Intro to Forma

Question 1

What’s the difference between post-tax and pre-tax?

Answer 1

Pre-tax: Money taken out before taxes, like HSAs or FSAs. It lowers your taxable income, so you pay less tax.

Example sentence: Setting up a Health Savings Account (HSA) involves putting money into the account before taxes are applied to your paycheck.

Post-tax: Money taken out after taxes, like LSAs. It’s taxed as regular salary.

Example sentence: A Lifestyle Spending Account (LSA) gives you money after taxes are taken out, and it’s taxed as regular pay.

Question 2

What does Forma do for companies?

Answer 2

Saves money by letting employees choose benefits they actually use, reducing waste.

Example sentence: A company spending millions on unused benefits can benefit from Forma by offering a flexible benefits platform.

Provides flexibility so employees can pick what’s valuable to them (e.g., fitness, childcare).

Example sentence: Forma allows employees to choose between gym memberships, childcare, or professional development.

Simplifies benefits management by combining everything into one platform.

Example sentence: Forma streamlines benefits management for HR by having all benefits on one platform.

Question 3

What problems does Forma solve?

Answer 3

1. Rising benefit costs: Consolidates benefits into flexible LSAs to save money.
2. Low engagement: Increases usage by giving employees control over benefits.
3. Complex admin: Simplifies HR’s workload by managing benefits in one place.
4. Diverse needs: Customizes benefits for different employee groups.
5. Unused benefits waste money: Ensures funds are used, saving companies money.

Example sentence: Forma solves rising benefit costs by consolidating benefits into Lifestyle Spending Accounts (LSAs) to save companies money.

Question 4

What is an LSA (Lifestyle Spending Account)?

Answer 4

A post-tax account where employees get money to spend on wellness, fitness, or childcare.

Example sentence: An employee with an LSA can spend money on mental health services, childcare, or a standing desk.

It’s taxed like regular salary.

Example sentence: Money in an LSA is taxed the same way as regular pay.

Question 5

What are the main benefits Forma offers to companies?

Answer 5

Combines all benefits into one platform.

Example sentence: Forma combines gym memberships, meal stipends, and wellness programs into one platform.

Provides flexibility for employees to spend on what matters to them.

Example sentence: Employees can choose to spend their benefits on gym memberships, childcare, or professional development.

Simplifies HR tasks by reducing vendor management.

Example sentence: HR benefits from Forma by having all benefits managed on one platform, reducing vendor management.

Question 6

What is PEPM (Per Employee Per Month)?

Answer 6

A pricing model where companies pay a set fee per employee, per month.

Example sentence: A company paying $2.75 PEPM for Forma’s platform would pay $2,750 per month for 1,000 employees.

Question 7

How does Forma make benefits more flexible for employees?

Answer 7

Employees can use their LSAs for things they personally care about, like fitness, wellness, childcare, or even pet care. This flexibility makes benefits more personalized and valuable.

Example sentence: With Forma, employees can choose to spend their benefits on what matters most to them, whether it’s fitness, wellness, or childcare.

Question 8

How does Forma simplify benefits management for HR?

Answer 8

Instead of managing multiple systems, HR can use Forma to handle all benefits in one place.

Example sentence: HR can streamline benefits management by using Forma as a one-stop platform for all employee benefits.

Question 9

What happens to unused LSA funds?

Answer 9

The company keeps the unused funds, saving money.

Example sentence: If an employee doesn’t use all their LSA funds, the company retains the unused money, reducing waste.

Question 10

How does Forma handle reimbursements?

Answer 10

Employees can use a Forma card, submit receipts for reimbursement.

Example sentence: Employees using Forma can easily submit receipts for reimbursement using the Forma card.

Question 11

What happens to unused LSA funds?

Answer 11

The company keeps the unused funds, saving money.

At the end of the year, an employee didn’t use $200 of their LSA. That money goes back to the company instead of being wasted, saving them money while still giving employees the option to use benefits.

Question 12

How does Forma handle reimbursements?

Answer 12

Employees can use a Forma card, submit receipts for reimbursement, or buy directly from the Forma store with discounts.

