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Investing in Employee Advancement Pays off

Employee Advancement

Investing in employees’ education and career advancement is a smart move for any business. A well-educated workforce is a more productive workforce. Employees who feel supported in their career advancement are more likely to stick around. There are several ways employers can show how much they value employees and their drive for education and career advancement.

That’s why we have Specialty Accounts devoted to education! These accounts provide employers with the tools to help employees, and employees receive the resources they need to further their education and advance their careers. By investing in employees, employers are investing in the future of their businesses.

Benefits to Supporting Employee Advancement

  • Opportunities for promotion and lateral moves contribute to an employee’s overall career satisfaction.
  • Providing employees with a greater sense of responsibility for managing their careers builds self-confidence.
  • It’s cost-effective to use your own staff talent to provide career development opportunities within your department.
  • Career development increases employee motivation and productivity.
  • Attention to career development helps employers attract top staff and retain valued employees.

HOW SPECIALTY ACCOUNTS WORK

Specialty Accounts are customizable and built for the needs of individual companies, regardless of size or industry. In three simple steps, employers can create their benefits plan.

  1. Employers begin working with their assigned representative to select expense categories from an eligible, predefined list. Working together, the employer can create a program that meets the company’s needs and helps boost the employee experience.
  2. The employer sets up the rules.
    • Will funds roll over? Opt to allow employees to keep (rollover) unused funds at the end of the year, or not, depending on the company budget.
    • How much (and how frequently) will funds be provided? Control how much and how frequently funds are distributed
    • Who can enroll? Set parameters that must be met in order to participate in the benefit.
  3. Employers need to decide how the funds can be used. There are two options to choose from: carded and non-carded programs. A carded program allows employees to pay for eligible plan expenses using their Beniversal® Prepaid Mastercard®. Participants can take advantage of convenient contactless payments by connecting their Beniversal Card to digital wallets like Apple Pay®, Google Pay®, and Samsung Pay®. BRI’s sophisticated auto-approval logic minimizes the need for paperwork. Reimbursement claims can be submitted if a different payment source is used.

The non-carded option is reimbursement only. Participants pay for expenses using their preferred payment method. Then, they reimburse themselves through BRIWEBBRIMOBILE, or by mailing in a claim form with required documentation

THE FLEXIBILITY IN CREATING A WELLNESS ACCOUNT

Whether employers choose to create a carded or non-carded program, they provide a custom benefit for their employees. There are many ways to include employee advancement and career opportunities in a Specialty Account.

Here are ideas from similar (non-carded) wellness accounts BRI has helped to bring to life:

EDUCATION ADVANCEMENT 

Common ineligible expenses: Classes, lessons, and educational materials for family members 

  • Books, software, and magazine subscriptions (to nurture personal and professional development) 
  • Financial advisor and planning services (including credit counseling and wills/estate planning) 
  • Financial seminars and classes 
  • Hobby classes (art, sewing, cooking, gardening, etc.) 
  • Language lessons (including app subscriptions) 
  • Learning subscriptions (Audible, Masterclass, etc.) 
  • Membership fees for apps like wealth simple or budget tracking apps 
  • Music lessons 
  • Podcasts (Google, Apple, Spotify) 
  • Productivity tools and supplies (bullet journal, planner, calendar, apps) 
  • Professional certifications 
  • Student loan reimbursement 
  • Tax preparation services 
  • Tuition/fees 

With all of these options, and the opportunity for more, BRI is confident we can find employers a plan that works for both them and their employees.

As part of our ongoing Specialty Account series, we will continue to cover our most popular Specialty Accounts. We will discuss how each can be used and tailored for specific companies and industries. So, don’t forget to check back next week when we feature an in-depth look at Specialty Accounts: Transportation.

Don’t want to wait? Check out our overview flyer or request a proposal below