Employers offering a corporate discount program extend added value to their employees’ total compensation package. Companies can offer valuable perks at a lower cost, but not all corporate discount programs are the same. When you’re determining which program best suits your organization, there are several things to assess before you begin an engagement. You want to ensure you’re choosing an option your team will actually use and enjoy.
1. Identify Your Program Goals
Before you start any project, you need to understand your goals. First determine why a corporate discount program is needed, and what you hope to achieve with it. Knowing your goals can help you determine what program to offer and how to promote it among your employees.
Some organizations use programs to increase employee retention, attract talent, and boost associate engagement. One way to find out what you can achieve is to assess your most recent employee engagement survey. If you haven’t done one recently, collaborate with your human resources leaders to conduct one now. If you’re doing one now, include questions regarding corporate discount preferences to learn what your employees find most valuable.
If you already have data, draft a brief survey to gain insight into what discount categories they deem most valuable. This can help guide your research efforts and identify potential program providers and benefits that align with your needs.
2. Evaluate Your Program and Provider Options
Identify potential provider options by putting out a request for proposal. Program providers often scour for RFPs and this way, providers not currently on your radar can come to the surface.
Conduct primary research on potential providers as well, and reach out to industry peers and professional contacts for recommendations. Once you have several to choose from, find out the basics like program offerings, fees, and commission structure. While some programs may offer similar benefits, the payment structure could differ greatly.
Calculate the estimated return on investment based on the expected usage of programs and potential employee engagement. Use the survey data you collected regarding discount programs to evaluate the potential cost and overall benefit.
3. Assess Platform Technology and Accessibility
Some program providers have been around for decades, and their technology has too. Other providers are newer and have cutting-edge technology, but they may not offer the type of benefits your people want.
Look for programs that have an intuitive customer experience that any employee and their family can navigate. Consider how your people will access the program and if they’ll need to do anything additional to engage with it. For example, if you’re running an engineering survey office, your employees will need to access your program at home.
Ensure they can easily access discounts off the network to ensure maximum utilization. See if you can get a demonstration or trial to test with a sample of employees. This can help you determine if the navigability meets your needs.
4. Consider Customization and Alignment With Your Culture
Tailor your discounts that align with your brand mission and vision for the ultimate in employee engagement. If your company values sustainability and spending time outdoors, your discount offerings should align.
For example, discounts at outdoor outfitters, adventure experiences, and park admission could be well received. Many corporate discount providers also allow platform customization that matches your marketing and branding.
Evaluate the providers’ ability to extend localized offerings, which can improve utilization and relevance for your employees. By offering more than nationwide chain options, you can support your community and engage your employees. Review your employee survey for ideas and inspiration to share with potential providers.
5. Analyze Contract Terms and Provider Growth
Once you’ve narrowed down your options to two or three providers, dig into the contract terms. Find out if there is a requirement for annual or multi-year contracts or if agreements run monthly.
If your workforce is growing, find out if there are different levels of price tiers. This can help you determine if your expected budget is adequate, or if employee growth is a factor. If you’re able to lock in for your annual rate, despite employee growth, get that in writing.
Additionally, learn about the discount program providers’ growth strategies to determine if new options will be available in the future. This can help you determine if the company you’re going to do business with is growing and features may increase. These enhancements may also increase future costs, so find out what you can. Lastly, find out if renewal discounts are available, which can help enhance your business case for the program.
Enhance the Employee Experience with Corporate Discounts
Choosing the right corporate discount program doesn’t have to be difficult, but it does need to be thoughtful. By learning what your employees find most valuable, you can identify the right program provider to achieve your goals.
Keep those goals, your budget, and employee interest at the forefront of your program assessment. In doing so, you can choose a program that enhances employee satisfaction and engagement while delivering a strong return. Use these strategies as a framework to guide informed decision-making before you invest in a corporate discount program. When you select and launch your program,you have the potential to bring long-term value to the employee experience.
