Finance

3 Reasons Why You Should Develop an Employee Discount Program For Your Company

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Believe it or not, the majority of your employees would rather have a better work-life balance than a raise.

What incentives can you offer that would impact not just your employees’ paychecks, but their life outside of work, too?

Creating an employee discount program can help your employees better manage their budget without sacrificing the consumer habits they love. Plus, employee discount programs can be equally beneficial for the company!

Read on for 3 reasons that you should consider developing an employee discount program today.

What Is an Employee Discount Program?

At its core, an employee discount program offers all employees either rewards or a set percentage off of goods they purchase through your company. However, the world of employee discount programs is rapidly expanding, which means that even employers who don’t sell products can offer discounts as an incentive.

Visit Lifeworks.com to find out more about how you can offer your employees discounts on everything from gym memberships to amusement park tickets.

Why Are Employee Discount Programs a Good Idea?

Every aspect of an employee discount program is just as beneficial to your employees as it is to the company, itself. How? Let’s talk about the three biggest benefits of implementing an employee discount program.

1. Appeal to New Hires

The job market is competitive and it goes both ways. Finding the perfect candidate means attracting them to the position and giving them a good reason to choose you over another employer.

More and more companies are offering new hires opportunities for upward mobility, all-inclusive healthcare, and flexible work hours. When you offer an employee discount program that extends beyond the products or services you provide in-house, you stand out from the pack and offer a unique benefit.

2. Increase Employee Retention

As we mentioned earlier, many employees are looking for a better work-life balance from their employer. Many will go out in search of another job that allows for those opportunities if they’re not getting it from their current position.

When you offer an employee discount program, you give your employees the opportunity to explore their city and enjoy their free time without spending as much money. Getting those discounts, coupons, and gift cards from you will increase the chances that they’ll stick around longer, lowering your turnover rate.

3. Boost Morale

The biggest reason to up your employee benefits is to boost workplace morale. The happier your employees are with you, the happier they’ll be at work!

Improving workplace morale is a guaranteed way to increase productivity. Making investments in your employees can translate to faster, higher-quality work that ultimately brings in more money for the company.

Give Your Employees Something to Smile About

If you’re looking for ways to make your employees happier, why not try an employee discount program? These programs can entice new hires, increase retention rates, and boost workplace morale. What could be better?

Looking for more ways to better your business? Take a dive into our business section and find new and exciting ways that you can make your business the best that it can be.

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