Ditch the Gift Cards: Empower Employees with Lifestyle Spending Accounts

The Maxwell Visa®️ Card gives employees choice beyond Maxwell’s life-work marketplace without any of the hassle of reimbursements.

Employee rewards and recognition programs are fantastic for boosting morale and productivity. But let's face it, a gift card to Red Lobster might not exactly scream "life-changing." What if you could transform your rewards budget into something truly impactful? Enter the Lifestyle Spending Account (LSA).

What is an LSA?

Think of an LSA as a customizable perk pool for your employees. You allocate a set amount per person or provide ad hoc amounts based on performance and milestones. Employees have the freedom to use those funds on expenses that matter to them. Unlike traditional rewards, LSAs offer flexibility and cater to individual needs.

How Can You Use Your Rewards Budget for LSAs?

Here's the beauty: you can likely repurpose your existing rewards budget for an LSA program. Let's break it down:

• Cost Comparison: Traditional rewards programs can involve hidden costs – bulk gift card purchases, program administration fees, etc. With an LSA, you eliminate these and gain more control over your budget.
• Employee Choice: Instead of a one-size-fits-all gift, employees get to choose how to spend their LSA funds. This fosters a sense of agency and appreciation.
• Streamlined Administration: Managing gift cards, plaques, and other physical rewards can be a hassle. Modern LSAs like Maxwell have a user-friendly platform for easy administration and come with a debit card so there are no reimbursements to be managed.

At Maxwell we have helped employers rethink how they use their budgets for rewards, recognition, incentives, referrals, and even lifestyle benefits to reduce their cost and maximize their impact.

Turning Rewards into Real Benefits

Imagine your team using their LSAs for:

• Fitness and Wellness: Gym memberships, fitness classes, healthy groceries.
• Professional Development: Online courses, conferences, industry certifications.
• Work-Life Balance: Childcare assistance, eldercare support, home office equipment.
• Everyday Expenses: Gas, coffee, internet subscriptions.

By empowering employees to choose how they spend their LSA funds, you're directly contributing to their overall well-being and financial security. This, in turn, leads to a more engaged and productive workforce.

The Bottom Line: A Win-Win for Everyone

Transitioning your rewards program to LSAs shows your employees you value their individuality. They gain control over their well-being, while you potentially save money and enjoy a happier, more productive team. It's a win-win for everyone. So, ditch the generic rewards and embrace the power of LSAs. You might just be surprised at the positive impact it has on your company culture.