If you’re considering setting up a discount program for employees at your workplace you’re likely to be thinking what benefits it could provide your employees.
As we’ve seen in the previous article Employee discounts programs really are effective! They’re extremely effective and provide numerous advantages to workplaces of all dimensions and shapes. It doesn’t matter if you’re looking to add a discount program to your benefits program, or provide it as an individual benefit, it will have an effect on your workplace.
Here are our top five advantages of employee discount plans.
1. Savings in the financial markets to everyone
This is the most obvious, however it would be foolish to not include it. Discount schemes for employees provide financial savings to all!
First of all, discount plans for employees help employees save money. The amount they save is contingent on the caliber of the program, and how often they utilize it, but you’ll typically get discounts as high as 20% at some retailers as well as occasional promotions and freebies!
In essence, discount schemes for employees can help employees’ paychecks get bigger and improve their financial wellbeing overall. They are particularly successful when they provide discounts on items and services customers already purchase frequently.
Additionally, employers reduces costs by using discount programs for employees since they’re typically cost-free or extremely affordable. This means that employers can provide a fantastic perk to their employees with no cost that is too high. Additionally the employee discount scheme can aid in retention of employees (more on this later) which can save lots of money replacing employees.
2. Employee retention rates are higher.
As mentioned previously the employee discount scheme is great because they are associated with more enthusiastic, happier employees as well as higher levels of retention for employees.
Discounts for employees can increase retention of employees because they demonstrate that employers care about more than the employees their work performance. They want to provide the most for their personal lives as well. The benefit of employee discount plans is that they offer various discounts that fit all lifestyles. This means that there’s something for everyone, which makes employees feel appreciated as individuals.
Benefits and perks such as employee discount programs are typically associated with higher satisfaction at work. In fact 72% of those who participated in an Zoro study of more than 1000 employees stated that having more benefits in the workplace could improve their job satisfaction.
Practically speaking Employee discount plans are incorporated into employees’ budgets each month as time passes. It means that they’ll be less likely to seek another job and will be reluctant to part with their savings if they aren’t able to get the same deal elsewhere.
3. Attract the best talent
The job market is becoming increasingly competitive and businesses must be more proactive to set themselves above the rest. Today, it is essential to give prospective employees something more than a high pay. People who are the most successful are usually in search of complete benefits, too.
In conjunction with other benefits such as employee discount programs, they can help your business stand out from other companies and expand the pool of candidates available to you.
Employee discounts were identified as a benefit 22.9 percent of workers desired but couldn’t get in an earlier Zoro study.
4. Higher levels of employee well-being
Employee discount programs are more than just a way to make it easier for employees to save money on clothes and for holidays. They can also offer employees access to services and products that improve their overall health. Discounts like these can be hugely beneficial as they are able to be applied to wellness items that employees might be unable to access otherwise.
In the end, discount plans for employees connect to the idea of balance between work and family. Employers can give employees benefits that will help them to take care of themselves. That will mean that they’ll be feeling most at ease in their professional and personal lives.
5. Simple and simple
Another reason to be mentioned is that discount schemes for employees are easy to implement for both employers and employees. It could take days or even hours to set up and up and running. It is possible to do everything electronically, too which is particularly helpful in remote work. Whatever the situation, the fact that they’re not entangled with huge piles of paperwork and complicated processes should be a delight to the ears of HR department.
From the standpoint of an employee from an employee’s perspective, it’s simple for them to avail of the benefits discount programs can offer. The most effective platforms available enable users to search for discounts available to them, and to redeem the discounts at their own convenience. A lot of them have mobile apps along with desktop websites, which means employees have access to discounts wherever they are.
In the end Employee discount programs are benefits that don’t require much effort to implement and have a significant impact on your company and individuals.
