In this piece
Redefining employee benefits with Lifestyle Spending Accounts (LSAs)
Companies are critically aware of how important employee benefits are as a key driver to attracting and retaining top talent. In order to keep pace with rapid change in today’s competitive job market, organizations have introduced more and more programs into the benefits package. Yet, there are fractures in this approach that diminish returns. Despite the many perks available, employees don’t fully value or use the benefits. Offering a multitude of perk-based point solutions isn’t equitable or scalable.
With the growing number of benefits, program costs skyrocket, and administration demand goes up. Difficulties navigating the complexities of multiple platforms just to access the many benefits in the ever-growing benefits program drive down utilization. Understandably, finance teams start to scrutinize the investment as the benefits no longer serve the intended purpose.
LSAs change the paradigm by offering much-needed efficiencies in terms of capital allocation and administration efforts. Benefits only work if employees use them—and unless the program addresses their specific needs, they won’t. These ultra-customizable spending accounts can cover expansive needs at scale. As such, the solution provides employees with an idyllic experience when choosing and using benefits based on their personal preferences.
This paper provides the foundation to better understand the emerging LSA market, including:
- What an LSA is
- How the LSA benefit works
- Top use cases for LSAs
- 10 reasons why LSAs are better than market alternatives
With a deeper understanding of the LSA domain, benefits professionals will have the tools needed to build a competitive benefits system where employees choose meaningful benefits, companies only pay for valued benefits, and benefits professionals have less to manage.
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