Personal Benefits Employees' Value The LSA Edition
Lifestyle Spending Accounts (LSA) are heating up as the new(ish) reimbursements hot benefit. However, not all LSAs are created equal. Simply renaming a reimbursement program to an LSA is not enough to create a personalized and modern employee experience benefit. Let's talk briefly about the State of the Union.
Markets fluctuate, benefits increase and change
Markets are still volatile, and while inflation is cooling, it's still significantly higher over the long-term average. Budgets may be leaning or changing, but the need to attract and retain talent is still high, and business must go on. In our last newsletter, we discussed #blitzscaling and the unfortunate events following, including layoffs across various industries. That doesn't mean those same companies are not still hiring.
As organizations look to maintain or even reestablish business continuity, #HR is often burdened with owning the how. Delivering benefits outside of the expected health and wealth is critical. Reimbursements have generally had a place here, but let's be clear - they are historically painful and annoying to all parties, including the employee, HR, and finance.
So, budgets are shifting, being repurposed, and being made smarter.
Hot, hot, hot -- Inclusive LSAs that are mobile- and global-first
If you get the right LSA program in place, it is wherever employees are - that means literally everywhere. They are mobile, global, and include more than a mere fitness reimbursement. Plus, they include all languages and currencies with purchasing power parity.
“LSAs are the modern engagement vehicle, flexibly and creatively meeting people where they are. They're an empathetic and monetary vehicle that directly speaks to your culture, mission, vision, and values.” - Susan Lovegren , Fortune 500 Chief People Officer
Top trending and actionable news and events HR can use
Take 25 minutes. Thursday, April 27th, Espresa 's VP of Strategic Alliances, Ryan Ramsey will be discussing LSA's and how they can be launched any time, regardless of the time of year. Q&A included!
领英推荐
Transform invited Espresa CEO Alex Shubat to speak with Sequoia VP, Wellbeing & Partnerships Kaleana Quibell to discuss LSAs as the off-cycle and any time of year benefit.
“With LSAs, the beauty about it is you can make it as diverse as you can and, as a result, as inclusive as you can. The result is you provide a benefit and engagement for your entire employee demographic.” - Alex Shubat , CEO and Co-Founder, Espresa
Unlike other benefits, LSAs are not subject to government regulation. You can deliver them to your employees any time of year and outside of the cycle of, for example, open enrollment.
“All companies offer the core benefits of medical, dental, and 401(k) – but now, more than ever, it’s critical to create a benefit offering that focuses entirely on employee experience. And it’s no longer just about the life people live at work. It’s everywhere they are.” — Joe Farris , Co-Founder of Nua Group LLC and 美世 Leader
More thoughtful insights
Here's your opportunity to lean on an incredibly clever community of HR people who love to learn. Espresa brings the greatest thought-leading minds together with a continuously evolving platform designed for HR by HR.
Discover more by visiting espresa.com.