Employee Discount Programs Can Offer a Range of Benefits, Low Cost to Employers
Employee benefit packages can make a big difference to job seekers. Small businesses have the opportunity to think outside the box and provide benefits that will set them apart from the competition. Employee discount programs are a popular option that are often well-utilized when offered. Discounts can range from below-market prices on company-produced items to reduced membership fees at local businesses, to nationwide programs administered by a third party.
Discounts Are an Affordable Benefit That Employees Use
One of the best reasons to offer an employee discount program is that they're highly cost-beneficial. When employees take advantage of external discounts, they're generating business for third parties. For example, a theme park may offer discounted tickets to help them attract crowds on less-popular days. This win-win situation results in lower overall costs to provide discounts, as all parties involved benefit. As a result, most discount programs cost very little to implement and administer, though they are highly utilized by employees. According to a recent Harris poll featured in Corporate Wellness magazine, 67 percent of employees were likely to take advantage of discount programs offered through an employee portal.
Discounts as a Recruitment Tool
Small businesses may need to set themselves apart when recruiting, as larger companies may have more marketing and recruiting resources to leverage when attracting talented candidates. Unique benefits, including discount programs, are one way to accomplish this goal. Often, the breadth of a well-administrated discount program allows employees to find something that truly matches their personal interests. Discounts on local services can also assist new employees who are moving into the area and need recommendations on items such as gyms, moving companies, and local entertainment.
Help Encourage Employee Wellness
While discounted gym memberships are an obvious way to encourage employee wellness, other discount programs can also help to energize a workforce. Many of today's employees feel stress outside of work related to personal finances and work/family balance. Adding small benefits like a discount program is one way to help employees find services they need at an affordable price. Activities like vacation planning can be easier through discount programs offering reduced rates at theme parks and hotels. Legal or financial planning services provided at a discount through reputable providers may also provide employees with the opportunity they need to help manage their hard-earned dollars.
Small companies choosing to offer an employee discount program should aim to re-evaluate the benefit from time to time. Comparing available programs and their prices can uncover discount offers that best match employees' needs. Explore the options of offering an employee discount program through Paychex HR Services today.