Employee Discounts are a popular employee benefit
But, what are they and how do they work? Find out...
In the UK, there has been a rise in the overall cost of living, which could be impacting your employees' financial wellbeing. If your employees are worried about their finances, it can cause stress and lack of sleep, which can affect their mental health.
As an employer, there are many ways you can support your employees' financial wellbeing. From offering an Employee Assistance Programme to giving advice on any money related worries, financial education or salary sacrifice products. You could also offer employee discounts!
Here’s everything you need to know about offering an employee discounts scheme…
What is an Employee Discount Scheme?
To put it simply, an employee discount scheme is a way for you to help your teams save money on everyday purchases. Whether it’s cashback on the weekly shop or an eVoucher to help them save on the latest tech.
Plus, they’re a really popular employee benefit, and it’s easy to see why! As these everyday savings can add up over the year to really make a difference to your teams’ financial wellbeing.
But it's not just great for employees – there's plenty of benefits for employers, too.
Employee Discount Scheme - Benefits for Employers:
Discount schemes aren’t just great for your employees! There's also an incredibly strong business case for offering them.
For businesses who aren’t in the position to offer pay rises employee discounts can help. The savings from employee discounts can actually work out at far more than someone would receive from a typical pay increase – particularly one in rise with inflation.
This can go a long way to improving staff retention and employee engagement, both of which are key right now with the war for talent that employers are facing. As employee discounts create an organisational culture that really cares about the people who are a part of it, making them feel more valued, and more likely to stay. Your employees will also come to rely on your discounts as part of their monthly budget, too, making them less likely to leave you for someone who isn't offering the same.
How do Staff Discounts Work?
There are a few ways staff discounts can be delivered. Some companies will create their own discount card to give out to employees and organise deals with venues, retailers and so on that give money off when their employees show their card. This can be a nice gesture, but it does take a lot of effort – organisations will have to source these deals and discounts themselves, and it may mean giving something in return.
More commonly, companies will use an employee discount provider – someone who's already worked out these arrangements with the UK's biggest brands. It suits a win-win all round, because it increases the brands reach to a wider audience, and it suits the companies getting the discounts because they don't have to do the legwork to build and maintain these relationships.
One way discounts can then be accessed is through a dedicated discount platform. Another is in the form of gift cards, vouchers and e-vouchers that employees can purchase, receiving more in voucher value than they paid in cash. This can be done on an ad-hoc basis, or employees can choose to automatically deduct money from their salary every month to put towards vouchers.
How We Can Help:
We can help your employees’ wages stretch further with our exclusive money-saving deals on everything! From everyday essentials to luxury and leisure activities, our employee discount scheme can help your people save money. Speak to one of our experts today to find out more.