As the workplace continues to evolve, so do the expectations and needs of employees. A key trend is the move towards personalized benefits, departing from the traditional, one-size-fits-all approach. This shift aims to tailor benefits to the unique needs of each employee.
At HUB, our employee benefits team calls this approach Quality Employee eXperience (QEX). It's about giving employees the benefits they truly want and need alongside the core benefits package that provides a foundation for medical needs. We understand that each employee is different, with their own priorities and challenges. That's why helping your clients design benefits programs that reflect their diverse needs is essential.
One of the innovative benefits HUB’s employee benefits team offers is a Lifestyle Spending Account. This benefit allows employees to allocate funds towards various wellness services, such as gym memberships, financial advisory services, or emotional wellness support like counseling or pet care. Employees can even use the funds for personal development, like art or cooking classes. These benefits may not fit into traditional categories like healthcare or retirement, but they are fundamental for helping employees make smart decisions about their finances and personal well-being.
If you'd like to learn more about our QEX strategy or the Lifestyle Spending Account, please reach out to us. We're here to help you create a benefits program that not only meets the needs of your employees but also fosters a positive and engaging work environment.
Video Transcript:
Hey, this is Alex, and I'm joined today by some of our expert team and employee benefits here at Hub, Jeyalene Baron, and Matt Roberts and we've been talking about the key trends in top priorities that our clients, companies, and organizations are facing and that their employees are facing when it comes to their overall benefits picture. And really this confluence between financial wellness and physical mental health and wellness. And so, Matt, why don't you share a little bit about some of the things that you're seeing in the marketplace and helping clients with today?
Yeah, it's really about personalizing employee benefits experience. We're referring to it as QEX or quality employee experience. And what this does is it really provides employees the benefits they want and need rather than that general benefits package that's been around for years and years and years of medical, dental, and vision life. What we're really doing is focusing on what employees want and what employees need and providing that to them. What is your workforce strategy when it comes to benefits and how do we ensure that you meet every corner of your population?
A lifestyle spending account is a highly valued benefit that caters to various aspects of well-being, including emotional, physical, and financial wellness. That's interesting. So, I've never heard that before. What is it exactly?
So, you as the employer get to allocate a specific amount of funds for your employees to use on a variety of wellness services, employees can choose to spend these benefits on physical wellness, such as gym memberships, financial wellness through services like identity theft protection or financial advising or emotional wellness with options including counseling, pet care, or even courses like art and cooking classes.
While they're not, you know, squarely in a box of employee benefits or health care or retirement, they are certainly in these categories of, you know, making good decisions when it comes to their money and trying to find things to better themselves. I really appreciate you spending a little time with me and sharing. So, hopefully, this is worthwhile for you and informative. If you have questions about the QEX strategy or our lifestyle spending account or we want to learn more, please feel free to reach out and we'll see you soon.