Compt, an end-to-end reimbursement platform optimized for personalizing benefits for today’s workforce, today unveiled the highly anticipated findings of its 2023 Mid-Year Lifestyle Benefits Benchmarking Study, offering HR professionals unparalleled insights into the realm of Lifestyle Spending Accounts. This semi-annual study provides a wealth of exclusive data and trends that captivate the attention of HR software buyers and benefits managers determined to optimize their benefits programs and gain a competitive edge in the talent market.
Unveiling Shifts and Emerging Trends
The study, which can be read here, dives deep into the preferences and behaviors of employees across diverse industries, shedding light on notable industry shifts and emerging trends. Analyzing extensive data from organizations with as few as 1-250 employees and upwards of 25,000, Compt has identified key insights that are reshaping the landscape of total compensation and Lifestyle Spending Accounts. Top highlights include:
- 57% of all claims submitted fall into categories designed to support employee well-being; this is happening across all industries
- Spending increases in taxable categories to 71%, up from 65% in 2022 denoting that employees are prioritizing real world support over saving a few taxable dollars on items that aren’t as impactful.
- More manufacturing companies are opting for annual stipends in place of traditional bonus structures
- Healthcare organizations are implementing quarterly stipends as part of a larger nurse retention strategy. Plus, quarterly stipends see 20% higher engagement than other allotment intervals.
- Over 40,000 vendors accessed, demonstrating employee need for flexibility and personalization
HR Tool Consolidation Continues Across Industries
With tighter budgets, companies continue to cut extraneous spending. This trend has remained strong throughout the first half of 2023 and is expected to continue as summer ends, open enrollment season begins, and the holidays fast approach. The need to balance maintaining inclusive benefits with a smaller budget (like through a singular stipend but offering more, flexible categories) continues to be a popular strategy.
To empower HR professionals in transforming their perk programs, Compt offers three pillars to consolidate tools, eliminate wasteful spending, and streamline benefit management. With its intuitive interface, the reimbursement platform provides a seamless solution for creating, managing, and tracking personalized stipend offerings. Companies can also leverage team recognition and rewards capabilities to reinforce company culture and employee engagement. Plus, HR and finance teams are both delighted with the easy-to-use, tax-compliant business expense feature that comes at a fraction of others on the market.
With Compt, HR professionals can effortlessly implement the insights from the lifestyle benefits report, elevating their organizations’ employee experience to new heights and reaching maximum utilization.