Why Should You Offer Employee Discount Benefits?

August 8, 2023

Categorised in: Employee Benefits

When it comes to attracting and retaining top talent in a competitive job market, sometimes, salary alone isn’t enough. Employees are becoming more focused on the benefits a company can offer that will improve their work-life balance and overall wellbeing before accepting a job offer.

Among the wide range of benefits a company can offer, employee discount benefits are a powerful strategy that can enhance job satisfaction for many employees.

High Street benefits

What Is An Employee Discount Benefit?

These are special offers or reductions provided exclusively to staff on various products or services and can include:

  • Savings at local restaurants
  • Special gym membership rates
  • Cashback offers at online and high street stores
  • Savings on supermarket grocery shops
  • Exclusive travel, holiday or leisure activity offers
  • Subscription service discounts
  • Savings on mobile phone contracts and household utilities

Essentially, access to an employee savings portal gives employees access to products or experiences at a more affordable rate than the general public. This can ultimately reduce their monthly expenditure and increase their disposable income, in turn boosting job satisfaction and wellbeing.

Employee financial wellbeing

Gains For Employers Offering Employee Discount Benefits

Employees are the cornerstone of most businesses. Ensuring that your employees are happy and satisified in their work and personal life benefits employers in a wide range of ways:

Boosting Financial Wellbeing And Productivity

Financial stress can significantly impact employees’ overall wellbeing and productivity. Offering discount benefits empowers staff to make smarter financial choices and stretch their hard-earned money further.

Discounts on everyday expenses such as groceries, entertainment, and transportation can help alleviate financial burdens, leading to improved financial health, higher productivity levels and, best of all, happier employees.

Enhancing Work-Life Balance

Since the pandemic, work-life balance has become more sought-after for employees across the country (and world). Discounts can play a role in supporting this equilibrium by enabling employees to afford more leisure activities.

With things such as discounted gym memberships, restaurant deals, and entertainment offers, employees can engage in enriching experiences during their free time without straining their purse strings. This contributes to higher job satisfaction and a happier, more engaged workforce.

Employee Wellbeing

Mitigating The Impact Of The Cost-Of-Living Crisis

The rising cost-of-living has become a concern for employees worldwide, and in the short-term, this crisis isn’t going away. Offering employee discount benefits is a proactive way to help staff offset the impacts of this crisis.

By providing discounts on essential and non-essential expenses, employees will feel less pressure from rising interest rates. With their monthly wage going further, employees will be less inclined to look elsewhere for a higher salary to make ends meet.

Increasing Employee Engagement

Employees are more likely to engage with and appreciate benefits packages that cater to their unique needs and desires. Employee discount benefits have a universal appeal — who doesn’t love a good discount?

Incorporating discounts into a benefits package generally leads to an overall increase in engagement and loyalty when combined with additional business perks.

A picture of someone counting money

Benefitting Company Bottom Lines

While other employee benefits such as company cars and meal allowances are an excellent addition to your benefits package, they can quickly add up as your business grows. Offering everyday discounts is one of the more cost-effective benefits you can offer, directly benefitting your bottom line.

Partnering With HIVE360 Benefits Employees And Employers

Employee discount benefits offer a win-win scenario. Employees get to enjoy exclusive deals and experiences, enhancing their personal lives, while businesses reap the rewards of a motivated, engaged, and loyal workforce.

If you’d like to discuss offering an industry-leading comprehensive benefits package to your employees, get in touch with us here.