Updated: Jun 7, 2022
We know it's true - companies with a diverse and inclusive employee body have a more robust corporate culture, higher morale and a greater chance at success. But if having different people is suppose to make everything better then why, when it comes to Employee Benefits, does it seem so difficult?
Diversity demands...well, more diversity. Because the needs of an employee can vary greatly by age, family status, religion and income. No two people are identical; dialed-in employers are looking for diverse solutions to recognize that individuality and meet the needs of their employees.
Let's take some time to rethink how the needs of your employees may differ: Sales Manager Raj (38) is a father of three. His children were blessed with cute smiles but crooked teeth, so his primary concern is covering the cost of orthodontics. When it comes time to retire, Recruiting Manager Heidi (54) has a Pinterest board full of places she'd like to travel. Her primary focus is saving for her retirement. For single Graphic Designer Ada, (24) an allowance for orthodontics doesn't hold any value. And retirement is just a 10-letter word. Ada has been eyeing a new commuter bicycle, as a healthy and sustainable way to get to work.
Three employees, three vastly different needs. When we start to consider the demands of our individual employees, it can be overwhelming. All-encompassing benefits are expensive and hard to administer.
That's why Flexible Spending Accounts are an excellent solution. A single Flexible Spending Account allows employees to choose where to direct their allocated funds based on their individual priorities. Employees can choose from one, or a combination of the following:
Health Spending Account (HSA). Employees looking for tax-free healthcare options, such as orthodontics, eye care or extra dental coverage may choose this option. This option is best for Raj.
Wellness Account. Employees who prefer wellness products such as gym memberships or bicycles, like Ada, will choose this option.
Group Retirement. For Heidi, and other employees looking to maximize their retirement contributions, this is the best choice.
Three options that give you the power to say "Yes, we offer that." in almost any scenario. It covers the needs of your diverse team, and everything the best potential candidates will want.
The right Flexible Spending Account will save you money; it will cut down on costly administration, directing employees to a simple online platform, where they can take charge and make the most of their benefits.
You can trust Bloom Benefits Group with an easy enrolment or transition to a Flexible Spending Account. Call us today to get started.
Brian Ross, President of Bloom Benefits Group, has over 15 years of experience as a benefits consultant. He gets energized by implementing thoughtful programs, based on real data, to create stronger, more sustainable benefit plans.