Morningstar logo

Morningstar Case Study

From Education Stipend to Global Benefits Strategy

Learn how Morningstar transformed a legacy education stipend into a globally scalable Lifestyle Spending Account (LSA), delivering greater flexibility, stronger engagement, and a consistent employee experience across 29+ countries.

Download the Case Study
Morningstar case study cover: "Scaling a Global Flex Benefits Strategy with a Single Wallet Experience" with 86% platform registration, ~85% global participation, $5.7M+ reimbursements

Results Snapshot

13,000+
Employees Supported

Employees across 29+ countries gained access to a unified global flex stipend experience.

~85%
Participation

Strong employee adoption driven by flexible benefit design and global accessibility.

$5.7M+
Reimbursed

More than $5.7 million reimbursed through education and wellbeing benefits.

3.5
Activities Per User

Consistent engagement demonstrates ongoing value and repeat utilization.

What You'll Learn in this Case Study

  • How Morningstar expanded a legacy education stipend into a global Lifestyle Spending Account program
  • How the company maintained its education-first culture while increasing employee choice and flexibility
  • How Morningstar simplified payroll, reporting, and compliance across nearly 30 countries
  • The impact of a single wallet experience on employee participation, utilization, and engagement
  • How centralized administration enabled scalable global benefits governance
Coworkers smiling and talking around a laptop at an outdoor table in front of an office building

About Morningstar

Smiling woman with pink hair holding up papers at her desk in an office
Morningstar logo

Morningstar is a leading investment research firm known for its strong culture of learning and development. To better support evolving employee needs, the company expanded its traditional education stipend into a flexible benefits program that supports both learning and wellbeing.

Headshot of Steven Sfikas, a smiling man in a pinstripe suit and blue tie

“We don’t view benefits as a cost center—we view them as an investment in our people. By building this program directly from employee feedback, we created something more personal, easier to scale globally, and ultimately more impactful—proving that design, not dollars, drives engagement.”

Steven Sfikas,
Director of Global Benefits, Morningstar
Two smiling professionals talking at a conference

Download the Case Study

Explore More Customer Stories

Discover how HR leaders are using Espresa to deliver flexible, data-backed benefits programs that strengthen engagement, retention, and employee experience.

Read More