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What is Benefits Customization?

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Now more than ever, “benefits customization” is the word on everyone’s lips. One-size-fits-all benefits may become a thing of the past. Benefits customization is just what it sounds like. Rather than buying standard group options for every benefit, employers can offer reimbursement for a variety of benefits, which empowers each employee to handpick a package that best suits their lifestyle. 

For the first time this year, it’s projected that the number of Gen Zers will surpass Boomers in the workforce. As Gen Z comes of age, employees now represent four distinct generations, spanning more than 60 years. With these demographic differences come wildly different expectations and requests when it comes to employee benefit options. It’s no secret that the right benefits package could make or break an employee’s decision about where to work - and whether or not to start looking.

So how to make a package that pleases a diverse workforce?

Personalized benefits through Benefits Expense Cards or Lifestyle Savings Accounts (LSA) allow each employee to get exactly what they want out of their benefits package, with little to no extra lift for the HR team. Offering flexible plans that let employees pick and choose what matters to them may help you hire and retain top talent across generations. 

A Lifestyle Spending Account (LSA) is one way to allow your employees to pick what matters to them, without breaking the bank. This type of account empowers employees by letting them choose between a variety of voluntary benefits (like gym memberships, travel, work-from-home setup, or professional development) and design a package that fits their lifestyle.

For more information about what each generation is looking for when it comes to benefits, download our infographic here.