Lifestyle spending accounts (LSAs) — the ultimate flexible benefits offering — are exploding in popularity as people leaders redesign their total rewards programs for a transforming workplace.
The barometer for a successful LSA is whether your employees use and love it. Benefits should be delightful, joyful, and easy to use. If the employee experience is too complex or the interface is clunky, the LSA will be underutilized.
Whether you are just starting out researching LSA technology partners or actively engaging in a selection process, below are four key questions to ask about the employee experience:
1. Is there an employee mobile app, and does it have full feature parity with the web dashboard?
Benefits are used on the go, so you’ll want to make sure the platform meets employees where they are. A mobile app significantly boosts ease of use and engagement.
2. Will employees be required to pay upfront and be reimbursed later?
Larger expenses such as professional development may be difficult for employees to pay for upfront, which introduces additional financial hardship for certain employees. Providing employees with a pre-funded card is a more inclusive strategy that will increase utilization.
3. What does the employee need to do to get started?
Reducing the number of steps for employees to sign up is a key strategy to increase engagement. If you can automate enrollment and eliminate account creation, your employees can start using their benefits in just a few clicks.
4. What is the experience for your global team?
If you have employees in countries outside of HQ, you’ll want to consider their experience as well, particularly if your company plans to scale teams in those geographies. With your potential technology partners, you should explore global capabilities, including language, currency, cost-of-living adjustments, and platform feature parity, such as cards and reimbursements.
Interested in a deeper dive on the most important factors to consider when choosing a LSA technology partner? Download our new guide: 5 Things to Consider When Looking for an LSA Partner which will provide an in-depth look into:
- Program design capabilities
- Employee experience
- Customer support
- Implementation and IT
- Ongoing partnership