Unlocking Savings: Tips and Tricks for Making the Most of Your Employee Discount Program

Employee discount programs allow team members to buy a variety of goods and services at a reduced price, usually through a specific platform. More than 80 percent of full-time workers experience financial stress. These discount programs help team members stretch their budgets and may allow them to enjoy experiences or products they might not otherwise be able to afford.

Benefits of Discount Programs

Corporate discount programs offer several key advantages to your company. They improve the comprehensiveness and personalization of your benefits package. Personalized benefits are critical in today's diverse workforce.

A good employee benefits package will also boost employee retention. Improved employee retention significantly enhances your organization's success; studies show you'll have to spend an amount equal to six to nine months of an employee's salary to replace employees who leave.

Corporate discounts can also make you a more effective recruiter and raise employee engagement. Engaged employees perform better, which makes your bottom line look better. A comprehensive discount program can also improve relationships and employee morale. The programs introduce employees to various brands and services, and employees can share their experiences and recommend brands to each other.

Finally, corporate discounts optimize your spending. They are less expensive than many other benefits and have great ROI potential.

To receive the greatest advantage from your discount program, you'll want to choose wisely.

Maximizing Employee Discounts

Here are a few tips to help you choose programs that will give your team the best discounts.

Understanding Available Discounts

Today's workforce is diverse, so you want to offer discounts on a wide range of products and services. The most comprehensive programs offer discounts on almost everything, including:

• Specialized health insurance products, such as critical illness insurance, hospital indemnity coverage, and pet insurance.
• Auto and home insurance
• Everyday big-ticket purchases, such as cars and appliances
• Electronics, including computers, tablets, phones, and mobile phone service
• Travel, including hotels, car rental and transportation
• Entertainment, including restaurants and theater, concert, and sporting events tickets
• Wellness products and services, such as gym memberships, home workout equipment, spa services, and yoga classes
• Legal services
• Financial planning or other financial support services
• Home office products, especially those that make remote work easier

Utilizing Stacking Opportunities

The best discount programs will allow your team members to stack discounts. Stacking discounts occurs when the employee uses their corporate discount on top of other discounts the merchant may offer. For example, your corporate discount program might allow team members to buy a washing machine at 15 percent off the typical retail price. A washer manufacturer may also be offering a 10 percent discount. If the program allows stacking, the employee could save 25 percent.

Timing Purchases Strategically

Employees will get the most for their money if they plan their purchases to coincide with seasonal or holiday discounts. For example, cruise companies typically offer discounts for booking during January and February. Employees who book during those months will get the seasonal discount that everyone receives plus their employee discount. You can show your employees you care about them by actively promoting the best times to save.

Sharing Discounts with Family and Friends

Some corporate discount programs allow employees to share their memberships with family members or friends. Some limit sharing only to dependents, while others include extended family or a certain number of people the employee designates. These sharing programs significantly boost employee morale by allowing employees to give something of value to others.

Pay Over Time

About half of the employees in a recent Harris survey said they valued discount programs that allowed them to pay for large purchases over time through payroll deduction. Some companies will increase employee loyalty by choosing programs that offer this option.

Key Takeaways

• Employees who are satisfied with their benefits are 1.6 times more likely to be productive, 1.5 times more likely to be engaged, and 1.5 times more likely to be loyal, according to a MetLife study.
• Employee discount programs are a popular benefit because they allow your team members to stretch their dollars and save on goods and services they would often buy anyway. They also allow employees to afford goods they may otherwise be unable to afford.
• Offering a discount program is an inexpensive way for your company to improve employee engagement and retention.
• When shopping for the best discount program, know what your employees value and look for programs that speak to these values.
• When choosing a program, consider how much your employees can save. Programs that let employees stack discounts or share discounts with family and friends provide the most value for your dollar.
• Once you choose a discount program, communicate regularly about it.
• Remind employees of the best time to buy certain goods so they can maximize their savings. You can also highlight popular events or products to pique interest.

Enhance your employee's experience. Join the more than 40,000 employers in using the world's most popular discount program, Working Advantage.