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Employers are finding themselves in a fierce market when it comes to attracting and retaining top talent. At the start of 2022, UK job vacancies hit almost 1.3 million.
One way employers are looking to stand out from the crowd is by offering tangible benefits such as employee discount schemes.
But what exactly are employee discount schemes and what benefits do they offer?
A discount scheme is a way of helping employees salaries stretch further. Using an online portal they can access hundreds of savings for a wide range of retailers.
They are easy to set up and have the potential to save employees hundreds if not thousands of pounds a year.
With a wide range of retailers to choose from, discount schemes can offer all staff a great benefit.
As an employer you want to offer benefits which offer real value to employees, however it is always nice if they can offer you benefits too. Discount schemes do just this. We’ve outlined how below.
Employee discount schemes are a valuable benefit which are very cost effective. Unlike some other benefits, there are no costs attached to setting one up.
As an employer you will just pay a monthly subscription payment. The amount you pay will be based on the number of employees you want to give access too.
Some platforms cost as little as £5 per month, per employee. So if you have 10 employees you would pay a monthly fee of £50 a month. This is a small price to pay when you compare it to the potential savings on offer.
Employee discount schemes aren’t just cost effective. Unlike other employee benefits such as workplace pensions or salary sacrifice schemes, they are very easy and quick to set up.
Most providers will do all the heavy lifting for you. As an employer all you have to do is pay your monthly fee and provide a list of employees you want to give access too.
As soon as your employees’ access has been set up, they can start taking advantage of the discounts on offer.
Employee discount schemes are a great way to show employees you care about their wellbeing not just at work. They can make them feel valued and show you as an employer are willing to go the extra mile for them.
The more valued an employee feels, the more likely they are to engage with you as an employer. The more engaged an employee is, the more loyal and hardworking they become.
Joseph Toft
Employee Benefits Consultant
As mentioned above employee discount schemes can help employees to feel valued and engaged. When you have a workforce who feel this way, productivity levels naturally increase.
With higher levels of productivity employers can quickly offset the cost of a discount scheme.
When looking for new roles, employees look for more than just a good salary. This is why employers need to offer a comprehensive employee benefits scheme.
Tangible benefits like employee discounts can make a big difference to employees everyday lives. With the potential to save them hundreds, if not thousands of pounds a year. Because of this they can really help an employer to stand out from their competition.
Not only can employee discount schemes help employers to recruit top talent, they can also help them to keep it.
With access to great benefits and a feeling of appreciation employees are less likely to want to leave.
For an employee the main benefit of a discount scheme is that it can help them to save hundreds of pounds a year.
Discounts are available for supermarkets, travel companies, fashion brands and more. With a wide range of retailers to choose from, all employees will be able to find savings to take advantage of.
The more an employee uses the scheme the more they will be able to save. By helping to reduce the cost of everyday essentials in particular, employees will be able to see their income stretch that much further.
We’ve put some examples of the savings your employees could benefit from below.
Potential Savings | |
|---|---|
Type Of Retailer | Monthly Cost |
🛒 Food and Groceries | £400 |
🍔 Restaurants, bars and food delivery | £230 |
👖 Fashion and accessories | £170 |
🎟 Days out and experiences | £100 |
✈️ Travel | £200 |
🍏 Health and wellness | £60 |
🏡 Home, garden and pets | £100 |
🚘. Motoring and Fuel | £350 | Total Savings | £1,610 |
Whether its discounted gym memberships, low cost cinema tickets or supermarket savings, an employee discount scheme can help save employees money.
There is nothing worse for an employee than working hard and not feeling valued for what they do.
A benefit such as an employee discount scheme can help to show that as an employer you do appreciate your staff. Also it shows that you care about their wellbeing outside of work.
It might sound simple, but making employees feel valued can be very powerful. It can lead to higher levels of job satisfaction, improved mental wellbeing and increased motivation.
The cost of living is rising and employees purse strings are having to stretch further. With this in mind it’s no surprise that money worries are one of the top reasons employees report feeling stressed.
An employee discount scheme can help to alleviate this stress by reducing an employees monthly outgoings. Savings can be made on everyday essentials such as food and travel, freeing up some money which can be spent elsewhere.
Reducing financial pressures using discounts can help improve an employees financial wellbeing. Not only this it can also lead to improved mental health as money becomes less of a worry.
Adding any employee benefit to your company, whether it is the first or not, can be challenging. We understand this too well which is why we are on hand to help.
Being specialists in this field we can do all the heavy lifting for you. Whether you want to set up an effective reward scheme, review your current workplace pension, or protect your workforce, we can help.
Employee benefits can be a headache. But our specialists do this day-in, day-out, offering first class service when you need it most. Here’s why you should talk to us:
