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Six Ways Your Retail Store Can Benefit from an Employee Discount Program

Offering an employee discount is an easy and inexpensive way to show your appreciation for your team. If used cleverly, an employee discount can also help you market and grow your retail business. Employees who feel valued work harder and better, and can become a valuable asset to your business. An employee discount lets your staff members know you appreciate their contribution and care about their happiness. Here are six ways your retail business can benefit from an employee discount program.

  1. Attract New Talent

The success of your business depends on the strength of your team. Offering an attractive employee discount is a good way to attract new talent. An employee discount program shows potential employees you invest in your staff. The more unique or attractive your discount, the more boldly you'll stand out to potential employees.

  1. Employee Retention

Making a steady profit is difficult when your staff members are constantly changing. Investing in your staff with a discount program encourages your employees to stay around longer. You want your team members to feel that you care about them and value their job performance. Employees who feel valued will be more likely to stick with you for the long run.

  1. Employee Loyalty

A discount program is a great way to inspire loyalty and boost employee morale. The backbone of any successful retail operation is a tight-knit team of knowledgeable and skilled employees. The more invested your team members are in your company, the more profitable your store will be. Happy employees are likely to speak positively about your business to family and friends, earning you the reputation of a being a great company to work for. Offering an employee discount can give you an edge over competitors who don't offer perks to their staff.

  1. Increased Productivity

Performance-based employee discounts are a great tool for improving productivity. Even small discounts can work as an incentive when used smartly. Motivating your staff doesn't need to cost a fortune, and the payoff will be better performance from your team members.

  1. Attract New Business

Extending your discount program to employees' families and friends is a great way to drive new customers to your store. Family discounts encourage staff members' acquaintances to make repeat visits to your shop. Your new customers may end up purchasing an item they may not have considered otherwise, simply because the price is discounted. Satisfied customers will also provide free word-of-mouth advertising for your store, bringing in even more business. Everyone wins!

  1. Save Money

Your employees may be happy to receive a discount in lieu of a raise. Depending on the type of discount you offer, you can end up saving a lot of money that would otherwise have gone to salary increases. When money is tight, providing an employee discount shows your continued dedication to your team and upholds your company's goodwill.

Whether you want to attract new employees or keep your existing staff happy, offering an employee discount can help you create a solid, loyal team. An employee discount is also a tool you can use to market your retail business and draw new customers to your store. In a competitive retail market, having an attractive discount program can put you head and shoulders above the crowd.