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HR Trends and Insights

How Lifestyle Spending Accounts can attract, retain, and engage employees

The Great Resignation is the reality of today’s marketplace. An average of nearly 4 million workers quit their job per month in 2021, holding the highest average on record. Job candidates now expect more from their employers. Workers will leave employment and turn down job offers that don’t fully reflect their lifestyle and values.

Attracting and retaining top talent is crucial to your company’s success because hardworking employees drive your business goals and are costly to replace.

Offering Lifestyle Spending Accounts as part of your benefits package is one way to show that you care for your employees’ overall well-being. It can help current employees remain happy and fulfilled and attract new talent to join your company.

Here is a look at how wellness plans can help attract and retain employees while also creating an engaged workforce.

What is a wellness plan?

Wellness plans are a type of health benefit that employers can provide to their employees in addition to standard health insurance benefits. Employees might use this benefit for physical fitness, mental health, nutritional counseling, financial wellness, and more.

Numerous reports show that wellness plans are proven to benefit both the employer and employee:

  • According to Forbes, about 87 percent of employees said they would consider health and wellness offerings when choosing an employer.
  • According to Aflac, 70 percent of employees that enrolled in their employer’s wellness program reported higher job satisfaction as compared to employees who did not enroll in their company’s wellness program.

What benefits do wellness plans provide for employees?

Wellness plans can offer employees a range of benefits, and employers can customize these benefits to best fit their workforce. Here are some examples of benefits offered when you add Lifestyle Spending Accounts:

  • Physical fitness benefits include stipends or discounts for gym memberships, home workout equipment, and other fitness-related items. This can help employees stay in good physical shape and decompress outside of work, reducing stress levels.
  • Nutritional counseling can help your employees maintain a healthy, balanced diet, promoting overall well-being.
  • Therapy and counseling benefits allow employees to prioritize their mental health.
  • Financial wellness benefits help your employees manage their money, a major source of stress for many Americans.
  • Pet care allows employees to care for all members of their families.
  • Continuing education helps your employees improve their skills and grow in their careers, benefiting both the employer and employee.

How can wellness plans help employers attract new talent?

In 2022, workers are looking for companies that fit their lifestyles and support them in and outside of the workplace. While fair pay, flexible hours, and remote work have been major areas of focus in recent years, lifestyle and wellness benefits are an important way to display to top talent in the job market that your company cares for its employees beyond the workplace.

According to SHRM, in 2014, over 75 percent of employers report that their company offers a wellness program, resource, or service to employees. For employees looking for additional benefits from their employer, a wellness plan could be the determining factor between two great job offers.

Once you’ve attracted new talent to your company, the next step is to encourage these workers to lead long and fulfilling careers in your workplace.

Driving referrals for open jobs is a good way to hire. A 2016 APA report said employees from companies with wellness programs were more likely to recommend companies over those who do not.

How do wellness plans create an engaged workforce?

While attracting and retaining top talent is important, wellness plans go one step further. They help your employees stay healthy, happy, and engaged with the company and their work. Wellness plans help employees maintain a strong work-life balance, form healthy lifestyle habits, and reduce or manage stress on the job.

Taking fewer sick days, lowering healthcare costs, and increasing productivity and morale are just a few of the benefits that employers see in their workforce when their employees can take advantage of wellness benefits. Moreover, all these benefits work together to empower your employees to develop a long and fulfilling career at your company.

If you are not offering wellness benefits to your employees, your company could be missing out on top talent in the marketplace and more engaged employees in the workplace. If your business goals include happier and more fulfilled workers and higher employee retention, consider Edenred’s Lifestyle Spending Accounts for your team.

This unique health benefit will set you apart from other employers and help you care for the well-being of all your employees. The variety of offerings provides value to each employee’s unique needs, and features such as spending controls allow you to customize the benefits to your workplace.

If you are considering introducing wellness benefits, we’ll be happy to share what options you have through our Lifestyle Spending Accounts. Schedule a meeting with us today!

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