08 Mar 2021

How to choose an employee benefits and discounts platform

Employee benefits and discounts have been popular for a long time because they cater to most people. From groceries to insurance, we all have to spend money. So, being able to give your employees the ability to save money on their everyday shopping is a valuable and relevant employee benefit. In fact, employee discounts have arguably never been more important as a result of the huge financial challenges people have faced due to the pandemic.

With more than a third of households in the UK struggling to save since the first lockdown, according to Comparethemarket’s household financial confidence tracker (Jan 2021), and millions of workers currently on furlough, many people are worried about their finances. Being able to alleviate this pressure by giving your employees access to a benefits and discounts platform is a great way to support your employees’ financial wellbeing, by giving them the tools to make their money go further.

The challenge is finding the right employee benefits and discounts platform for your business and your people. Whether you’re looking for a platform for the first time or thinking of switching providers, here are some of the key areas to consider when making your decision.

Providing valuable content

To be valuable to your employees and provide your business with a good return on investment, your benefits and discounts platform needs to deliver valuable content. When it comes to discounts, quantity is important but it’s also crucial to look at the quality. First and foremost, the discounts on the platform need to appeal to your employees and be relevant to what they regularly spend their money on. From the main UK supermarkets and high street shops, to cinemas, restaurants and online stores, it’s important to have discounts for a range of retailers that will give your employees the opportunity to save money on their everyday shopping and more.

When looking at different platforms, find out what retailers the provider is working with and the discounts they offer. Some key questions to ask are:

How much money could an average person save every year using the platform?
What are the top retailers?
What is the average % saving available?

You can then quickly compare platforms and establish which one will offer more value to your employees.

Beyond the discounts, it’s important that the other benefits available on the platform are aligned to your business and your people. You want benefits that add value to your offering and encourage your employees to keep logging in every day. For example, some providers deliver a range of wellbeing tools and resources through their platform to further support employees’ financial wellbeing alongside their physical and mental health. Others can even integrate existing employee benefits onto their platform.

The user-experience

One of the biggest elements to consider when looking for an employee benefits and discounts platform is the user experience. This encompasses the whole user journey from the moment an employee first registers and logs into the platform, to when they order and receive a digital voucher, for example. The experience your employees have with your platform will determine whether they engage with it and actually make the most of the savings available to them. It therefore contributes to the overall success of your scheme.

A good user experience is all about accessibility and usability. With that in mind, your employee benefits and discounts platform should make it as easy as possible for users to search, find and use savings that are relevant to them. Here are five key areas to look out for that enhance the user experience:

Simple layout and navigation – employees should be able to easily browse through content and search for relevant offers.
Quick checkout process – employees should be able to securely save their payment details and checkout in just a few clicks.
Mobile-optimised – the platform should deliver a good experience on all devices so that employees can access it at home, work, or on the go.
Personalisation features – employees should be able to tailor the platform to suit their interests and needs.
Valuable communications – emails and notifications should be delivered in a timely manner and designed to enhance engagement.

These elements reflect the consumer-grade experience we have with retail websites like Amazon, for example, which have been designed with the shopper in mind. By choosing an employee benefits and discounts platform that delivers a consumer-grade shopping experience, your employees will be more likely to log in, utilise the savings and other features available to them, and therefore get value from your platform.

Communications

For your employees to make valuable savings and improve their financial wellbeing, your platform needs to be supported by regular communications that raise awareness, build understanding and encourage your employees to log in. To find the right platform, it’s therefore important to find out what kind of communications are delivered alongside it.

From emails that highlight relevant offers, to videos that show employees how to use the platform effectively, communications help employees make the most of the discounts available and therefore save the most money. Action-triggered communications also compliment the user-experience, such as emails that notify employees that they’ve left something in their basket. Some providers even offer webinars to their clients, so that employees can get a live demo of the platform and ask questions. This again increases the likelihood of employees logging in and making valuable savings through your platform.

With so many people now working from home and workforces becoming increasingly dispersed, it’s crucial that the employee benefits and discounts platform you choose is supported by range of communications, so that it reaches as many employees as possible and captures their attention.

Other factors to consider

There are many other things to consider when choosing an employee benefits and discounts platform, from the price of creating and implementing it, to the level of reporting and management information you get from the provider. These are of course key to your decision-making. But when it comes to providing the right platform for your employees, one that will help them save the most money and best support their financial wellbeing, the three points we’ve covered are a great place to start.

The content, user-experience and communications are all heavily influenced by the technology behind the platform. We therefore recommend that you request a demo from your chosen providers so that you can see all of the features up close, get a clear idea of the user journey and ask any questions you may have.

This article is provided by peoplevalue – ‘The Employee Engagement Company’.