Overview
One of the largest financial firms with over 111,000 employees and 3,500 branches faced the critical challenge of keeping morale high in the wake of rising benefit costs. Turning to WageWorks, this money-centered leader replaced their legacy system with a convenient benefits program that employees embraced nationwide. Here are the results:

• 61% jump in Health Care FSA participation and contributions
• 54% rise in Dependent Care FSA contributions
• 50% increase in Commuter Benefits participation

Problem
How do you maintain employee satisfaction when you ask them to pay a greater share of their benefits?

The international bank tried to address the issue by offering employees flexible spending accounts (FSAs) and a commuter program. With both, employees could deduct tax-free income from their paychecks for out-of-pocket health care, dependent care and commuting expenses.

Unfortunately, the very-real tax savings seemed elusive because employees who participated had to pay twice (the first time, for their payroll deduction, and the second time, when they purchased the products or services.) Then, they would have to submit receipts and other documentation, and wait to be reimbursed from their accounts. Both employees and the bank found the process laborious.

Solution
The bank switched from its existing vendor to WageWorks. With WageWorks Health Care Choice FSA, employees now pay for out-of-pocket expenses using a simple debit card that automatically deducts funds from their accounts. Employees no longer have to pay twice. They also can send payments directly from their accounts to their health and dependent care providers or use traditional reimbursement.

WageWorks Commuter Program makes life even easier. Employees can order their public transportation and parking passes online and receive free home delivery. Parking providers can be paid directly each month, eliminating the need for employees to pay and wait for reimbursement. The nationwide transportation catalog allows the bank to offer commuter benefits everywhere they have U.S. employees.

Results
Several hundred employees have contacted HR to rave about the convenience of the health care debit card and useful commuter features like automatic reminders. The number of employees at the bank who participate in the Health Care, Dependent Care and Commuter Program has more than doubled. With the aggregate employee contribution to all three accounts steadily increasing, the bank is reducing its own tax burden while spending less time managing the process.