“Recent shifts in workplace culture are causing employers to rethink how they care for their employees,” said flexible benefits platform Benepass. “While perks like office snacks and discounted gym memberships are appealing, they're no longer enough to attract and retain top talent. Instead, companies are turning to flexible solutions like LSAs to engage talent on their teams and keep employees happy.”
“People often enter a profession because of their particular talents and interests,” the report states. “So it's natural that employees' spending habits will vary by industry. LSAs allow employers to offer benefits that meet the wants and needs of all employees, regardless of industry. When designing an LSA, companies should consider how their industry influences employees' unique values and priorities.”
“Today's workforce is increasingly diverse, and companies are leveraging the potential of LSAs to meet the wants and needs of employees from all backgrounds,” the report concludes. “The data in this report highlights the incredible range of choice companies can offer their employees by offering flexible lifestyle spending accounts.”
