New Alegeus Research Highlights that Benefits Associated with Family Care are in High Demand
Published on June 5th, 2023
New research by Alegeus has found that more than half of 608 surveyed U.S. employees spend most or all of the annual lifestyle benefits (e.g., elder care, daycare, pet care, adoption assistance, etc.) that their employers offer.
Due to numerous present-day economic factors, consumers have increasingly become cost-conscious, with many respondents stating grocery and gas/transportation as areas where they continue to cut back due to inflation, according to a previous Alegeus survey. Recognizing the growing issue, employers have introduced benefits geared toward cost-savings for expenses.
Findings from the research show:
- Benefits associated with family care are in high demand – Across all respondents, the top three employee retention perks preferred are family care (e.g., elder care, daycare, pet care and adoption assistance), food, and work-from-home support (e.g., office supplies). However, these preferences vary drastically by generation. Baby Boomers and Generation Xers both agree work-from-home and food support are high priorities, while many Millennials favor family care and healthy living perks. The Silent Generation prioritize food and leisure/hobbies, and Generation Zs rank food and family care on top.
- Employees with lifestyle benefits use them – More than half (54%) of respondents spend most or all of their annual lifestyle benefits budget, demonstrating great value in offering the right perks. Respondents who are part of the Silent Generation are more likely to use all of their lifestyle budget annually (60%) while Generation Zs are the least likely to use all of it (19%).
- Employers can better tailor benefit offerings – There is a big opportunity for employers to align their benefit offerings more tightly with the needs of their employees as only 29 percent say their employer perks are fully aligned with their lifestyle. When it comes to generational differences, Millennials are most likely to agree that their perks are fully aligned with their lifestyle, while Baby Boomers (47%) and Generation X (41%) feel their perks don’t always align with their lifestyle.
With layoffs plaguing the workforce and growing job uncertainty, more employers are utilizing lifestyle spending account (LSA) offerings to attract and retain talent, but they must ensure their employees are fully aware of them and that these benefits align with their wants and needs. In addition to speaking with and surveying employees, employers should work with their administrators to ensure they are tailoring and bringing awareness to their perks, while leveraging the right solutions to effectively manage all their lifestyle benefit offerings.
To learn more about how the Alegeus LSA solution can help employers expand benefit programs in a more personalized way, click here.
With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 2-3X the market, and with the highest net promoter scores (NPS) in the industry. We never compete with our clients – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.