The purpose of providing employee benefits is ultimately to improve employee engagement and retention which helps your business stay competitive in our global marketplace.
The key ingredient to increasing loyalty in your organization is employee engagement which seeks to invest your workers emotionally in your organization. Of course emotional engagement starts with a business mission that your employees are excited about – an objective that inspires them to be a champion for your brand and motivates them to bring their A-game each day. But beyond that you drill down to the day-in-day-out tactics that make up the realm of loyalty and recognition efforts by human resources.
When you lose an employee it costs your organization. Think about the hours and dollars that go into interviewing and rehiring, correcting operational inefficiencies, filling gaps left behind, the missed opportunities, and the irreplaceable talent. It’s the misery that you find yourself in when you end up on the losing side in the battle for employee retention.
[postquote quote=”Improving employee morale and motivation is difficult to accomplish and intangible at best. But perhaps the most emotional connection you have to your employees is one that you can impact directly, and that is their pocketbook.”]
According to the U.S. Bureau of Labor Statistics 16.2% of American workers voluntarily quit their jobs in 2010, and that in the midst of one of the worst economies our country has ever seen! Compare that to a study conducted by SHRM (the Society for Human Resources Management) that estimated that it costs $3,500 to replace just one $8.00 per hour employee after you factor in costs like recruiting, interviewing and hiring, reduced productivity and so forth.
Improving employee morale and motivation is difficult to accomplish and intangible at best. But perhaps the most emotional connection you have to your employees is one that you can impact directly, and that is their pocketbook. And no, this doesn’t just have to happen through salary increases and bonuses.
At Abenity we manage discount programs for over 100 companies nationally, connecting employees to savings at everyday retailers like Target, Amazon.com and Costco. Impacting the pocketbook is something we have a little experience in; it’s knowledge you can translate directly to your employee retention plan. Is a brilliantly executed employee discount program the answer to your turnover woes? Of course not, but it’s one of the tools in your toolkit to inspire and motivate your team members.
So how would we leverage an Abenity discount program towards employee retention? Here are just a few ideas:
- Log in to your Abenity Back-Office to use the discount program as an employee incentive and only give access to the employees who accomplish specific goals or criteria.
- On the other end of the spectrum, consider pre-registering all employees through our Member Import feature so everyone has immediate access to the program.
- And, if voluntary participation is what you prefer, then simply use the discounts as another corporate perk that they have the option to access as an employee benefit.
On top of your engagement strategy, consider increasing your brand’s exposure by truly customizing your discount program. When you associate your discount program directly with your corporate brand, your employees will look to you as the provider of that program and value the savings, opportunities and resources that you provide through it.