Employers are in a competitive marketplace in recruiting and retaining the best talent. In the year 2022, at the beginning, UK job vacancies hit close to 1.3 million.
One method employers are using to make their company stand out is to provide tangible benefits, such as discount programs for employees.
What exactly are employee discount schemes, and what benefits are they able to provide?
Discount schemes are an effective way to make employees’ to stretch their salaries further. By using an online portal, they will be able to access hundreds of savings on many retail stores.
They are simple to set up and possess an opportunity to help save workers hundreds, if not thousands of pounds per year.
With an array of stores to select from discount programs can give everyone a huge advantage.
Retailers that offer employee discounts
Supermarkets: as high as 7 %
Food, bar and restaurant delivery with up to 12 percent
Accessories and fashion up to 15 percent
Electrical’s Up to 9percent
Days out and adventures with up to 20 percent
Entertainment up to 20 20%
Travel – up to 15 percent
Health and well-being – up to 20 percent
Garden and home Up to 10 10%
Benefits of Employee Discount Schemes for Employers
As an employer , you must to offer benefits that provide an actual benefit to employees. It is always beneficial to provide benefits to you too. Discount schemes can do exactly this. We’ve explained how below.
Low Cost Benefit
Discounts for employees can be a great benefit and can be very cost-effective. Contrary to others, they aren’t any expenses associated with creating one.
Employers simply pay a monthly subscription fee. What you will pay for will be dependent on the number of employees that you wish to grant access to.
Certain platforms can cost as low at PS5 per month per employee. For example, if you had 10 employees, you’d have to be paying a monthly cost of PS50 per month. This is a low cost to pay when compared with the savings you could get from an the offer.
Simple and Quick To Set Up
Employee discount plans aren’t only cost-effective. Contrary to other employee benefits, like workplace pensions or salary sacrifice programs They are simple and quick to establish.
Many providers will take care of all the work for you. Employers, all you need be required to do is to settle the monthly fees and give the list of employees that who you wish to grant access to.
When access for your employees has been established you can allow them to take advantage of the discount available.
Enhance Employee Engagement
Discount schemes for employees can be a fantastic opportunity to show employees that how much you value their well-being and not just at work. They will help them feel appreciated and show that you as an employer you are willing to go above and beyond to help them.
Higher Productivity levels
As previously mentioned, discount programs for employees can assist employees feel appreciated and engaged. If you have employees who feel that in a way, their productivity will naturally rise.
With higher levels of productivity, employers can easily offset the costs of discount schemes.
Attracting the best Talent
In the search for new positions the employees are looking for more than just a decent pay. That’s why employers have to provide an extensive employee benefits plan.
Benefits that are tangible like discounts for employees can make a huge impact on employees’ lives. They can help them save hundreds or even thousands of pounds per year. They can help employers make their company stand out from the crowd.
Retaining the best Talent
Employee discount programs help employers find top talent, but they also aid in keeping it.
With fantastic benefits and an atmosphere of satisfaction, the employees will be less inclined be tempted to leave.
Benefits Of Discount Schemes for Employees
Everyday Savings
For employees, the primary advantage of a discount plan is that it will allow them reduce their expenses by hundreds each year.
Discounts are offered for businesses that sell travel, supermarkets fashion labels, and other. With a variety of stores to select from everyone will have the opportunity to avail savings of.
The more time an employee utilizes the program, the more they will save. Through helping reduce the price of daily necessities particularly workers can see their money stretch more.
It doesn’t matter if it’s discounts on gym memberships or cheap tickets to the cinema or savings at the supermarket discounts for employees will help employees save money.
Feeling Valued
There’s nothing more frustrating for an employee to be working long hours and not feeling appreciated for the work they do.
Benefits like a discount for employees scheme could help prove your employer that you value your employees. It also shows that you care about their well-being beyond working.
It may seem simple it sounds, but creating a sense of belonging for employees can be extremely effective. This can lead to increased levels of satisfaction with work as well as improved mental health and greater motivation.
Increased Mental and Financial Wellbeing
Cost of living is increasing and the pockets of employees have to be stretched even further. In light of this, it’s not surprising that money stress is among the most common reasons for employees to are feeling stressed.
A discount program for employees could assist in relieving stress by reducing the monthly expenditures. The savings can be made on daily necessities like meals and travel, freeing the funds to be put to use elsewhere.
Discounts and reductions in financial burdens can aid in improving an employee’s financial health. In addition, it could help improve mental wellbeing as money becomes less of a concern.
