Rethinking Employee Benefits: A Wellness Savings Account is an important investment
October 05 2018
Gone are the days that employees clock in at their 9 to 5 job, sit in their cubicle all day, then leave satisfied. Employees are driving the demand for companies to make their corporate culture an environment people want to be a part of. Employee wellness benefits are the latest ways that companies are investing in their employees.
According to Glassdoor, 94% of CEOs believe a health and wellness program is essential to attracting top talent.
Here at PivotPass, we have heard a variety of reasons why employers feel a wellness program wouldn’t work:
- it would cost too much
- it would be too much work
- they have tried before and failed
Some have even said that they don’t think their employees would be interested. That’s when we tell you that they are wrong. A United Healthcare study found that 73% of all employees say they are interested in wellness programs. So, if you care about your employees, give them a benefit that they will both want and use.
For companies that are looking to put their money where their employees are, we recommend the Wellness Savings Account (WSA).
PivotPass Co-founder Brig Leland explains how the WSA came to fruition: “We kept hearing from employers that they wanted an easier way to offer their employees’ financial support for their wellness activities. The WSA came about from the desire of our corporate partners to financially support every employee’s wellness activities without the difficulties of traditional reimbursement processes or limited fitness subsidy uses.”
Unlike a Health Care Savings account (HSA) or a Flex Savings Account (FSA), a WSA doesn’t have the same tax limitations. HSAs and FSAs are federally regulated, and most fitness and wellness expenses are not eligible for those funds. A Wellness Savings Account still gives the employers the options to limit where the funds can be used (i.e. gyms only) without having the administrative paperwork of approving purchases and filing receipts. The WSA prepaid debit cards are accepted anywhere that accepts VISA.
Adding a WSA to your Employee Wellness Program also allows you to provide a benefit that it worthwhile to all employees no matter their job title. PivotPass Co-founder April Palmer explains it best.
“From the sales rep who gets her 10,000 steps by noon on the showroom floor, to the technology specialist who is the next budding ping pong world champ, and the c-level executive who uses yoga to de-stress, employees with an employer funded WSA card can focus on their personal health in their off hours so that they can outperform your competition in the marketplace.”
The WSA is designed to replace traditional fitness and wellness reimbursements and is easily managed from the company dashboard they have on our site. Your employee wellness benefit instantly gets a boost with PivotPass because it doesn’t come with the administrative burdens of having to manage it.
But a reimbursement costs money. How can you justify spending that much on employee wellness? How does that old business advice go: “it takes money to make money”?
Corporate wellness programs have an estimated return on investment between 150% and 380% according to a RAND report.
A benefit like the Wellness Savings Account, makes your investment the most cost friendly option because you aren’t spending your time and resources to manage it. PivotPass takes care of everything.
It doesn’t take a large investment, whether you invest $20 or $2,000, your employees will thank you.