An employee signs up for a yoga class and pays with their Forma card. It’s instant, no paperwork required. Another employee buys a fitness tracker through the Forma store, getting a discount while using their LSA. Everyone gets what they need without extra admin work.

Question 13

What’s the difference between LSAs and HSAs/FSAs?

Answer 13

LSA: Post-tax, flexible account for wellness or lifestyle expenses.
HSA/FSA: Pre-tax, used for medical or dependent care expenses.

An employee uses an HSA to pay for doctor’s visits and medical expenses, which are pre-tax and reduce their taxable income. Meanwhile, they use their LSA for wellness, like a new standing desk or gym membership, which is post-tax and treated as regular income.

Question 14

How does Forma help companies save money?

Answer 14

By consolidating benefits into LSAs, employees are more likely to use them, avoiding waste.

In the past, a company offered employees a $100 monthly fitness reimbursement, but only 30% of employees used it. With Forma, employees can now use that $100 on anything wellness-related, leading to 90% engagement. The company no longer wastes money on unused benefits.

Question 15

What strategic priorities does Forma align with for the C-suite?

Answer 15

Cost savings: Reduces waste on unused benefits.
Retention & attraction: Offers modern, flexible benefits that keep employees engaged.
Efficiency: Simplifies operations by consolidating benefits into one system.
Global reach: Manages benefits globally, ensuring consistency.

The CFO is looking for ways to cut costs. Forma helps by preventing wasted spend on unused benefits. Meanwhile, the CHRO is focused on improving employee retention and engagement, and Forma offers a personalized benefits experience that attracts and retains top talent.

Question 16

Why does the C-suite care about Forma?

Answer 16

Cost control: Reduces benefit costs by avoiding unused benefits.
Talent management: Keeps employees engaged with personalized benefits.
Operational efficiency: Simplifies HR’s workload by consolidating benefits into one platform.

Question 17

What are “above the line” problems?

Answer 17

Strategic issues like cost savings, employee retention, and operational efficiency.
Forma helps reduce costs, attract talent, and simplify operations.

Question 18

What are “below the line” problems?

Answer 18

Day-to-day issues like managing vendors and reimbursements.
Forma automates processes and consolidates benefits to reduce HR’s workload.

Question 19

How does Forma improve employee retention?

Answer 19

Employees get benefits they actually use, like fitness, childcare, or wellness, leading to higher satisfaction and retention.

Employees at a company are disengaged with outdated benefits. Forma offers flexible LSAs where employees can choose the benefits they actually want. Engagement rises, and turnover decreases as employees feel more valued.

Question 20

How does Forma help with global workforce management?

Answer 20

Forma manages benefits for employees across different countries, ensuring consistency and compliance with local regulations.

A global company with employees in 10 countries uses Forma to offer the same flexible benefits across all locations. Employees in different regions have access to the same platform, making benefit management consistent and compliant with local laws.

Question 21

What are the key “above the line” benefits Forma provides to the C-suite?

Answer 21

Cost savings by reducing waste on unused benefits.
Improved talent attraction through personalized, flexible benefits that align with modern employee expectations.
Operational efficiency by consolidating benefit management into one platform, reducing overhead and complexity for HR teams.

Question 22

What are the key “below the line” benefits Forma provides to HR and operations teams?

Answer 22

Simplified administration by using one platform to manage multiple types of benefits, reducing the burden of juggling different systems and vendors.
Increased employee engagement as employees can tailor their benefits to their personal needs, boosting overall satisfaction.
Automated processes like reimbursements, eliminating manual paperwork and saving HR time.

Question 23

What types of expenses can employees use LSA money for?

Question 24

What are the key “below the line” benefits Forma provides to HR and operations teams?

Answer 24

1. Simplified administration by using one platform to manage multiple types of benefits, reducing the burden of juggling different systems and vendors.
2. Increased employee engagement as employees can tailor their benefits to their personal needs, boosting overall satisfaction.
3. Automated processes like reimbursements, eliminating manual paperwork and saving HR time.

Example sentence: Forma provides a streamlined solution for managing employee benefits.

