Lifestyle Reimbursement Accounts – Stats & Figures

Looking Ahead

Benefits focused on well-being for employees across different aspects of their lives – financial, physical and emotional – are becoming more important in the employee benefits landscape.   Many employers are investing money in Lifestyle Reimbursement Accounts with employees’ overall health in mind.

 

Five Key Areas of Employee Well-Being*

Forbes identifies five key levels of employee well-being.

  Financial Well-Being
  •   Overall compensation, type of retirement plan, financial wellness and education

  Mental Health Well-Being
  •   Access to an Employee Assistance Program, mental health sessions with a therapist or coach, mental health apps

  Social Well-Being
  •   Company culture, work-life balance, and type of relationships at work and outside of work

  Physical Well-Being
  •   Health insurance, wellness programs, workplace safety, availability of exercise sessions in person or virtual

  Career Well-Being
  •   Access to training and development, tuition reimbursement, internal mobility opportunities, performance reviews, coaching and mentoring

 

*Source:  Forbes, “The Future of Work:  Offering Employee Well-Being Benefits Can Stem the Great Resignation”

Importance of Employee Well-Being Support Programs While Considering Next Job*

Employers are also considering how well-being benefits impact talent and recruitment efforts.  6 in 10 employees say well-being support will be a top priority when applying for new jobs.  Implementing a Lifestyle Reimbursement Account can help organizations stay competitive in a demanding job market.

Key Findings

  • Gen Z and Millennials are most likely to report well-being benefits to be a top priority when applying for their next job.
  • Employees who work in a hybrid environment are more likely (68%) to report well-being benefits as a priority in applying for a new job.

 

*Source:  Forbes, “The Future of Work:  Offering Employee Well-Being Benefits Can Stem the Great Resignation”