More and more companies are offering an employee discount platform as a way to engage and motivate their teams. There are so many benefits of such a package including attracting the right talent and retaining them, increasing productivity, encouraging a work-life balance and offering something competitive over and above a salary package. There are a plethora of discount providers in the market, and while price is a factor when choosing the right one for your company, there are a host of other important factors which should be considered in order to get the most efficient and effective platform to suit your company’s needs and that of your demographics.
Below is a checklist of five things to consider:
1. The range of suppliers and retailers An employee portal should provide employees with access to a wide range of discounts and deals from high street retailers across multiple different categories and suppliers. Having both well-known and niche brands are a great idea to give variety. When looking at various platforms, check how far the offers types go, from shopping, grocery, health and wellbeing, travel, automotive, technology and more. Consider the demographics of your employees and what sort of discount is most relevant and excites them most.
2. Competitive discounts and deals After you’ve assessed the variety of discounts, it is worth checking the actual discount and whether or not it’s competitive in the market. A lot of suppliers and vendors offer various different discounts across multiple platforms, so ensuring the highest possible discount or even an exclusive discount makes the platform more attractive. There’s no point having the top high street retailers onboard if they are only offering 1%-2% off.
3. Variation of discounts As the demographics and requirements of a diverse workforce dictate a solution that is workable for different needs, offering various discount types makes a platform more striking and lucrative. A platform that has direct discounts from the retailer (either with a discount code, or a direct discount), cashback offers, instant e-vouchers and shopping cards, as well as combination offers where two or more of the above can be used concurrently will surely cater for everyone’s needs. For example, where you could purchase 10% off an instant e-voucher, then using that voucher to get a % discount direct from the retailer which accruing cashback savings.
4. Offer validity This is an important area to consider when looking at different discount packages. Looking how long offers are available can make or break a platform, as there is no point if all offers are only available for a couple of days, as employees tend to visit the portal regularly. Some providers prefer deals that are valid for 6 months +, as these are particularly valuable so employees can engage with the brand on a frequent basis. There is also the flipside, where flash sales and increased discounts for a short period work extremely well for employees to purchase there and then in order to save even more. A combination of both the longer lasting offers and special short terms offers tends to work best.
5. Regional discounts Ensuring that there are discounts that are congruous with where your workforce is based is crucial. There’s no point in offering London only discounts when your team is based in Scotland. With most retailers today, everything is online which is fabulous, but offering regional offers at local retailers can give the platform a competitive edge.
Staff Treats is a leading Employee Benefits provider offering over 3,000 exclusive employee benefits and perks which are brilliant for engagement. Why not get in touch today and speak to our Engagement Consultants to see how we can best help your business?