Awardco Announces Lifestyle Spending Accounts to Give Employers More Autonomy and Employees More Choice

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Jun 20, 2023, 11:06 ET

Lifestyle Spending Accounts provide recurring, automated funds to employees which they can spend on benefits that are meaningful to them.

LEHI, Utah, June 20, 2023 /PRNewswire/ -- Awardco has released their newest feature to improve employee recognition and rewards. Lifestyle Spending Accounts (LSAs) are a new way to boost the reach and effectiveness of total rewards using the Awardco platform.

With LSAs, organizations can automate recurring employee allowances on a customized cadence. Employees can then spend their stipend on organization-curated approved expenses, such as wellness, home office, or personal care costs. This allows employees to spend their portion of the benefit budget on rewards most meaningful to them.

Lifestyle Spending Accounts enhance employee choice.

Organizations can rethink existing budgets into more regular rewards, or they can create new budgets to drive and reward specific behaviors—LSAs provide the flexibility to fit any organization while meeting diverse employee needs and cutting down on hassle.

That's why 70% of employers are considering implementing Lifestyle Spending Accounts.

"In addition to providing meaningful recognition, we want to drive healthy employee behavior in a rewarding way, and with Lifestyle Spending Accounts, we've taken a big step in that direction. Now more than ever, employees everywhere can feel supported and cared for in their personal lives" - Steve Sonnenberg, Awardco CEO

LSAs are completely customizable, so employers can implement programs that will mean the most to their specific employees, programs like:

Wellness and fitness
Grocery and dining
Home office upgrades
Childcare
Financial services
Pet care

Awardco's LSA programs help administrators save time and effort while also spreading their benefits budget around to more employees, giving them more choice.

About Awardco

Awardco boosts productivity, reduces spend, and builds culture through value-driven recognition and rewards. It's the only employee recognition and total rewards platform to be a featured partner with Amazon Business. Awardco provides the largest reward network on the planet — all with zero markups. Coupled with the flexibility to build any number of recognition, incentive, milestone, or behaviorally driven programs, Awardco's platform drives employee loyalty. For more information, visit award.co.

Media Contact: Bronson Dameron [email protected]

SOURCE Awardco