Many employees in the US spend the majority of their waking hours at work. With access to technology at all hours of the day, employees are spending even more time doing work-related tasks, even when they are not on the clock.
It used to be that employees did not have access to their work email until they got to their desktop computer in the office. Today, employees wake up and look at their phones first thing in the morning. Before they can even get out of bed, they have already checked their email and started thinking about work. It’s no wonder 82% of employees feel they are overworked.
Retention-minded employers understand the burden this can cause and try to make their employee’s time away from work as enjoyable as they can. Happy employees lead to higher productivity, enhanced creativity, and less turnover.
What’s one way to keep your employees happy both inside the office and in their personal lives? Invest in their overall life satisfaction by providing them with the best benefits out there.
Lifestyle Spending Accounts: A Perk Your Employees Value
If you are still searching for the one benefit that employees want- look no further. A Lifestyle spending account (LSA) is an employer-funded account that contributes to employee perks. Rather than guessing what perks your employees want, LSAs help employers put the money and choice in the hands of employees so they can get the perks they want and need the most.
Here are some of the most popular employee requested LSA Benefits this year:
Fitness memberships
More and more businesses are beginning to offer fitness memberships to their employees as a way to help employees stay fit, healthy, and happy. Whether it’s a gym membership or exercise classes, anything that encourages activity helps boost productivity in the workplace because it allows employees to release endorphins, a hormone that contributes to a positive feeling in the body.
When employees are on a tight budget, there is a good chance that extra monthly costs, such as gym memberships, are the first thing to go. When you approve fitness memberships as an expense on an LSA, you’re saving employees an additional cost and contributing to the well-being of your employees.
Day Care
Daycare is a substantial financial burden on many parents in the workplace. As you can imagine, when your employees are at work, their little ones are always on their minds. Daycare, however, is a significant expense for parents, and some don’t have the means to afford daycare while they are at work. Some large corporations choose to have in-house daycare, but for most small businesses, that is not an option. What you can do is use LSAs to contribute to daycare costs. It’s a great way to take that burden off of some of your employees and show them that you care about their loved ones.
Pet Care
Don’t forget about your employees’ furry friends! Many employees hire a pet sitter or take breaks within the workday to run home and care for their pets if they live close to the office. LSAs can be a way to support those who need assistance paying for pet care. This care is especially helpful for those who might have a long day at work and can use the relief of not having to worry about their pet at home.
Career Advancement Opportunities
Some employees are interested in furthering their education to become better at their job but don’t have the extra money to spare. LSAs can cover online classes or tutorials, networking events, and more! With an LSA, employees can now participate in the activities they need to help advance their career by learning new skills. This benefit is a great way to invest in your employees by ensuring they have access to all the tools they need to be successful.
Relaxation
After a long, busy month in the office, who wouldn’t enjoy indulging in a massage or spa day? Employees might not need daycare or fitness memberships, but they might enjoy a relaxing day at the spa. LSAs can cover these expenses as well!
Financial Counseling
You would be surprised to learn how many of your employees would benefit from financial counseling, but they would never consider paying for it themselves because they don’t need the additional cost. With the amount of debt that most Americans are carrying today, especially from student loans, financial counseling is a unique benefit that is an excellent way to invest in the well-being of your employees.
Vacation Expenses
Vacations are supposed to be a relaxing time away from work, but for some employees, this isn’t always the case. Vacation costs can become overwhelming and, in some cases, may add even more stress to your employees. Some employers choose to approve vacation expenses for their LSAs. You might not be able to cover the entire cost of the vacation, but including the costs of dinners, and family entertainment might be beneficial to some of your employees. Plus, this will benefit you as the employer, so the employee is rejuvenated and ready to work once they make it make to the office!
Entertainment
Some employees might enjoy a fun night out with their peers! LSAs can cover entertainment costs such as sports outings, concerts, or even just a night out to dinner with their coworkers. LSAs are a convenient way to cover those expenses, and it allows your team to bond with each other outside of the office, building stronger relationships.
Work2Live: Connecting Your Team to Unparallel Perks
Are you a retention-minded employer looking for the perfect perk to offer your team? Lifestyle Spending Accounts are what you have been looking for to keep your team happy both in the office and in their personal lives. At Work2Live, we believe LSAs are a reward that helps increase retention by allowing your employees to truly live life, find work-life balance, and take care of themselves!
Want to see how LSAs work? Request a demo with Work2Live today!