Employers are facing an extremely competitive market in finding and keeping the best talent. As of the beginning of 2022, UK job vacancies hit close to 1.3 million.
One method employers are using to make their company stand out is to offer tangible benefits, such as discount programs for employees.
But what exactly are discount schemes, and what benefits can they provide?
Discount schemes are an opportunity to help employees’ pay more. Through an online portal, they will be able to access hundreds of savings on various merchants.
They are simple to set up and possess possibility of saving workers hundreds, if not thousands of dollars a year.
With a variety of stores to select from Discount schemes can provide employees a significant reward.
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 9 %
Experiences and days out with up to 20 percent
Entertainment Up to 20 percent
Travel up to 15 percent
Health and wellness up to 20 percent
Garden and home Up to 10 10%
Benefits of Employee Discount Schemes for Employers
As an employer , you must to provide benefits that offer the best value to your employees. It is always beneficial to give you benefits as well. Discount schemes are a great way to do 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 the creation of a discount scheme.
As an employer , you simply make a monthly payment. What you will pay is dependent on the amount of employees you wish to grant access to.
Some platforms are as cheap to PS5 per month per employee. If you have 10 employees, you’d have to pay PS50 each month. It’s a tiny amount to pay when compared with the savings you could get from an the offer.
Easy and Quick to Set Up
Discount schemes for employees aren’t just cost-effective. Contrary to other employee benefits, such as workplace pensions and salary sacrifice plans they’re very simple and fast to set up.
Many providers will take care of all the work for you. As an employer , all you need to pay the monthly fees and give the list of employees that who you wish to grant access to.
Once access for your employees has been established and they have access to the internet, they are able to take benefit of the discounts available.
Increase Employee Engagement
Discounts for employees can be a fantastic opportunity to show employees that they are important to your well-being and not just at work. They will help them feel appreciated and demonstrate that you as an employer you are willing to go above and beyond to help them.
Higher Productivity levels
Like we said, discount programs for employees can assist employees feel appreciated and engaged. If you have employees that feels this in a way, their productivity will naturally rise.
In the event of higher productivity levels, employers are able to quickly reduce the expense of a discount program.
Attracting top Talent
When they are looking for new jobs the employees are looking for more than a high pay. That’s why employers have to provide an extensive employee benefits plan.
Employee discounts and other tangible benefits could make a significant impact on the lives of employees. They can help them save hundreds or even thousands of pounds per year. This can help the company make their company stand out from the crowd.
Retaining the top Talent
In addition to helping employees save money, discount programs help employers attract top talent, but they also aid employees to retain it.
With the benefit of fantastic benefits and an atmosphere of satisfaction, workers are more likely decide to quit.
Benefits of Discount Schemes For Employees
Everyday Savings
For employees, the primary reason to have a discount scheme is that it will allow them cut down on the cost of hundreds of pounds each year.
Discounts are offered to retailers, travel agencies as well as fashion brands. With a range of retailers available everyone can avail savings of.
The more a person uses the scheme , the more can save. Through helping reduce the cost of essentials for everyday living specifically the workplace, employees can see their earnings stretch more.
If it’s discount gym subscriptions free tickets to the cinema or savings at the supermarket discounts for employees can save employees money.
Feeling Valued
There’s nothing more disappointing 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 appreciate your employees. It also shows that you are concerned about their health beyond working.
It may seem simple it sounds, but creating a sense of belonging for employees is a powerful thing. It can result in increased levels of satisfaction with work better mental wellbeing, and greater motivation.
Increased Mental and Financial Wellbeing
Living costs has been rising and the pockets of employees have to be stretched even further. In light of this, it’s not a surprise that financial 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. You can save money by reducing the cost of everyday necessities, such as meals and travel, freeing up money that can be put to use elsewhere.
The reduction of financial stress through discounts can improve an employee’s financial health. This can help improve mental well-being as money is less of a source of stress.
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