Espresa Launches New Breed of Lifestyle Spending Accounts with LSA Plus™ Designed for Personal Benefits

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Nov 28, 2023, 08:03 ET

This revolution in personal benefits combines well-being, recognition and community to improve employee experience and streamline budgets with an incentivized LSA wallet.

PALO ALTO, Calif., Nov. 28, 2023 /PRNewswire/ -- In a groundbreaking move to enhance the overall well-being of the global employees, Espresa, a personal benefits platform designed for global enterprises, has launched its innovative Lifestyle Spending Accounts (LSA) Plus program.

Redefining traditional workplace benefits, Espresa developed LSA Plus as a modularly designed global personal benefits hub with features not currently available in any other solution. Including incentivized wallets, challenges, and a fully integrated well-being marketplace, LSA Plus represents an evolution from the one-size-fits-all benefits approach to an individually focused and progressive solution.

Because of the built-in flexibility of an LSA, companies can create a series of employee wallets, including everything under the total well-being umbrella, such as mental and financial health, fertility support and dependent care, charity, tuition, and commuting reimbursements. "With a focus on promoting health and well-being, consolidating point solutions and budgets, Espresa's LSA Plus reinforces its dedication to creating sustainable and socially conscious work environments," said Joe Farris, co-founder of Nua Group and former Mercer leader.

Espresa's LSA Plus is unregulated and can launch off-cycle anytime, so companies can offer flexibility and freedom of choice with an inclusive benefit employees want, regardless of employee designation or location, globally. As represented in Espresa's 2023 Lifestyle Spending Accounts (LSA) Benchmark and Trends Report, LSA Plus has helped customers reach industry-high participation of as much as 94%.

Since the pandemic, there has been a significant shift in what employees seek in their workplace benefits, and HR requires technology to support their needs without increasing their efforts. "We have global clients that are looking to reduce the plethora of disparate point solutions while consolidating budgets and increasing employee engagement. It comes down to delivering a more simplified and consistent global employee experience," said Alex Shubat, CEO and co-founder of Espresa. "We know there is a financial crackdown, regardless of industry, and we don't typically encounter a company with a new budgetary line item. So, we often repurpose Total Rewards and well-being budgets or reboot antiquated wellness programs."

By placing control in the hands of employees, LSAs promote newfound flexibility in benefit allocation to foster a happier and more engaged workforce and contribute to increased productivity and reduced burnout.

"LSAs address the diverse needs and interests of a multi-generational workforce, attracting top talent from various backgrounds and demographics," said Susan Lovegren, former chief people officer of Medallia and Juniper Networks. "The ability to select benefits tailored to their unique lifestyles ensures that employees feel valued and supported, fostering a positive and inclusive workplace culture."

The future of workplace benefits must be designed to address the diverse needs of all life stages, lifestyles, and interests that continue to help drive the next generation forward.

"LSA Plus is the greatest disruptor to the HR technology space we've seen in some time," said Shubat. "Our clients and consultant partners are our greatest inspiration to keep the innovation and development momentum going."

About Espresa, Inc.
Espresa, Inc. is Powering Great Workplaces® with personal benefits people love. The globally available LSA Plus™ platform consolidates physical, emotional, and financial well-being and family care benefits. Now, employers can incentivize wellness with activities that drive well-being pillars and promote recognition, community, and culture. Espresa was co-founded by Alex Shubat, CEO, and Raghavan Menon, CTO, in Palo Alto, California.

For more information, visit espresa.com.

SOURCE Espresa