PeopleKeep, the leader in personalized benefits for small to medium-sized organizations, has released a new employee stipend software solution, WorkPerks, allowing employers to expand and enrich their benefit offerings as they adapt to a new work era.
With this new product, PeopleKeep is evolving its mission from making health benefits accessible for small and midsize employers to making personalized benefits of all kinds possible.
This shift comes at an important time as top talent demands more from their employers. In the past, employers relied on in-office, one-size-fits-all perks like free coffee and on-site gyms. Now, employers must account for remote and hybrid work environments as well as varying employee expectations. With stipends, employers can cover the costs of benefits employees choose and build a competitive and flexible benefits package that’s easy to administer no matter where employees work.
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Much like PeopleKeep’s leading HRA administration software, with WorkPerks, employers offer employees a set monthly allowance for the benefits they choose to offer. Employees prioritize their allowance spend within the perk category and then make qualified purchases. Employers review expenses and reimburse employees up to their allowance amount.
Employers can analyze utilization of various perks, create reports to share within the organization, and easily reallocate their benefit budget as they learn. In addition, employers can choose the eligible categories within each perk they want allowances applied to or enable employees to prioritize their spend within the main category as they feel best fits their individual situation.
For instance, with a PeopleKeep WorkPerks wellness perk, employers can choose to make all or some of the following expenses eligible:
- Exercise classes
- Exercise equipment
- Gym or studio memberships
- Wearables and devices
- Wellness mobile apps
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As more organizations embrace a fully remote or hybrid model, employees are looking for assistance in maintaining a functional home office. The remote work perk can cover:
- Cell phone
- Internet access
- Office set-up
PeopleKeep itself offers a one-time $300 home office set-up stipend to all new employees and a monthly home internet access perk along with a QSEHRA health benefit and a 401k retirement benefit with matching. Over time, the company expects to evolve its benefit offerings to provide employees with greater choice.
“In today’s redefined labor market, employers need to do more to recruit and retain top talent and meet employees’ expectations for comprehensive and personalized benefits,” says Victoria Hodgkins, CEO of PeopleKeep.
“With WorkPerks, businesses of all sizes can enrich and expand their benefits to strengthen the employee experience while creating equity and promoting inclusivity.”
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