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Lifestyle Spending Accounts (Legacy)

Updated

This is a Legacy article. If you are using the current Awardco 2.0 Interface, please search for the updated version to ensure accuracy.

Lifestyle Spending Accounts let you set up automated allowances that go to employees on a customized schedule. You then decide which expenses employees can use their stipend on. Examples of approved expenses include wellness purchases, WFH expenses, groceries, childcare costs, financial education courses, or professional development. LSAs offer near-limitless uses, allowing you to create customized benefit programs and giving employees freedom to spend their funds on what's most meaningful to them. Reference the article below to get started! 

 

  1. Navigating to the Lifestyle Spending Program Builder
  2. General Settings
  3. Amounts Settings
  4. Timeframe Settings
  5. Lifestyle Spending Program and Queue Management

 

Navigating to the Lifestyle Spending Program Builder

To navigate to the feature that builds a Lifestyle Spending Program:

  1. Click on the Admin button on the homepage.
  2. Select the Settings tab.
  3. Select Lifestyle Spending under "Recognition Settings".

 

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General Settings

Add a new Lifestyle Spending program by clicking the New Program button at the top right of the page. Set a program name and select a user from which the recognition will come. Enter a recognition note that will appear on the social feed and select an email template the recipient will receive in their inbox. Then, specify the budget from which the points will come and the Award Network available to the LSA point recipients. Click Save. 


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Amounts Settings

Specify the amount you'd like users to receive on the Amounts tab. If you'd like all users to receive the same amount, keep the toggle as Same for Everyone and enter a point amount. Click Save.


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If you'd like certain employee groups to receive different amounts, toggle Different Amounts Groups and click Add Group. Enter an amount in the "Amount Per Disbursement" field and specify the recipients by metadata or Awardco Service Year in the "Add People to Group" field. Adding multiple metadata fields to a budget field acts as an AND statement. For example, if the metadata value "Department: Sales" and "role: Group manager" were added, Group Managers in the Sales department would be the employees receiving this specified amount.

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Timeframe Settings

Set a start date for when you'd like the LSA program to begin. Establish an award cadence; this can either be weekly, monthly, quarterly, or yearly. 
 

  • If "Weekly" is selected, specify the day of the week LSA recognitions will be sent.
  • If "Monthly" is selected, specify the day of the month LSA recognitions will be sent.
  • If "Yearly" is selected, specify the day of the year the LSA recognitions will be sent.


Select the time and time zone from the drop down menus. To ensure all timeframe settings are to your liking, reference the calculated "Next Three Disbursements". 


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Lifestyle Spending Program and Queue Management

Anytime you'd like to make changes to an LSA program, select the pencil icon to the right of the program. Select the trash can icon to delete the program.


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View the pending LSA awards in the Queues tab. Anytime changes are made to an LSA program and there are pending awards, ensure you click the Refresh Queue button, check the box next to the name of the LSA program, and select Refresh. 

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If you have any questions, please contact Awardco Admin Support.

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