How to Create a Health & Wellness Stipend for Your Company
Creating a stipend is an excellent way to offer perks. Not only are they easier to set up, but they’re also easier to maintain as the time it takes to manage them is much less.
Four steps to setting up a stipend:
1. Gather your budget.
Maybe you have an overall budget or a budget per person, but having a budget is a necessary step because that is what you’ll be passing on to your team.
2. Determine spending timeframes.
Do you want to offer this monthly so you can ensure a monthly engagement, or do you prefer to offer it on a quarterly, semi-annual, or annual basis? It’s ultimately up to you: if you're unsure or need a little inspiration, check out the examples above in the company examples section.
3. Upload these program details into Compt’s perk management software.
You can also select what date you’d like your perk stipend to begin.
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4. Lastly, invite your employees to spend their funds.
Once they receive an invite and activate their account, they can begin spending based on your program's start date.
[Starting with stipends? Check out this detailed guide on how to set up your perk stipend.]