“Recent changes in work culture have caused employers to rethink the way they look after their employees,” says flexible benefits platform Benepass. “Perks like office snacks and discounted gym memberships are nice, but they are no longer enough to attract and retain the best talent. Instead, companies are turning to flexible solutions like an LSA to attract people to their teams and keep employees happy.”

“People often choose their field of work based on their particular talents and interests,” the report says. “So it’s understandable that employee spending habits vary by industry. LSAs allow employers to provide benefits that meet the wants and needs of all employees, regardless of industry. When designing their LSA, companies should consider how their industry impacts their employees’ individual values ​​and priorities.”

“The modern workforce is increasingly diverse and companies are leveraging the power of LSAs to meet the wants and needs of employees of all backgrounds,” it concludes. “The data in this report underscores the incredible choice companies can enable their employees by offering flexible lifestyle spending accounts.”