The Evolution of Employee Benefits
In today’s competitive labor market, employee expectations for benefits extend far beyond traditional health and retirement plans. Employees are increasingly seeking support for their overall well-being—physical, financial, and educational.
A P&A Lifestyle Reimbursement Account is a modern solution that allows employers to meet this demand. It is a customized, employer-funded account that provides employees with a set amount of money to be reimbursed for expenses related to specified categories of well-being. This flexible benefit allows organizations to create a tailor-made plan that truly aligns with their strategic business goals and the diverse needs of their workforce.
The Employer Advantage: A Strategic Investment
Adding a P&A Lifestyle Account to your benefits package is not just an expense; it is a strategic investment that yields tangible returns in retention, talent acquisition, and organizational health.
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Strengthen Talent Acquisition and Retention
Lifestyle Accounts are highly valued benefits that immediately enhance your competitive position. Custom benefits demonstrate to employees that their employer is invested in their success both inside and outside the workplace.
- 72% of employees state that having customized benefits increases their loyalty to employers.
- 29% of workers intending to leave their job would stay if they had more or better benefits (second only to higher salary).
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Promote Holistic Well-Being and Reduce Costs
By encouraging healthier habits—be it through physical fitness, financial planning, or professional development—employers can help improve employees’ overall health. A healthier workforce may lead to:
- Reduced presenteeism and absenteeism.
- Potential long-term reduction in organizational healthcare costs.
- A decrease in employee stress: 59% of employees say having non-traditional benefits would reduce their stress.
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Demonstrate Commitment to Employees
Offering a Lifestyle Account promotes a healthier lifestyle and sends a powerful message: your organization cares about the whole person. This commitment fosters a positive company culture and boosts employee morale, leading to higher engagement and productivity.
Customization in Practice: Sample Plan Designs
The true power of a P&A Lifestyle Account is its flexibility. Employers decide which categories of expenses are eligible for reimbursement, allowing them to focus their benefit spending where it matters most to their company culture and workforce demographics.
Here are three sample plan designs demonstrating how an employer can create a customizable Lifestyle Spending Account:
| Sample Client – Industry Type | Annual Employer Contribution | Focus/Categories | Sample Eligible Expenses |
| Charter School | $600 per employee | Health, general well-being and daily lifestyle | Gym memberships, fitness classes, meal plans, art classes, meditation, social experiences (e.g., book clubs, hiking clubs) |
| Industrial Machinery and Equipment Manufacturing | $250 per employee | Work-related tools and equipment, general health | Metric combination wrenches, screwdriver set, deburring tool, leather work boots, steel-toe sneakers, Blue Apron, Hello Fresh, gym memberships, weights |
| Nonprofit Conservation Organization (West Coast) | $100 – $450 per employee per month – contribution dependent upon level of service | Physical, emotional and financial well-being | Athletic equipment, golf clubs, surf boards, wet suits, fitness trackers, weight-loss programs, counseling services, financial wellness services |
A P&A Lifestyle Account is a modern, flexible benefit that serves as a powerful tool for talent management. By offering a customized reimbursement plan, employers can significantly boost their benefits portfolio, improve employee loyalty, and demonstrate a concrete commitment to the holistic well-being of their people.
It’s time to move beyond the traditional and invest in the next generation of employee benefits. Request more information to get started.
