Sure, companies are offering more benefits than ever before, but they still often miss the mark on what truly matters to their employees. Pro tip: it's NOT a company mousepad (CRINGE).
In our 2024 Lifestyle Benefit Benchmarking Report, we share real data from real companies across a variety of industries that have shifted to personalized Lifestyle Spending Accounts.
Join Compt's highly skilled Senior Customer Success Manager, Mary Migiano, as she highlights what's hot and what's not in work perks for 2024 from our bi-annual benchmark study.
Take a look at the Midwest and you'll see a stark budget gap compared to the Northeast; we're talking an excess of $1,000! Of course, this reflects the broader economy, a lower cost of living, and varying benefits. But it still raises a critical question in today's hybrid work environment: how can regions with lower benefits compete for top talent?
While big names like Amazon, Walmart, and Kroger constitute 27% of where money was spent, a whopping 73% came from 70,000+ other vendors. This highlights the real power of personalized and community-focused choices. Plus, it supports regular spending habits in a more meaningful way!
Despite food and health & wellness being popular spending categories (no surprise there), their average claim amounts are less. So where are people spending those valuable stipend dollars? Caregiving claims are at the top, with an average of $203 claim size, proving stipends reach beyond the employee and can support their loved ones, too.
As an HR advisor to Series A to C companies, I actively seek cost-effective benefit solutions that enhance remote culture and attract diverse talent. It's great to see that a more inclusive stipend with multiple spending categories not only reduces overall costs but also results in happier employees and higher utilization. Companies can invest in fewer individual stipends, creating a more comprehensive, cost-effective approach from the outset when looking to optimize their benefits programs."
Shelby Wolpa Consulting
One of the biggest misconceptions I think small business owners have is that they cannot afford to offer benefits, especially not a variety of benefits that all of their employees might value and/or utilize. This report clearly shows that employees across all of the companies on the platform have a wide variety of needs and wants. With the right mix of offerings, you can make a lot of people inside your company happy with your benefits."
Sabrina Louisa Consulting
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The State of Lifestyle Benefits Report
The proof is in the pudding. You're a few clicks away from exclusive data on employee spending habits and preferences by top categories, vendors, and regions. It's that competitive edge you've been looking for and a great way to convince your CFO that lifestyle benefits are worth the budget.