What is FORMA

Forma is a leading platform designed to simplify and optimize flexible benefits for companies. It focuses specifically on Lifestyle Spending Accounts, which allow employees to use their benefits for things that matter to them personally. The main goal of Forma is to give workers the freedom to choose benefits that fit their lives while helping organizations save money and reduce administrative headaches. It solves a common problem where companies offer complex benefits that employees do not actually value.

Benefits

Forma offers several key advantages for different groups involved in the benefits process.

For companies, the platform allows them to create attractive benefit packages without overspending. It eliminates the need to manage multiple vendors, which saves countless hours and reduces stress for the organization.

For benefits professionals, the system streamlines the management of benefit programs. This allows them to focus on creating strategic and inclusive initiatives rather than getting lost in paperwork.

For employees, the biggest benefit is unmatched flexibility. Workers can choose benefits that are meaningful to their personal needs. The platform also features a consumer-grade user interface that is easy to use and navigate. It ensures that options are equitable and inclusive for all employees, regardless of their generation or location.

For brokers, using Forma helps maintain customer loyalty by adapting to new best practices in the industry.

Use Cases

Forma is used by large organizations looking to modernize their employee benefits. For example, Microsoft used the platform to guide employees toward enrolling in their HMO medical plan. This move set new standards for global employee wellness across 220,000 employees in over 100 countries.

The platform is also useful for companies wanting to cut costs. One organization saved over $500,000 in six months by replacing an old expense ticketing system with Forma. This switch reduced the time spent reviewing receipts by more than 80% and lowered the number of employee support calls by over 20 times.

Another common use case is improving participation rates. One company achieved 97% participation among its employees, with 87% of the funds being used annually. This shows how the platform can help ensure that benefit dollars are actually utilized by the workforce.

Pricing

The provided article does not contain specific pricing details for the Forma platform. Organizations typically contact the vendor directly to discuss costs based on their specific needs and size.

Vibes

Public reception for Forma has been very positive. The platform maintains a 98% member satisfaction score over a five-year period. Data shows that for every dollar put into a flexible benefit through the system, there is a 53% increase in the perceived value by employees. This high level of satisfaction indicates that workers feel their benefits are more valuable and relevant when managed through Forma.

Additional Information

Forma has established itself as a key player in the flexible benefits landscape. The company provides a benchmark report that serves as a definitive resource for organizations looking to design and fund lifestyle benefits effectively. Their success stories highlight a shift away from traditional benefits programs toward more customizable spending accounts that adapt to every individual's needs.