The New Way to Employee Rewards (Besides Incentive)

November 11, 201910:00 am242 views
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When it comes to company benefits, the first thing that comes to mind typically revolves around medical leave, dental insurance, retirement, or disability insurance. But let’s face it: not all those benefits can be directly used by employees. The huge budget that you are spending on health insurance could be a double-edged sword, given that your employees need to get sick first before using it.

Of course, this is not to say that common benefits as mentioned above are impractical because a poll by STJobs found that most employees felt content with the company benefits package they currently received. But if you want to engage and retain employees better, why don’t you grab the chance to offer what they really want?

Employee welfare has always been part of an organisational structure, although each company might have different interpretation regarding the best way to boost employee satisfaction. Many studies suggested that offering cash to employees isn’t always an option. While giving annual bonuses and supplemental wages can motivate employees to work harder, these incentives might not be much of a help if employees are disengaged with their jobs in the first place. For this reason, offering exciting company benefits aligned to what is needed by employees can be the perfect solution to battle high turnover rates.

According to a survey by Glassdoor, one of the most desired benefits by employees but is not widely used by the employer is the employee discount. Well, everyone loves a good discount, don’t they? The impact of these benefits is obvious. Employees can save money when they shop using the discounts – and just like everybody else, employees would love saving money. Corporate discount programs allow them to do just that, every day, on almost everything they buy – from food, groceries, fashion and skincare, to kitchen items, electronic gadgets, and sports or outdoor items.

This benefit could be a little reward system for employees to boost productivity, attract talent and retain a happy and loyal team. Not only is it useful for improving employee welfare and satisfaction, having a corporate discount program also makes talent acquisition so much easier. Telling potential hires that one of your benefits is a nationwide employee discount program can be an effective selling point that would help you land the candidates.

Then, how do you start this employee benefits program? There are several methods the staff discounts program can be implemented.

First, companies can create their own discount cards which will be distributed to employees. They usually have to arrange and organise with venues and retailers who are willing to give discounts to employees when they shop at their merchants. The problem with this method is that it requires a lot of effort because the organisation will have to source discounts and deals themselves

Second, companies can provide discounts in the form of gift cards, vouchers, e-vouchers, or prepaid cards. Employers can give the vouchers as rewards for employees with outstanding achievement and performance. Or, employees can purchase the vouchers, thus receiving more in vouchers than what they have paid in cash

Third, the most common and most convenient method is by partnering with dedicated corporate discount platform like SmartMall. SmartMall is the leading online shopping platform for corporate discounts in Singapore. Trusted by multinational corporations (MNCs) and small-medium enterprises SMEs alike, the platform gives exclusive corporate promos and deals from top brands and retailers that would help you deliver better employee rewards and great employee benefits.

Corporate shopping as a fringe benefit is a sure-fire way to improve employee welfare and satisfaction. SmartMall aims to make employees happy by bringing incredible employee benefits experience through their online shopping platform, where employees can enjoy huge savings, great offers and perks on a wide array of products and services.

If you are keen in increasing employee welfare, SmartMall offers convenient and simple to use discount program. The employee benefit program is designed to give no additional trouble to your organisation or company, with setting up is easy and 100% free. SmartMall can guarantee that there are no hidden fees or membership costs. All transaction is done within the platform, then corporate partners can sign-up and provide exclusive discounts to employees right away. 

Partnering with SmartMall, employers can offer customisable discounts and coupons from top brands. Whether you are looking to reward the entire team or offer a special discount as a form of employee recognition, SmartMall’s customisable corporate benefits program can provide your employees with a unique, highly-rewarding shopping experience.

Need assistance in creating the employee benefits program? SmartMall team can help. Armed with accessible and dedicated support team, SmartMall handles all transactions from checkout to aftersales for all enquiries or technical assistance.

Be part of Smartmall today and bring smiles on your employees’ faces. Contact us now!