As a business owner, you know that offering attractive benefits is crucial to create a positive and productive work environment. One popular choice has been subsidized gym memberships, but there is a better alternative – fitness allowances. This post will discuss the problems with gym memberships, the benefits of a fitness allowance, and how to start offering fitness allowances to your employees.
The problem with offering gym memberships
While gym memberships can be a good starting point for a wellness program, they have some drawbacks. For instance, employees have different needs and preferences when it comes to fitness. Some may prefer yoga or pilates, while others prefer team sports or home workouts. A one-size-fits-all approach may not work for everyone.
Additionally, administering a gym membership program can be complex and time-consuming. For instance, questions may arise about reimbursement for gym memberships outside of the company-selected gym chain. And limited options for reimbursement can exclude certain employees, leading to dissatisfaction.
The benefits of a fitness allowance
A fitness allowance is a comprehensive and customizable program that reimburses a variety of fitness-related expenses. It offers greater flexibility and variety in expenses compared to a gym membership program. This means employees can choose what type of fitness they prefer and where to spend their money. Some examples of expenses that can be reimbursed include:
- Gym memberships
- Personal training
- Fitness classes
- Gym equipment
- Sporting goods
- Bicycles or personal non-motorized transportation
- Sports leagues, lessons, programs
- Athletic shoes and clothing
One significant benefit of a fitness allowance is increased employee satisfaction and retention. Employees appreciate the flexibility and choice offered by a fitness allowance and are more likely to use it. This can lead to a healthier and happier workforce, improving productivity and overall wellness.
How to get started with offering employee fitness benefits
If you’re interested in offering a fitness allowance to your employees, here are some steps you can take to get started:
- Set a budget for the program. Decide how much you’d like to give employees to spend on fitness-related expenses.
- Select the categories of fitness expenses you will reimburse. Will you allow employees to submit expenses for athletic shoes & clothing, for example, or would you prefer to stick to fitness classes, sports leagues and gym memberships?
- Launch the program and communicate the benefits to your employees. Let your employees know about the new fitness benefits and how they can claim these expenses.
- Administer the program by managing and tracking employee expenses. Determine how you will manage and track employee expenses, and make sure to communicate any necessary information to your employees. Don’t forget that this is a taxable benefit, so it will need to appear on your employees’ T4s come tax season!
Customized Fitness Allowances from Finuity
While gym memberships have been a popular choice for employee benefits, fitness allowances offer a better alternative that can provide greater flexibility and variety in fitness-related expenses. By offering a comprehensive and customizable program, you can increase employee satisfaction and retention, improve productivity and overall wellness, and create a more positive and productive work environment.
Want to improve your employee fitness benefits program? Contact us to discuss the options for a custom solution for your business.
