Employee Discount Platform with Best Practices (Guide)

The significance of employee discount programs in today’s job market is well-documented. According to a survey by SHRM, 55% of HR professionals noted that employees highly or somewhat valued employee discounts, and 77% of organizations provide these perks.

Additionally, a Glassdoor survey revealed that 79% of employees would choose new or additional benefits over a pay raise. These statistics underscore the effectiveness of employee discount programs in attracting and retaining top talent.

Employee discounts have gained popularity in modern workplaces due to their mutual benefits. For employers, these programs enhance the benefits package, boost employee engagement and loyalty, and can even improve the company's bottom line.

Take Empuls for example. Empuls, employee discount platform lets you create your own discount program that offers more than standard perks. You can gain access to special discounts, offers, and cashback that are not available to the general public.

They have a growing catalog with a variety of categories, offering your employees everyday savings on items they already buy. Empuls customizes these discounts to meet the unique needs and preferences of your workforce and you can save 10X ROI on perk budgets.

In this blog, we will discuss the various types of discounts offered through employee discount platforms and how they can transform your workplace into a more engaging and rewarding environment.

What is an employee discount platform?

An employee discount platform is a digital system that provides employees with access to various discounts and savings on products and services from a wide range of retailers and service providers.

These platforms offer a convenient way for employees to save money on everyday expenses, as well as on larger purchases like vacations and electronics. Some of the key benefits of using an employee discount platform include:

Significant financial savings for employees through discounts and cashback offers
Improved employee satisfaction and engagement due to the added value of the discounts
Increased employee retention as the discounts make the company more attractive to work for
Enhanced employer brand and ability to attract top talent by offering a competitive benefits package

Let us discuss some popular types of employee discounts that you can use in your program.

Popular types of employee discounts

Most prevalent types of employee discounts are supported by relevant statistics and insights.

Retail and online shopping

Retail and online shopping discounts are among the most popular types of employee discounts. They typically include savings on clothing, electronics, and household goods.

Clothing and accessories: This category is popular because it allows employees to save on personal and family purchases, significantly impacting their budget over time.
Supermarkets: Discounts at grocery stores are practical and widely appreciated, with employees saving an average of 6% on their grocery bills. This type of discount is valuable as grocery shopping is a regular expense for most households.
Technology and electronics: Discounts on tech products can also be significant, with some companies offering exclusive deals on popular brands. This not only helps employees save money but also encourages them to stay up to date with the latest technology.

Travel and entertainment

Travel and entertainment discounts cater to employees' leisure and lifestyle needs, promoting work-life balance.

Travel discounts: Many employers partner with travel agencies or airlines to provide discounts on flights, hotels, and vacation packages. These discounts can range from 10% to 30%, making travel more accessible and affordable for employees.
Entertainment discounts: Employees often receive discounts on movie tickets, theme parks, and concerts. For instance, a study indicated that 49% of UK residents attend the cinema at least once a month, highlighting the popularity of entertainment options. Discounts in this category not only save money but also enhance employees' leisure experiences.

Salud y bienestar

Health and wellness discounts are increasingly important as companies recognize the link between employee well-being and productivity.

Gym and fitness center discounts: Employees can save an average of 38% on gym memberships. This discount encourages a healthy lifestyle and can lead to reduced healthcare costs for employers over time.
Health services: Discounts on wellness programs, mental health services, and nutritional counseling are also common. These benefits are essential for promoting overall employee health and reducing stress, which can lead to improved job performance.

Professional development and education

Investing in employees' professional growth is crucial for retention and satisfaction.

Tuition reimbursement: Many companies offer partial or full reimbursement for employees pursuing further education. This not only helps employees advance their careers but also fosters loyalty to the company. Statistics show that companies that invest in employee education see a return on investment through increased productivity and employee satisfaction.
Professional development workshops: Discounts on workshops, certifications, and training programs are also common. These opportunities allow employees to enhance their skills, which benefits the individual and the organization.

Now that we have explored the different types of employee discounts, let's discuss why our organization needs them.

Why is an employee discount needed?

Employee discounts are important for several key reasons:

1. Attract and retain top talent: Offering competitive employee discounts can help companies attract and retain the best employees. In today's job market, benefits like discounts are a major consideration for candidates looking at potential employers.

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Apple offers employees a 25% discount on most Apple products, including iPhones, iPads, and Macs. This discount can be used by employees themselves or immediate family members. According to a former Apple employee, this discount is a major perk that helps attract talent to the company.

2. Boost employee morale and satisfaction: Discounts make employees feel valued and appreciated, leading to higher morale and job satisfaction. Happy employees are more productive and less likely to leave the company.

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Salesforce provides its employees with a variety of discounts on products and services, including travel, entertainment, and wellness programs. According to a survey, 77% of employees at Salesforce reported being satisfied with their job, in part due to the extensive benefits and discounts offered. This high level of satisfaction contributes to Salesforce's reputation as one of the best places to work.

3. Increase sales: Employee discounts can spur sales by turning employees into dedicated customers of the company's products and services. Employees who use and enjoy the discounted offers may also provide free advertising to friends and family.

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Home Depot offers a variety of discounts, including a 10% employee discount on purchases. This program has been shown to enhance employee engagement, with 80% of employees stating that the discount makes them feel more connected to the brand.

By encouraging employees to buy from their own store, Home Depot effectively turns them into brand ambassadors, which can lead to increased sales and customer loyalty.

4. Improve financial well-being: Discounts allow employees to save money on regular purchases, making their paychecks go further. This helps reduce financial stress and improve overall financial well-being.

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Costco provides its employees with discounts on merchandise and a free membership, which enhances their financial well-being. The company is known for its low employee turnover rate, which is around 6% annually.

This low turnover can be attributed to the generous benefits and discounts offered, which help employees feel valued and appreciated, thereby improving retention.

5. Differentiate from competitors: Offering a competitive and broad range of discounts can help a company stand out from other employers vying for top talent. Personalized discount offerings applicable to diverse employee situations is an increasingly important benefit.

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According to a survey by Glassdoor, Barnes & Noble provides employees with a 50% discount at the café and a 30% discount in the bookstore.

This generous discount program has been linked to higher employee engagement and satisfaction, which are crucial for retention. Employees who feel valued through such benefits are more likely to stay with the company long-term, reducing turnover and associated hiring costs.

Why choose Empuls as an employee discount platform?

Choosing Empuls as your employee discount platform offers a multitude of benefits that can significantly enhance employee engagement and satisfaction. With a focus on empowering your workforce, Empuls provides access to exclusive discounts and offers that cater to the diverse needs of employees across all generations.

The platform prioritizes financial well-being, allowing employees to save on everyday expenses, which can lead to reduced financial stress and improved job satisfaction.

Additionally, Empuls integrates seamlessly into existing HR systems, making it easy for organizations to implement and manage. By investing in Empuls, companies can foster a culture of appreciation and support, ultimately driving higher retention rates and a more motivated workforce.