Treat your employees with benefits
Incorporating "me time" into our hectic lives is more challenging than it would seem to be. Monday through Friday is usually spent at the office or behind a computer screen for eight hours of the day. Then, add in dropping off the kids at school and getting dinner on the table. No wonder we've been putting off our wellness–there are not enough hours in a day.
It's common sense that employees who feel happy and refreshed are more productive at work, so why shouldn't we do everything we can to improve their well-being? Life planning accounts (LPAs) are the perfect answer to that question.
LPAs allow employers to provide their employees with health and wellness support. Examples of services offered include a gym membership, financial planning, or even benefits to cover short-term emergencies. The point is that they are strictly for employees' physical, social, emotional, and financial well-being. Although it can vary depending on certain factors, the value of an LPA should be at least $500 per employee, if not higher, for employees to see the value in taking advantage of the program.
Make your services as unique as your employees
By funding wellness programs for your employees, they'll be more willing to spend time in the areas of their lives that truly matter the most. The best part? Employers can customize these plans in the most beneficial way for their workforce.
Here are five unique services you can offer as a part of your LPA program.
Gym membership or fitness tracker
You'd think that the heap of fitness influencers across every social channel would help us become more motivated to go to the gym. However, many of us still struggle to muster up the energy to drive to the gym or wear sneakers to walk outside. Making your company's LPA fitness-centered could aid your employees in making time for their health and well-being.
Variety is essential when it comes to exercising. Ensure the fitness services that are part of your LPA are diverse enough that employees can choose exercise plans according to their fitness goals. For example, to encourage your employees to get out from behind their desks and get moving, you could offer monthly fitness credit that employees can use towards a gym membership or workout classes (bonus points if your company partners with a gym near the office). You can also give your employees a fitness tracker credit to purchase an Apple Watch, Fitbit, or Garmin to jumpstart their wellness journey.
Commuting expenses
It is hard to believe how much time and money we spend commuting to work alone. However, as companies are beginning to transition back to an in-person or hybrid model, offering services part of your LPA focused on offsetting commuting expenses is something to consider strongly–especially if your employees are in the office regularly. Plus, it can help your employees with rising inflation-related commuting costs.
To help your employees offset the cost of commuting to the office, you can offer a subsidy as a part of your LPA program to cover gas, public transportation, ride-sharing, and parking expenses.
Meditation app membership
Mental health is just as important as physical health. And when we are having a tough day, performing at our best is difficult. Offering an LPA service focused on your employees' mental well-being applies to everyone in the workplace.
There are several health benefits to a daily meditation practice, from stress and anxiety management to getting into a more focused mindset. Give your employees a chance to try meditation for themselves through a paid yearly subscription to a meditation app such as Headspace or Calm. Some health insurance providers already offer these benefits, so see if your employees can access them.
Courses, seminars, and continuing education
Supporting your employees' quest to gain knowledge and skills benefit them and you. Not only will they perform in their current role exponentially, but their newfound experience will also give your organization a competitive advantage.
Employees will feel more supported when you encourage them to build new skills, explore their hobbies, or help them cross something off their knowledge-gaining bucket list. As a part of your LPA program, you can offer a monthly credit or yearly subscription to learning platforms such as LinkedIn Learning, Udemy, Masterclass, or Skillshare to encourage employees to learn outside the office. You can also help your employees pay for more specialized services such as Rosetta Stone, Toastmasters, or courses through a local university to further their knowledge and explore their interests.
Meal delivery credit or Instacart membership
Our hectic schedules make meal planning more and more difficult as the week progresses. Relieve your employees' stress by offsetting the cost of groceries and food through delivery services.
You can give your employees a monthly credit for a food delivery service such as DoorDash, Uber Eats, or Grubhub. Alternatively, you can offer a monthly credit or yearly membership for a grocery delivery service like Instacart so employees can get groceries delivered to their door.
LPAs are the future of flexible benefits
If you're wondering how to achieve competitive differentiation in the business world, look no further than LPAs. LPAs are the best way to deliver benefits to your employees, as 72 percent of employees agree that increasing work benefits would elevate their job satisfaction. In addition, their customizable nature allows employers to choose according to the diverse nature of their workforce, continuing to attract and retain the best employees.
In our latest white paper, learn how a life planning account (LPA) can help you increase employee engagement and competitive differentiation. 
Published on Sep 08, 2022 by Marketing
