Improving corporate culture is one way of creating better workplaces and improving employee retention. Learn how an employee discount program can help.
It’s no secret that there is currently a major labor shortage in the U.S. As companies struggle to find new workers to fill vacancies, identify remote work solutions, and keep their businesses afloat, it becomes more important than ever to keep current employees satisfied.
Focusing on corporate culture is one way companies can improve employee engagement, bolstering morale during these difficult times while reducing turnover in the future. Here’s some important information on how employee discount programs can help.
What Is an Employee Discount Program?
Employee discount programs allow employees to purchase products and services at a reduced rate. Although some programs give discounts only on products and services that a specific company offers, others allow employees to log in to a platform and receive rewards from numerous partnered companies.
Certain employee discount programs may allow employees to:
- Purchase items through a payroll deduction rather than with a card
- Shop online rather than directly in a retail store
- Buy items through a variety of retailers and receive their employee discount
How Can a Discount Program Improve Company Culture and Employee Engagement?
Financial stressors can distract employees at work and make them more likely to seek employment elsewhere. Studies show that 82% of employees working full-time say that they have financial stressors, and 37% spend two to three hours each week worrying about or dealing with finances.
Offering an employee discount is an easy, cost-effective way to help these employees afford the things they need. As a result, financial stressors are likely to impact work less. Discount programs can also bolster sales if they encourage employees to shop with the company’s brand rather than with a competitor, and they allow employees to give more accurate reviews of their company’s products to customers because they’ll be more likely to have tried those products themselves.
How Can Employers Kick-Start Their Employee Discount Program?
There are three major ways a company can start an employee discount program for its employees.
The first option is for companies to offer discounts on products they directly sell. This can be the easiest one for companies to implement, as they can essentially create a coupon in their system that gives a certain percentage off the total purchase price when it confirms that the person checking out is an employee.
The second option is for companies to partner with businesses in their community. Many companies may be happy to offer employees perks as long as their employer puts their logo on their employees’ perk cards. This is an easy, low-cost way for community partners to advertise their services and increase overall sales in the community.
The final way to start an employee discount program is to partner with a national perks program such as Corporate Perks, Great Work Perks, Working Advantage, or BenefitHub. These types of services charge a nominal fee to the employer but often offer great discounts that can greatly improve employee engagement and morale.
How Can Companies Improve Their Corporate Culture Today?
Here at Benefit One, we are dedicated to creating better workplaces where all employees can thrive. Learn more about our innovative solution and how we can help companies improve employee happiness in their offices, reducing turnover by improving employee engagement.