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 the 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 huge range of benefits a company can offer, employee discount benefits are a powerful strategy that enhances the overall employee experience.
What Is An Employee Discount Benefit?
Employee discount benefits are special offers or reductions provided exclusively to staff on various products or services. This could range from discounts at local restaurants, special gym membership rates, and reduced tech prices to exclusive travel or leisure activities offers.
Essentially, it gives employees access to products or experiences at a more affordable rate than the general public.
The Perks Of Offering Employee Discount Benefits
Boosts Financial Wellbeing And Productivity
Financial stress can significantly impact employees’ overall wellbeing and productivity. Offering employee 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.
Enhances Work-Life Balance
Since the pandemic, work-life balance has become more sought-after for employees across industries. Employee discount benefits play a role in supporting this equilibrium by enabling employees to afford more leisure activities.
With things like 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.
Mitigates The Impact Of The Cost-of-Living Crisis
The rising cost of living has become a concern for employees worldwide, and this crisis isn’t going away overnight. 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 won’t feel the need to look elsewhere for a higher salary to make ends meet!
Increases 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 with other benefits on offer.
Benefits Your Bottom Line
While other employee benefits like company cars and meal allowances are an excellent addition to your benefits package, they can quickly add up as your business grows. Offering discounts as one of your benefits is one of the more cost-effective benefits in your package, directly benefitting your bottom line.
Employee discount benefits offer a win-win scenario. Employees get to enjoy exclusive deals and experiences, enhancing their personal lives, while businesses reap the benefits of a motivated, engaged, and loyal workforce.
If you’d like to discuss offering a comprehensive benefits package that includes employee discount benefits, get in touch with us here.