How to set up & launch an employee discount scheme
There you have it! We’ve arrived at the conclusion of our guide on employee discount schemes. We’ve covered what they are, how they’re beneficial, and what types of discounts they contain.
As you can see, employee discount schemes like those provided by Perkbox make for truly excellent employee perks. Ultimately, all their advantages boil down to one central truth: they make employees happier and more satisfied with their workplace.
Happy employees bring about all kinds of positive effects, such as:
- 2.3x greater revenue growth
- 5x shareholder return
- 21% higher profitability
- 17% higher productivity
- 10% increase in customer ratings
Who wouldn’t want to see those kinds of results?
If you’re ready to implement an employee discount scheme in your workplace, look no further. We’ve put together a step-by-step breakdown of the next steps you should take.
1. Determine why an employee discount scheme would benefit your business
If you’ve made it through our guide on employee discount schemes, you’re likely convinced that implementing one would be a great initiative for your business. However, you should still take a moment to reflect on what workplace solution you’d be solving with an employee discount scheme.
You can offer your employees a discount scheme for no particular reason, but it probably won’t be very effective. On the other hand, if you know what problem you want to solve with your employee discount scheme, you’ll be better equipped to implement a solution that’ll address your specific needs.
Here are some examples of questions you can ask yourself to determine why an employee discount scheme is the right initiative for your business:
Does my workplace lack employee benefits? Is there a specific type of employee benefit that isn’t in our current benefits package?
Have my employees expressed an interest in employee discount schemes?
Have employees been asking for raises or bringing up other financial concerns?
Are our recruiting efforts going well? Would expanding our benefits package allow us to set ourselves apart from the competition and recruit top talent?
Have our employees been going above and beyond lately and deserve some kind of reward?
Once you’ve determined the specific benefit an employee discount scheme would bring to your business, you can move on to step two.
2. Get your company on board with the idea
Once you know why you want to implement an employee discount scheme, it’s time to get approval from management. Basically, you’ll need to convince your leadership team, HR directors or board of what you already know: an employee discount scheme would be highly beneficial to your business.
There are several ways to do this, but the most common approach is with a presentation. Be sure to highlight why you’re so excited about the prospect of an employee discount scheme as well as any relevant data or statistics about the power of employee discount schemes.
Before making your presentation, it’s also a good idea to run your ideas by a couple of senior management colleagues one-on-one. This will ensure that you have some people on your side before you even start your presentation.
3. Do your research
Once you get the idea of an employee discount scheme approved by management, it’s time to find the right platform for your company. There are lots of different companies that offer employee discount schemes out there nowadays, so it’s important to do your research.
Don’t be tempted to choose the first option you find or go with whoever offers you the best discount. Take your time, talk to different sales teams, weigh up the pros and cons, and consider your options.
4. Consider the necessity of benefit harmonisation
Before choosing your employee discount scheme, you’ll need to think about whether you’ll need to carry out benefit harmonisation.
Benefit harmonisation is exactly what it sounds like: integrating different sets of existing benefits.
Basically, some businesses want to merge an employee discount scheme with their other existing employee benefits and perks. If that’s your case, you’ll want to make that clear when you’re talking to different employee discount scheme platforms. They’ll be able to advise you on the best way to harmonise your benefits.
Employee discount schemes can also act as stand-alone benefits, or be purchased as part of a whole package of employee benefits.
Whatever kind of employee discount scheme you’re looking for, Perkbox has a plan for you.
5. Choose the employee discount scheme that’s right for you
Now that you’ve done your research, it’s time to choose the employee discount scheme that best fits your needs. Here at Perkbox, we’re strong believers in the power of choice. We believe that the best employee discount schemes are the ones with a wide range of options that address different aspects of people’s lives.
Our employee discount scheme offers a huge selection of discounts from some of the UK’s biggest brands like Waitrose, B&Q, Asos and Sainsbury’s. We’re also constantly expanding and adding to our selection on a regular basis.
Not only that, but we offer perks that go beyond financial wellbeing. Our physical wellbeing perks help employees stay healthy with online workout classes, access to online GPs, and discounted gym memberships, while,our emotional wellbeing perks give employees access to a 24/7 confidential helpline and free access to qualified therapists.
6. Plan how you’ll put your discount scheme into action
One of the biggest advantages of employee discount schemes is how quickly they can be put into place. However, it doesn’t happen automatically. Once you’ve chosen your employee discount scheme, be sure to plan out how it will be implemented. The company that’s providing you with your employee discount scheme should be able to help you with that.
In the same vein, it’s a good idea to create a communication strategy that will introduce it to your employees. After all, there’s no point in having an employee discount scheme if no one knows what it is or how to use it. Plan how you’re going to announce it, how and when you’re going to provide additional updates about it, and how to keep usage high after the initial buzz.
7. Monitor employee discount scheme use and overall satisfaction
Before you can congratulate yourself on a job well done, there’s one more thing to consider.
Make sure at least one person is responsible for tracking and monitoring the use and overall success of your employee discount scheme. The best employee discount platforms have metrics and reporting features that will help you do so.
This point relates all the way back to the first one we mentioned: How is your employee discount scheme benefiting your business?
If you don’t have an answer to that question, there’s no point in having an employee discount scheme at all.
Always keep the initial goals you wanted to accomplish in mind. It’s important to be aware of whether your scheme is helping you achieve that goal or not. Keeping your eye on metrics like engagement, turnover, and discounts redeemed can provide additional insights into the success of your initiative.
You’re ready to launch your employee discount scheme!
You’ve officially made it through our guide on employee discount schemes. Congratulations! We hope that you have a better understanding of what they are, why they’re beneficial, what types of discounts you can get, and how to implement them in your workplace.
Without wishing to blow our own trumpet, Perkbox is an excellent solution for all your employee benefit needs. We’ve got employee discount schemes available, as well as more comprehensive employee benefit plans. If you’re interested in chatting with us about our offerings, simply click here.