This article was updated on September 27, 2018.
To help your business attract and retain the best employees, you need to implement a variety of powerful strategies. One effective approach can be to offer your company's products and services to employees for free or at a discount. Here are some tips on how you can start using products for talent retention.
The Benefits of This Strategy
When new prospects consider working for your company, they will likely take into account the types of benefits and perks you offer. In fact, according to a Glassdoor survey, 57 percent of respondents reported that perks and benefits are two of their main considerations when deciding whether to accept a job. Furthermore, four out of five respondents claimed that they would rather receive new perks than a pay raise.
A great way to meet this demand is by offering your company's products and services for free or at a discount to employees. These types of perks can help increase employee loyalty, as team members will likely appreciate these money-saving opportunities and will keep them in mind if they ever consider changing jobs.
In addition, the decision to offer free or discounted products and services can help improve your overall image and help attract potential applicants and customers. After all, employees who love to use your company's offerings in their own lives will likely share their positive reviews with their friends and family members.
Offering Your Own Products and Services
When you interview new prospects, your company discount should be a key part of your compensation pitch. After all, in addition to typical benefits, applicants often find these types of perks particularly enticing.
Once these prospects become employees, it's important to continually encourage them to take advantage of your deals on products and services. Soon enough, these discounts can become part of an employee's routine, making it much more difficult for him or her to take a new job and give up these perks. To help establish this relationship, you must make sure that your offerings provide your team with significant financial benefits.
Offering Other Discount Programs
If you'd like to take your employee discount program to the next level, you can partner with other local businesses. In this scenario, employees from both organizations can enjoy the product perks provided by each employer. Another option is to sign up for a national employee discount program. With these programs, you pay a small monthly fee to give your employees access to all kinds of discounts.
Don't underestimate the value of using products for talent retention and recruitment. By following these tips, you can help encourage loyalty in your workforce and promote your business.
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