Question 25

What types of expenses can employees use LSA money for?

Answer 25

Employees can use LSAs for wellness, fitness, childcare, commuting, mental health services, professional development, or other lifestyle-related expenses as defined by their employer. ## Footnote Example sentence: LSAs offer employees flexibility in utilizing funds for various needs.

Question 26

How does Forma handle different employee needs?

Answer 26

Forma allows companies to customize benefits based on employee roles and preferences, so corporate employees might have access to different benefits compared to warehouse workers. This flexibility helps meet diverse needs across the workforce. ## Footnote Example sentence: Forma's customizable benefits cater to the unique requirements of various employee groups.

Question 27

How does Forma help companies with unused benefits?

Answer 27

Any unspent LSA funds don’t get paid out, meaning the company keeps those funds, which prevents money from being wasted on unused benefits. ## Footnote Example sentence: Forma's approach ensures efficient utilization of allocated benefits.

Question 28

What is Forma’s overall value to companies?

Answer 28

Forma saves companies money by reducing wasted benefits, simplifies administration for HR, and increases employee engagement by offering flexible, customizable benefits like LSAs that employees can tailor to their needs. ## Footnote Example sentence: Forma enhances organizational efficiency and employee satisfaction through its comprehensive benefits platform.

Question 29

What is Nate Nasralla’s “Which Means” framework?

Answer 29

The “Which Means” framework connects a problem to a bigger company issue. It works like this: 1. Problem: Identify a specific problem. 2. Which Means: Show how that problem causes other, bigger problems for the company. 3. Bigger Company Problem: Link it to an important business priority (e.g., cost savings, growth, employee retention). ## Footnote Example sentence: 'The 'Which Means' framework helps to connect small problems to larger business objectives.'

Question 30

How do you use the “Which Means” framework in a demo?

Answer 30

Start with a problem: Describe a specific challenge your buyer faces. Use “Which Means”: Explain how that problem creates bigger issues. Link it to a company goal: Show how solving the problem impacts broader company objectives. ## Footnote Example sentence: 'In a demo, you can use the 'Which Means' framework to illustrate the impact of a problem on the company's overall goals.'

Question 31

How does the “Which Means” framework apply to HR managing benefits at Forma?

Answer 31

Problem: “Right now, you’re using multiple systems for wellness, commuting, and stipends.” Which Means: “Which means your HR team is spending too much time managing these, instead of focusing on bigger priorities.” Bigger Company Problem: “This impacts your ability to improve employee retention and could increase costs.” ## Footnote No additional information.

Question 32

How can the “Which Means” framework highlight the problem of disengaged employees at Forma?

Answer 32

Problem: “Employees are not using their current wellness benefits.” Which Means: “Which means the company is spending money on programs employees don’t value.” Bigger Company Problem: “This impacts employee satisfaction and retention, which can hurt your ability to attract and keep top talent.” ## Footnote No additional information.

Question 33

How does the “Which Means” framework help connect small problems to C-suite priorities?

Answer 33

By using “Which Means,” you can take small, specific problems (like inefficient benefit systems) and connect them to bigger issues that C-suite cares about, like cost savings, employee retention, and operational efficiency. ## Footnote No additional information.

Question 34

What’s an example of using “Which Means” to talk about time spent on benefit admin?

Answer 34

Problem: “Your HR team spends hours each week managing multiple benefit systems.” Which Means: “Which means they have less time to work on strategic projects.” Bigger Company Problem: “This limits your ability to scale efficiently and keep costs down.” ## Footnote No additional information.

Question 35

Give an example of the “Which Means” framework for disconnected benefit systems at Forma.

Answer 35

Problem: “Your benefits are managed across different platforms.” Which Means: “Which means employees are confused about how to access them, leading to low engagement.” Bigger Company Problem: “This can lead to higher turnover and increased hiring costs.” ## Footnote No additional information.

Question 36

What buyer-centric question could you ask to frame the “Which Means” framework at Forma?

Answer 36

Question: “How much time do you think your HR team spends managing multiple systems right now?” Use “Which Means”: “Which means they have less time for strategic work, like improving employee retention.” Bigger Picture: “How would consolidating these systems free them up for more important initiatives?” ## Footnote No additional information.

