Retaining Your Workforce with Discounts and Employee Rewards

As we continue to recover from the impact of long-term absence from the workplace, what has been the impact on employee rewards packages?

More specifically, how are companies adjusting their employee benefits offers to meet their employees’ changing needs and priorities?

Well, it’s hard to imagine how, only four years ago, in a far-off galaxy, an appealing rewards scheme to encourage employee retention was pretty straightforward. Financial rewards, more paid leave or anything that helped with a better ”work-life” balance was considered a bonus.

But little did we know that our concept of a “work-life balance” was about to be blown off its hinges. Employee priorities shifted as government measures to contain the pandemic forced us all to stay home. All thoughts of free rail cards, subsidised lunches, and child-minding facilities had been replaced. The more pressing issue was then where to source family packs of toilet rolls. The desire to “spend more time at home with the family” became less of a goal and more of a reminder to be careful of what you wish for.

How Things Have Shifted

As we emerged from lockdown, the gradual return to the workplace forced companies to review their employee retention strategy. With “paid leave” no longer considered a perk and the “work-life balance” heavily weighted in the opposite direction, the new challenge became how to offer meaningful incentives. Ones that encourage good employees to stay and avoid staff turnover in a highly uncertain work environment.

So, how are companies shaping up to meet these new challenges, and how are they adjusting their strategy to encourage employee retention and discount schemes post-lockdown? What are the emerging trends, and what drives them?

Mutual Benefit

This is now the overall focus, with companies taking on more of a community approach to support the employee. This means meeting them where they are on their journey and fostering closer integration and loyalty. As the employee begins to see their future as belonging to part of the organisation, they are less likely to move on when the grass appears greener elsewhere.

Personalised and Practical Employee Rewards

There’s also the option of using a discount platforms to reward employees and that’s where we come in. Our scheme requires an employer to pay an annual or monthly subscription and this allows the employee greater freedom to select from a range of offers. This also includes the potential to save up to £600 a year on the things that matter most. This is a great way for the employer to offer practical support with the ongoing cost of living crisis. It’s a more considerate approach granting the employee more control. It will then sway them to envision a longer-term future with the company.

Care Packages as Employee Rewards

Companies are becoming more sensitive to the diverse needs of employees in meeting the emerging changes in Society. Rather than just offering childcare support, they are responding by offering a broader range of care packages to help with the welfare of elderly relatives and student-age children.

Employee Wellness Support

This is a feature that has expanded beyond gym membership to include mental fitness and personal growth. Life coaching, self-development courses, and education packages to support life-long learning are commonly offered.

So, will all of these lead to increased employee retention? Only time will tell. Meanwhile, promising signs of recovery emerge as we witness the revival of the traditional office party.

I wonder where that idea came from…