What makes stipends so great?
This new approach to employee perks has been gaining a lot of media attention lately because it solves so many common problems of traditional perk programs, and it also addresses the trends that are shaping the future of work.
So what exactly are the benefits for companies and employees?
1. Flexible for Employer & Employees
Employee stipends make sure employees get the perks they want and need most.
Pet insurance, in-office yoga, and financial planning services are excellent perks, but often only a small percentage of a team can or will use them.
Stipends create a flexible, personalized perk experience, and since employees get more control over how they use it, they're more likely to engage.
2) Easy-to-Manage & Administer
HR is no longer is forced into trying to pick the "perfect perk" or perfect vendors with its limited budget available.
[Want to see how much your perk vendors are costing you? Check out our Perk Vendor Calculator.]
- Decrease the administrative burden on HR
Less time-consuming and labor-intensive tasks, and more automation.
Finally, your CFO will be able to sleep comfortably at night knowing your perks are appropriately taxed. And, they have you to thank for that.
3) Strategic & Holistic
- Make the most of every company dollar spent on perks
With Lifestyle Spending Accounts, companies no longer experience expired food, wasted event tickets, or under-attended in-office fitness sessions.
- Encourage a more equal distribution of perks and who they solve for
Happy hour might sound like a great idea, but what percentage of your team actually likes drinks, or have time or desire to attend the event? Avoid usage for the sake of usage, start saving money and resources by offering more inclusive perks.
- Better align with company mission, vision, values, and goals
Gain a competitive edge by approaching perks strategically and aligning them with what matters to the business.
Looking for a detailed description of their benefits? Click here to learn more.
[Actively comparing various perk vendors? Check out our guide, Comparing Perk Software: Everything You Need to Know]