Keeping employees engaged and satisfied is essential to increase the productivity of our organisation and to achieve our business objectives. However, we all know that today’s job market has become highly competitive. So “winning” a professional over is not an easy task. In addition to an appealing salary, workers are also looking for extra benefits to enhance their career path. Within this context, offering employee discounts has therefore become essential.
What are employee discounts?
Employee discounts are special deals, promotions, and reduced prices an organisation offers its workforce. These can be on products or services. They can cover various categories: travel, entertainment, electronics, fashion, food, and more. Providing employees with access to exclusive discounts allows them to save money on their regular purchases.
Employee discounts can vary in scope and nature, from direct discounts on products and services to rebate programmes, special coupons or access to private sales . Some companies even establish partnerships with local or national retailers to offer exclusive discounts to their employees. This collaboration not only benefits the employees and the company culture, but can also strengthen the ties between the company and the community.
Employee discounts, why are they necessary?
When implementing a strategy to provide benefits to your workforce, opting for a discount programme is indispensable for many reasons. In the first instance, and as mentioned at the beginning, to increase the retention rate. Secondly, to generate a positive and direct impact on well-being at work.
According to a study carried out by the Harvard Business Review, a workforce that could be considered “happy” brings great benefits to companies. The report showed that employees who are happy in their jobs increase sales by 37%, improve their productivity by 31%, fall ill 2 times less per year and are 6 times less likely to miss work.
What types of employee discounts are available?
There are several types of employee discounts, designed to meet different needs and preferences. Some of the most common types include:
- Discounts on products: Employees can enjoy reduced prices on products sold by the company or on products from business partners. This can range from discounts on electronics to discounts on food, clothing, personal care products and more.
- Service discounts: Service discounts offer employees special prices on a variety of services, including gyms, spas, transport, telecommunications, insurance and legal assistance among others.
- Travel and entertainment discounts: This category includes discounts on airline tickets, hotels, car rentals, theme parks, concerts, cinemas, sporting events and other leisure activities.
- Discounts on education and professional development: Some companies offer discounts or reimbursements for pursuing ongoing educational programmes or online courses, attending workshops or conferences and for other resources aimed at employees’ professional and personal growth.
- Financial benefits: In addition to direct discounts, some companies offer additional financial benefits, such as retirement savings plans, loans at preferential interest rates, free financial advice and company stock purchase programmes.
How do I create an Employee Discount Programme?
Although there are no foolproof formulas, when it comes to designing or rethinking your current Employee Benefits and Discounts Programme it is always worth considering the following elements in order to obtain a strategy that fits both your needs and wishes and those of your employees.
- Identify the problem the programme will solve and make sure it aligns with your needs, talent recruitment or performance reward.
- Get management approval by preparing a presentation highlighting the benefits of the programme and share it with a few key team members first.
- Research different discount programmes, and evaluate their pros and cons to choose the best option.
- Think about integrating the programme with other existing benefits and determine how best to do this in collaboration with suppliers.
- Choose a discount scheme that suits your needs, offering a variety of options beyond financial well-being, including benefits for your physical and emotional health.
- Plan the implementation of the programme and how you will communicate its existence to employees to maximize its use.
- Monitor the use and success of the programme, tracking metrics such as your engagement and discounts redeemed to assess whether it is helping you achieve your initial goals.
Add a Discount Club to your Company
Creating your own discount programme can be an exhausting and overwhelming process, or you may simply not have the time or resources to do so. If this sounds familiar, remember that easy solutions for providing benefits to your whole team exist and are only one click away.
By joining a discount club such as Vip Savings you can offer your employees permanent discounts on major brands. With over €700 savings on their regular purchases, your employees will be able to get quality products and services at exceptional prices.
With Vip Savings you can give your staff access to discounts on hotels and apartments, vacations and travel, technology and appliances, restaurants, fashion and much more.
Employee discounts are key to employee retention and well-being. They offer tangible benefits, such as increased sales and productivity, while reducing absences and illnesses, and optimizing retention rates and job satisfaction. Why wait? Get your discount programme today!