Question 37

How would you frame the “Which Means” framework for a company with disengaged employees?

Answer 37

Question: “How much engagement do you see with your current wellness programs?” Use “Which Means”: “Which means your company could be spending on benefits that aren’t valued by employees.” Bigger Picture: “If we could reallocate that budget to benefits employees really use, how would that impact retention?” ## Footnote No additional information.

Question 38

How does Forma’s solution to rising costs fit into the “Which Means” framework?

Answer 38

Problem: “Benefit costs are rising each year.” Which Means: “Which means the company is spending more on unused benefits.” Bigger Company Problem: “This directly impacts your bottom line, and addressing it could lead to significant cost savings.” ## Footnote No additional information.

Question 39

How does the “Which Means” framework help show the value of consolidated benefit systems?

Answer 39

Problem: “Right now, you’re managing wellness, stipends, and commuter benefits on different platforms.” Which Means: “Which means HR spends too much time on administration.” Bigger Company Problem: “This inefficiency could be holding back strategic growth or cost-saving projects.” ## Footnote No additional information.

Question 40

What is Open Enrollment?

Answer 40

Open enrollment is the period when employees can sign up for, change, or update their benefits (like health insurance, dental plans, or wellness programs) for the next year. It’s the only time of year (besides major life events) when employees can make changes to their benefits. ## Footnote Example sentence: During open enrollment, employees can choose to switch from their current health plan to a different one.

Question 41

When does Open Enrollment typically happen?

Answer 41

Open enrollment usually happens once a year, typically in the fall (October or November), but the exact time can vary by company. ## Footnote Additional information: Some companies may have open enrollment in the spring instead of the fall.

Question 42

How long does Open Enrollment last?

Answer 42

Open enrollment typically lasts between 2 to 4 weeks, giving employees enough time to review their benefits and make decisions for the next year. ## Footnote Additional information: The duration of open enrollment may vary depending on the company.

Question 43

What is it like for HR teams during Open Enrollment?

Answer 43

HR teams are extremely busy during open enrollment. They’re juggling answering employee questions, managing multiple benefits vendors, sending reminders, and ensuring everything gets done before the deadline. It’s a hectic, stressful time because they have to help everyone make the right choices by a strict deadline. ## Footnote Example sentence: HR teams work long hours during open enrollment to ensure everything runs smoothly.

Question 44

How does Forma help during Open Enrollment?

Answer 44

Forma simplifies the process for both HR and employees by consolidating benefits into one platform (like stipends, wellness programs, and LSAs). This reduces the number of vendors HR has to deal with and makes it easier for employees to understand and select their benefits. ## Footnote Example sentence: Using Forma streamlines the benefits selection process for both HR and employees.

Question 45

Is Open Enrollment a good time to buy Forma?

Answer 45

No, open enrollment is usually not the best time to introduce a new system like Forma. HR teams are already too busy and stressed to learn a new platform. The best time to buy Forma would be before or after open enrollment, giving HR teams time to get everything set up and ready. ## Footnote Additional information: Introducing a new system during open enrollment may cause disruptions and increase stress for HR teams.

Question 46

When is a better time to buy Forma?

Answer 46

The best time to buy Forma is either before or after open enrollment. This way, HR teams have time to set up the platform, train employees, and make sure everything is ready for the next enrollment period. ## Footnote Additional information: Implementing Forma outside of open enrollment ensures a smoother transition and better preparation.

Question 47

What’s a real-world scenario of what HR goes through during Open Enrollment?

Answer 47

Imagine you’re Sarah, an HR manager. You have 500 employees all asking questions about which health plan to choose, how much dental insurance costs, and whether they need to update their dependents. You’re overwhelmed with emails, phone calls, and tight deadlines. Then, a sales rep asks if you want to buy a new benefits platform. As much as you want to make things easier, you don’t have time to even think about it right now. ## Footnote Example scenario: Sarah, the HR manager, struggles to handle the workload during open enrollment due to the high volume of employee inquiries and tasks.