location (from on-site to remote or hybrid), employee well-being has come into focus as a central strategy for companies that wish to remain competitive. The need to respond to rapid change has accelerated the trend toward employee-centered benefits, such as Lifestyle Spending Accounts. Many businesses have begun the transformation to better meet people where they are, including how they work, where they work, and also, very importantly, what they need and desire from their employer-sponsored benefits.
Innovative companies are shifting resources toward a benefits strategy that prioritizes choice and flexibility. In fact, a 2021 Gartner study on retention planning found that 74 percent of HR leaders plan to offer more flexible options in their strategy. A Glassdoor survey found that 94 percent of employees want benefits that meaningfully impact their quality of life, health, and well-being. As such, a personalized, flexible benefits strategy is key.
Offer a new level of flexibility with Lifestyle Spending Accounts (LSAs)
The flexibility LSAs provide confers advantages for employers and employees alike. The options are limitless and chosen based on where companies want to focus their benefits investment. Employees are empowered to discover and choose meaningful benefits that fit their personal lifestyles and needs. Employers move away from single-solution vendors and replace point-solution frustrations with endless options for customization, inflation-proof benefits budgets, and the agility to respond to today’s evolving world.
As with any relatively new industry, it can be difficult to parse out best practices and relevant or emerging trends. However, the decisions made by Forma's customers and members are captured through the platform’s data-gathering capacity. Access to this data provides an unprecedented and unique view into the lifestyle spending account domain.
This paper presents insights calling on data pulled in June 2022 into strategy, design, and usage from those already in the flexible benefits space and provides a foundation for a better understanding of the overall LSA landscape. Using the insights shared, organizations exploring the concept are better positioned to develop a sound strategy for building a successful program. Furthermore, companies offering LSA programs can leverage the data to validate their existing construct or strengthen their employer-sponsored benefits programs.
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