Home Business Research 4 Employee Discount Schemes to Explore

4 Employee Discount Schemes to Explore

Employee discount schemes provide your staff with discounted services or products. These might include shopping discount vouchers or mental health support services. The purpose of these schemes is to help your workforce save money on everyday expenses, whilst boosting staff morale, helping with productivity and improving their well-being in general. So, what are some discount schemes your organisation could explore?

1.    In-house Discounts

A bonus of offering in-house discounts is that it doesn’t require any negotiations or deals with other companies outside your organisation. In-house discounts are essay ways to reward your staff. On top of this, it also encourages them to use your business’s services or buy your products, creating more revenue for your business

2.    Mental health support

Looking after your staff’s mental health will be beneficial to your company because it boosts productivity and staff morale. A recent study found that 90% of survey respondents said healthcare is an extremely or very important employee benefit. There are various ways in which you can support your employee’s mental health through discount schemes.

One method could be to give them access to therapy or telehealth, whether you pay for the full session or offer discount vouchers for their sessions. Another method could be to offer group meditation and mindfulness classes. Both methods give your employees the chance to tune in to their emotions, which is helpful for supporting their well-being.

3.    Retail discount vouchers

Retail discount vouchers for local businesses and shops are a fabulous way to showcase how much you care about your employees. Some good ideas are cinema tickets, gym memberships, petrol stations and gift cards.

4.    Online cashback

Online cashback will give an employee a percentage of discount when they buy from a retailer’s website, through the use of a unique link. Employees would need to pay the full at first but the discount would go back into their account later. These are popular forms of discount schemes amongst employees, especially for retailers they shop at often.

How to start an employee discount program?

An employee discount program will give employees the chance to get a variety of products and services at a discounted price. It is important to choose an employee discount scheme that best fits your needs. You need to think carefully about what your goals are for implementing g a discount scheme in the first place.  So, how to start an employee discount program?

Organisations should use an advantage platform to offer their workforce the best discounts with personalised content to best suit their brand.  Employees will get the opportunity to use a range of discounts, covering high-street shops, local businesses, supermarkets and online retailers to enable them to make savings.

One of the benefits of employee discount schemes is how fast they can be implemented within a company. Ideally, you should create a communication strategy to help introduce the scheme to your employees.

After launching the scheme, always keep the initial aims you wanted to accomplish from the scheme in mind and look back to see if these goals are being met. Keep track of metrics like engagement, turnover, and discounts redeemed to help you track whether your goals are being met.

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