Professional Wellness Month
June is Professional Wellness Month, dedicated to recognizing the importance of wellbeing in the workplace and encouraging companies to create environments that support employee health physically, emotionally, and professionally. As work and home life continue to intersect, investing in employee wellness is essential.
Quick facts about professional wellness
Organizations with strong wellness programs see lower absenteeism and higher employee engagement (1).
72% of employees say having customized benefits, like Lifestyle Spending Accounts (LSAs), increases their loyalty to their employer (2).
A study by Benepass found that 75% of large companies (more than 1,500 employees) provided an LSA in 2023, compared with just 40% the previous year (3).
Flexible benefits, such as LSAs, are on the rise as a way to personalize support and boost satisfaction.
How Lifestyle Spending Accounts support professional wellness
The LSA is a modern, flexible benefit that puts choice in the hands of employees. Employers allocate a set amount of money that employees can use on expenses that contribute to their wellbeing.
LSAs can cover expenses like:
Fitness, gym, health club memberships
Home office, technology needs, cell phones
Fitness trackers and apps
Learning and development (e.g., classes, enrichment)
Identity theft services
Pet care (e.g., walkers, day care, grooming)
By offering LSAs, employers acknowledge that wellbeing is not one-size-fits-all. One employee may need help paying for a therapy app, while another may want to invest in yoga classes or attend a career workshop. These accounts demonstrate trust and flexibility while showing employees that their employer is truly invested in their wellness.
Sources:
IMD. “Employee Wellbeing: Why It Matters More than Ever.” IMD Business School, 7 https://www.imd.org/blog/management/employee-wellbeing
Joinforma. Lifestyle Spending Account vs. Flexible Spending Account: What you need to know. Forma, https://www.joinforma.com/resources/lifestyle-spending-account-vs-flexible-spending-account.
CFO. “75% of Large Employers Offer Lifestyle Spending Accounts: Study.” CFO.com, 16 Aug 2023, https://www.cfo.com/news/lifestyle-spending-accounts-FSA-HSA/690996.