As a business leader, it is important to understand employee benefits’ impact on loyalty, engagement, and retention. While traditional benefits such as health and life insurance are important, they may only sometimes be enough to keep employees satisfied and engaged. On the other hand, employee discount programs can significantly impact employee satisfaction and engagement.
These programs allow employees to save money on everyday purchases such as groceries, electronics, and clothing, as well as on experiences such as dining out, skiing, bowling, and travel. This can lead to increased employee appreciation and awareness of the value of their benefits, which can, in turn, lead to improved employee loyalty and retention.
Employee Perks Help Hire and Retain the Best Talent
Not only do employee discount programs positively impact employee satisfaction and engagement, but they can also make talent acquisition easier. Telling potential employees about a nationwide employee discount program can be a powerful selling point to help you land the candidate you want.
Statistics show that 55% of U.S. employees have left a job primarily because they found better benefits elsewhere, and 61% of employees would even take a lower-salary job if offered a better benefits plan. This highlights the importance of providing relevant and valuable benefits to attract and retain top talent.
Research shows that companies with solid compensation and benefits packages experience 56% lower attrition than those with weaker packages. This highlights the importance of offering relevant and valuable benefits to retain top talent.
Employee Perks Help Provide Work-Life Balance
Employee discount programs are also especially relevant during difficult times, such as a global pandemic. Employees may use the discounts for extras and upgrades during good times. Still, employees may rely on these discounts during difficult times to save money on everyday expenses.
In addition, these programs are flexible and can be introduced at any time, allowing businesses to respond quickly to employee needs and global emergencies. This flexibility can provide a cost-effective way to support employees’ financial wellness, becoming an increasingly important concern for many businesses.
As employers, it is vital to understand the impact that employee benefits can have on employee well-being, both inside and outside of the office. Employee discount programs such as Eat, Play… Go! can effectively support employee well-being by helping them save money on everyday purchases and experiences.
This type of benefit creates a personal connection between employees and the company and helps improve employees’ overall quality of life by allowing them to afford opportunities and experiences they may not have otherwise been able to afford.
It Keeps the Poachers Away
Effective employee retention strategies are crucial for any organization looking to maintain a competitive edge in today’s job market. One such method is offering employee discounts through programs like Eat, Play… Go!
These discounts provide tangible financial benefits for employees and serve as a powerful deterrent to poaching by rival companies. Studies have shown that companies with solid compensation and benefits packages experience a significant reduction in employee turnover, with a 56% lower attrition rate than those with weaker offerings.
Employee Perks and Rewards Drive Inclusivity
Additionally, it is essential to note that equity and inclusivity in the workplace also extend to the benefits offered by a company. Traditional perks such as 401k plans, profit sharing, and group health insurance can be limited in their utility, serving only a subset of employees within the organization.
On the other hand, employee discount programs offer value to everyone, regardless of their financial means or organizational status, by saving financially strapped staff on everyday necessities and allowing others to save on big-ticket items.
Even Companies with a Small HR Budget Can Afford it
A $.50 per hour raise for a full-time employee costs $100 per month, or $1,200 per year, and does not provide the same value as an employee discount program. These programs allow employees to save money on everyday purchases and experiences, leading to increased employee appreciation and awareness of the importance of their benefits, resulting in improved employee loyalty and retention.
All Employee Perks and Rewards Programs are NOT Created Equal
It’s worth noting that not all employee discount programs are created equal. Choosing a program with high-value deals at local and national brands is essential, covering basic necessities and fun luxuries.
Moreover, benefits are a write-off. Employee discount programs offer one of the best ROIs as they are cost-effective and can significantly impact employee satisfaction, engagement, and retention.
In summary, as a business leader, it is important to understand employee benefits’ impact on employee loyalty, engagement, and retention. Choosing a program with high-value deals at local and national brands is important, covering necessities and fun luxuries. Employee discount programs, such as Eat, Play… Go! can effectively improve employee satisfaction, engagement, and retention even on a small HR budget. It offers one of the best ROIs and can be a cost-effective way to connect with employees.
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