There is a popular employee benefit making its way to the US, and it’s not only benefiting employees but vendors of the program, too. Lifestyle spending accounts (LSAs) have been a popular benefit in other countries such as Canada and countries throughout Europe, and Americans have recently caught onto this unique employee perk.
What Are LSAs?
If LSAs are a new concept for you, we’re here to let you know all about the perk, how it works, and how you can benefit by partnering with an LSA account. LSAs are similar to health savings accounts (in concept), but rather than only being able to purchase health-related items, LSAs allow employees to buy anything in the program that the employer believes will contribute to the well-being of their team. An LSA is an account-based benefit that will enable employees to make specific types of purchases from the amount that accrues overtime in their LSA. Some of the most popular types of benefits supported by an LSA include fitness memberships, entertainment events, financial coaching, nutritional coaching, and much more.
The goal of an LSA account is not only to offer employees a unique perk but to boost productivity in the workplace by promoting a healthy work-life balance. Moreover, LSAs help increase retention.
LSAs are different from any other employee benefit because of the personalization it offers. For instance, some employees might value fitness memberships, while others could benefit from financial counseling or daycare. With LSAs, there is something for every employee to enjoy. LSAs also ensures that companies are spending money on benefits that are being used and additionally enhance the atmosphere in the workplace.
How Will My Business Benefit as A Vendor?
So, as a vendor, you might be thinking, “what’s in it for me?” When you partner with Work2Live as a vendor, in a way, we become an additional marketing strategy for your business. When an employer comes to us to launch their LSA program, we provide them with recommended vendors. Once they select vendors to include with their program, that’s when you begin to receive all the benefits! Here are some of the ways Work2live can benefit you as a partner:
Your Company Advertised in The Program
Chances are, you have realized how expensive marketing and advertising is. It’s harder than it looks to get your name out there in front of your target audience and get noticed. As a partner of Work2Live, we introduce your business to people who may otherwise have never come across your name. It’s like free advertising!
We all know how effective word of mouth marketing is. Those who utilize your products or services, thanks to their LSA, might thoroughly enjoy it and share it with their friends and family! We help bring business right to your doorstep.
A Captive Audience of Customers Who Are Limited to Spending Within the Plan
Perhaps the most significant benefit of being a partner of Work2Live’s LSAs is that we provide you with an audience who must spend the money they receive in their LSA account to a collective of vendors. Employers have the choice of whether they want to have a “use it or lose it” policy. Meaning that if employees don’t spend the money in their LSA, they lose it. Which means vendors can expect to see these funds coming in.
Once an employer selects the vendors, vendors are then able to post their latest products and services. So, for instance, if you own a fitness studio, you can post in the LSA programs to employees about programs you offer. Additionally, it’s not like you are receiving one or two employees as your audience; you are receiving an entire organization! The word about your business will quickly spread throughout the entire company.
Gaining A Customer Who Is More Likely to Spend on Experiences
When employees receive LSAs, they will take advantage of all the opportunities that this exciting perk has to offer. After all, the purpose of this perk is to enhance the well-being of employees to boost productivity in the workplace.
Whether employees are coming to you for a relaxing day away from work or to connect with their peers, they are looking for an experience that will make a difference in their life. Furthermore, they are willing to pay for it because they now have the funds to do so!
Depending on the amount that the employer chooses to put into their employee's LSAs, employees might also spend out of pocket if they believe it’s worth the experience. This opportunity is an excellent chance for you to upsell each customer. At Work2Live, we bring you the customers, and you do the rest!
An Opportunity for More Business
Perhaps you have always wanted to start a referral program but couldn’t figure out where to start. When you partner with Work2Live as a vendor, we make this possible! Referral marketing can help your customers get to know your brand while improving your overall reputation.
Fitness memberships, for example, can capitalize on this by implementing a referral program where if customers refer X amount of people, they receive X amount of dollars towards a discount. This concept is a win-win for both parties because employees can use this award towards something else that the LSA supports, and the vendor will receive even more business!
If a referral program is not of interest to you, at the very minimum, you can ask your new customers to leave an online review if they enjoy your services or to like and share your Facebook page.
Partner with Work2Live As a Vendor
At Work2Live, we are always looking for new and exciting vendors that can offer employees excellent experiences that will enhance their work-life balance. When you partner with Work2live, you will benefit just as much as your new customers do!
LSAs are a new concept to quite a few people, so we would love to talk to you about how it works, what you can expect as a vendor, and how to get started. If you’re interested in becoming a vendor, contact our team at Work2Live!