Before we get started, let’s get one thing straight. I’m biased. Unapologetically so.
I’ve been the head of human resources here at Access Development for about eight years, and I know with 100% certainty the value of a quality employee discount program.
How do I know?
First, I’ve been in the human resources “game” for over 30 years. I’ve been with firms whose benefits budgets range from big and bold to small and sparse. I know what it’s like to battle turnover and retention day in and day out. I’ve spent countless hours hunting for benefits that’ll encourage employees to engage with our business.
Second, I’ve experienced personally – right here at Access – the advantages of having America’s largest employee discount network in my HR arsenal.
Why does it make such a difference?
Let’s face it. Employees pay little to no attention to many of the benefits your company offers: life insurance, critical Illness, disability, hospital indemnity, etc.
Even your health benefits are a double-edged sword. People may know about them and use them, but it’s usually for less-than-pleasant reasons.
Employee discount programs like Access Perks are another matter entirely. Employees like to save money when they shop. (Who doesn’t?) Discounts allow you to spend less of your limited budget on necessities. Discounts bring unattainable wants within reach.
The best employee discount programs save them money, every day, on almost everything they buy—from groceries, electronics, and clothing to birthday gifts, dining out, skiing, bowling, and travel.
Our employees use this particular lifestyle benefit on the regular, creating many happy memories, and all the more appreciation for their employer.
Telling a potential employee that one of our benefits is a “nationwide employee discount program” is an exciting selling point that has, on more than one occasion, tipped the scales and helped me land the candidate.
Which only makes sense, if you think about it. How many people do you know that work for a company, or even take on a second job, just so they can get the employee discount? I hear it all the time, especially from younger candidates. Telling them that they can get ALL the discounts just by coming to work for Access makes for a powerful pitch.
I’m not the only one seeing this phenomenon. In fact, recent statistics are showing that 78% of U.S. employees would leave a job primarily because of inadequate benefits, and 61% of U.S. employees would even take a job with a LOWER salary if it offered a benefits plan that better supported personal wellbeing.
There’s nothing worse than learning a star employee was wooed to another company by “better benefits.” The discounts available through Access Perks really do help our company retain our top employees because it’s hard to think about giving up discounts that save you money virtually everywhere in the country! That’s real money that people know they’ve got to replace somewhere along the way if they decide to take their talents somewhere else.
This year, financial security is a top goal for the majority of employees. In fact, 91% say they would be more invested in staying with a company that helps them reach their financial goals.
Discount programs are a versatile benefit that stay relevant no matter what an employee’s situation looks like. For example, during good times, it’s fun to be able to afford extras and upgrades (like vacations and fancy restaurants that might otherwise be out of the budget).
Then sometimes, life happens.
The last five years have been filled with worldwide pressures like economic worries, health crises and inflation. At the same time, many employees are facing their own personal challenges, like balancing work with childcare, eldercare or mental health needs.
Unfortunately for employees, nearly every challenge ends up exacerbating the #1 worry plaguing them right now: personal finance challenges.
Right now, financial wellness looms heavily on the minds of employees everywhere. The lingering effects of rapid inflation coupled with a stagnating labor market have people looking to save money everywhere they can, on everything they buy.
While there are many ways that employers can ease those financial burdens (wage increases, larger 401K matches, free financial classes and consultations, etc.), most options come with a hefty price tag. Employee discount programs provide another option for businesses (many of which are also prioritizing financial wellness) because they cost much less and still offer nearly unlimited financial benefit to those who take advantage.
Here's an added advantage: you don’t have to wait until open enrollment rolls around to introduce an employee discount program. You can respond more nimbly to employee needs (and even global emergencies) any time of the year and make an immediate impact on the financial stress your employees might be feeling.
As employers, we care about our employees. Helping them save their hard-earned money, wherever they choose to spend it, is a real and personal connection that not many employers offer.
But it’s important to note that this care—this connection—isn’t just something that takes place between eight to five within the walls of our business. With a discount program like Access Perks, we become a welcome presence in every part of our employees’ lives, helping them keep more of their paychecks and introducing them to opportunities and experiences they might not otherwise be able to afford.
In a world where a business’s workforce is probably comprised of in-office, hybrid and fully-remote employees, many of whom live far from the main office, this at-home connection is especially important.
That’s what quality of life is all about. Living BETTER.
Equity and inclusivity in the workplace is about more than behavior. It applies to the benefits we offer as well.
For example, even popular traditional benefits like 401k plans, profit sharing, and group health insurance can be limited in their utility—serving those with the financial means or organizational status to qualify. Other valuable perks like tuition reimbursement, adoption assistance, even on-site gyms and cafeterias are, by their nature, relevant to a subset of employees within the organization. That’s not necessarily a bad thing.
Okay, this one’s tricky because our discount program is obviously free to us. But I’m telling you…even if we had to pay the going rate for Access employee discounts, it would be the easiest money I ever spent.
What other benefit has that kind of an impact and costs so little? It’s the kind of ROI that most chief financial officers dream of, so pitching it to other decision makers is a breeze.
Remember how I’m unapologetically biased? I’ve been envisioning our own employee discount program, Access Perks, when naming all these advantages.
Access Perks just so happens to be the country’s largest private discount network, with high value deals at local mom & pop shops and huge national brands alike. These discounts cover the basic necessities like food, clothing, auto services and travel PLUS some fun luxuries like theme parks (yep, even the one with the mouse) tickets, golfing and more.
Therefore, I have a quick disclaimer: not all employee discount programs are created equal. One that is full of low-value, online-only and/or shady deals could be ignored, or worse rejected, by your employees.
Whatever you choose to do with your benefits package, it needs to work for you, especially when you consider that three-quarters of all employees say benefits are a key factor in their decision to work for an organization. The challenge for us as HR professionals is to connect the dots and offer benefits that employees want and will use. Quality employee discount programs are a cost-effective way to make that connection. (See: "Is Access Perks Worth It?")
Take a tour of Access Perks or contact us so a benefits expert can give you a personalized tour of the most popular discounts in your ZIP code.