It’s no secret that the key to retaining employees, especially millennials and Generation Z’ers, is creating a strong workplace culture. That’s why employers have begun to offer employees more benefits, outside of health and medical insurance.
With Honeybee, both health insurance benefits and employee perks, which are placed in separate accounts, live under one app. That way, employees can understand all the benefits they’re receiving and employers can easily keep track as well.
Here’s everything you need to know about the Honeybee Allowance Account and how it will benefit your clients:
What is an Allowance Account?
The Allowance Account is what sets Honeybee apart from other InsurTech platforms. It allows employers to create a customized total benefits package for their employees that are unique to their company. Many of your clients are already allowing their staff to expense these types of employee perks, so why not include them as part of your benefits plan?
What Can an Allowance Account Be Used For?
There are many companies who are now expanding their list of eligible items that their employees can put through as an expense. For example, they allow parking reimbursements, lunch delivery for meetings, transportation for employees who work late, gym memberships and wearable fitness trackers. A Honeybee Allowance Account can be used to provide all of these options and more, which your clients can customize.
How Will an Allowance Account Benefit Your Client?
The problem with the traditional form of offering employee perks is the time it takes to process reimbursements and the amount of paperwork involved for employers at the end of the year. With Honeybee, employees are able to request their claims right away, which are validated within the app, preventing extra work for the employer.
It is also difficult for employers to manage reimbursement requests, especially as their company continues to grow. By being able to customize what they want to offer and set a budget for each category, your clients are able to avoid any confusion or miscommunication on spending limits.
Honeybee also cuts down accounting time. Each year, groups with a Honeybee Allowance Account receive a report with all their employees’ information, so your clients can quickly identify the taxable benefits amount for each member of their team.
Still Not Convinced of the Benefits?
Let’s use us as an example. Before switching over to Honeybee, we, Benecaid, used to offer to pay for our employees’ GoodLife Fitness memberships through taxable benefits. This only benefited those who actually wanted to workout at GoodLife, so it didn’t end up working for everyone. With Honeybee, we are able to make everyone happy by providing the option for each employee to use $50 from their Allowance Account towards any fitness institution they want. Plus, if they’re not interested in fitness, there are other categories in the account that they can use the money towards instead, like transportation or education.
The bottom line: a Honeybee Allowance Account will help your clients save money and time, and allows them to create an amazing benefits culture that will keep their employees happy.
Still have questions? Contact your Executive Benefits Consultant or email us at advisors@benecaid.com for more information and any inquiries on Honeybee.
