The definitive guide to creating benefits spending accounts
Access The Definitive Guide to Creating Benefits Spending Accounts to find out 7 actionable steps for building a successful system.
In this piece
Today's workforce is changing. Don't risk falling behind.
Most companies recognize the importance of their employee benefits program in attracting and retaining top talent. As the dynamics of today’s workforce shift from onsite in offices to individualized employee experiences, traditional employee benefits programs are falling further and further behind. Raise structures, vacation time, healthcare, 401(k)s—traditional programs provided one stock solution for all these things.
A one-size-fits-all approach simply doesn’t comport with the reality of running an efficient business in the new normal. The reality companies are facing and must urgently accept is that today’s employees are more diverse and more dispersed. Their needs and lifestyles vary, and what works for one team member may be all wrong for another.
Benefits spending accounts enter the market as a solution.
Offer a modern solution for modern enterprises.
As a company, surviving and thriving will depend on offering flexible, personalized, and truly customizable benefit options to meet employees wherever they are and help them get to where they want to be. A key way for companies to deliver on this imperative and gain a critical competitive advantage is by providing a benefits spending account.
Delightfully simple in concept, benefits spending accounts are refreshingly appealing to both employees and employers. However, successful execution is the name of the game and depends on understanding the ins and outs of establishing and maintaining a spending account program that reaches its full potential.
Having distilled lessons learned from our experience working with hundreds of customers with 300,000+ members and managing $500M+ benefits spend across all industries and sizes, this guide details 7 actionable steps to create a successful benefit spending account system. HR leaders and managers can use this roadmap to design, implement, and adapt a spending account system to support the goals of their organization and workforce.
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