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Inflation is something that affects everyone and can hurt the economy, due to the rising prices of goods and services. The purchasing power of an employee's salary can be impacted by inflation, so as an employer, there are many things you can do to support and take care of your employees during this difficult time. One of the ways is by supporting your employees by providing them with access to discounted resources that can reduce their cost of living. In this blog post, learn how Passport’s discount program can help employers support their employees during inflation.
How Does Passport's Discount Program Work?
By partnering with us, we can provide tailored discount benefits that best align with your employees’ needs. Some of the discount programs we offer are on travel, entertainment, retail, grocery, health and wellness, childcare and petcare services, financial services, training, and local business partnerships. This program is a great way to ease their financial burden and help them save more money. Our interface is extremely user friendly and you’ll have your own website, so employees can log in to their account and browse the available discounts.
How Employers Can Support Employees During Inflation?
During inflation employees could be struggling financially, so they may even be considering leaving their jobs in search of higher pay. By offering a discount program like Passport's, employers can help alleviate some of the financial burden that their employees are experiencing. This, in turn, can increase employee loyalty and reduce turnover rates. Because the program has many discount options, this can help employees save money on a wide range of expenses, which can make a big difference in their overall financial well-being.
How Does Passport's Discount Program Compare to Other Employee Benefits?
Passport's discount program is different from traditional employee benefits like health insurance or retirement plans because it helps employees save money on everyday expenses. Offering a discount program like Passport's can show employees that their employer cares about their financial well-being and values their contribution to the company.
How Easy is it to Implement Passport's Discount Program?
Implementing Passport's discount program is seamless for employers. Once the program is set up, employees simply need to log in and start browsing the available discounts. The program can be customized to meet the unique needs of each employer, making it a great solution for companies of all sizes.
Other Major Benefits to Offering an Employee Discount Program
Retention and Recruitment?Offering a discount program as part of the employee benefits package, helps make a company more competitive when looking to recruit top talent. It shows that employers are committed to supporting their employees beyond compensation and traditional benefits. This can also help to retain employees and increase employee satisfaction while helping your workforce save on some costs.
Cost-of-Living Relief - In times of inflation, the cost of living usually rises. A discount program allows employees to access various goods and services at reduced prices, helping them manage their expenses more effectively.
Employee Satisfaction - Access to discounts on everyday expenses can boost employee satisfaction. It provides tangible benefits that employees can appreciate, improving morale and loyalty.
Customization for Employee Needs - Employers can tailor discount programs to address specific needs based on the demographics and preferences of their workforce. This customization ensures that the program aligns with what employees find most valuable.
Financial Education - Employers can use the discount program as an opportunity to educate employees on financial management during inflation. Communicating the availability of discounts and providing resources on budgeting can empower employees to navigate challenging economic conditions.
Partnerships with Local Businesses - Passport collaborates with local businesses and national on partnerships which not only benefit employees, but also supports the local economy. Employers can strengthen ties with the community while providing practical assistance to their workforce.
Are you ready to learn more about how you can help your employees during stressful times when inflation is high? Contact us for a demo and to see how you can customize our corporate employee discount program to best align with your employees needs.