A high-quality discount program is one of the few benefits that can offer near universal appeal to diverse employees, retaining attractiveness regardless of age, gender, and even interests. That’s because discount programs fit into the category of flexible benefits – a benefits model where individuals can pick and choose only the specific perks applicable to their lifestyle, whether they’re an amateur gardener getting a great deal on tools or a new parent finding childcare for less. These kinds of personalized perks are shown to dramatically increase engagement rates, with a staggering 93% of employees rating flexible benefits as either must-have or nice-to-have.
It’s no mystery why: Employees appreciate when their employers offer the freedom to engage with their benefits in meaningful ways. That flexibility is a large part of why quality discount programs are a loyalty-driver; the other element is the tremendous utility they provide to employees during both economic ups and downs. With inflation continuing to rise, hitting a record-breaking 8.6% in May 2022,
Discount programs can net employees substantial savings on big-ticket purchases when times are good, including savings numbering in the thousands for new cars or significantly discounted vacation packages. However, meaningful savings on essentials become even more important during economic downturns, when having a top discount program can provide critical relief.
Although a discount program is only one element of a more comprehensive flexible benefits plan, it’s an important one – especially when those discounts are netting employees seriously meaningful savings. Let’s break down the numbers on how an employee might save big with PerkSpot, even against rising inflation.
Alongside savings on daily essentials, PerkSpot delivers employees impressive savings on their diverse hobbies, whether it’s new electronics or just a much-needed vacation. That means that an employee making larger purchases during economic upswings is likely to save big. Let’s crunch the numbers.
Joe works at a manufacturing plant, and regularly uses his benefits to save on day-to-day purchases for his groceries and new clothes. Over the course of the year, Joe spends about $1,950 on gas, one of his most significant expenditures; but with a Costco reward card from PerkSpot, he brings his gas price down by a full 40 cents a gallon, saving himself $150 per year. Similarly, Joe buys groceries for both himself and his significant other through PerkSpot’s benefits. With two people in the house, his average spend on groceries is around $418 monthly, or ~$5,000 annually; but by leaning on Perkspot’s hefty discount plans for groceries and meal delivery, Joe can slash his costs significantly, saving another $800 over the course of the year with PerkSpot’s exclusive home-cooking box discounts.
With the money that he’s already saved on day-to-day essentials totaling up to $1,150 over the year, Joe decides that some of his older appliances could use an upgrade, installing a new washer/dryer system through his PerkSpot benefits for just $1,775 – saving over $770 in the process over the regular cost.
Since Joe’s been saving for the last few years, he thinks it’s a good time to finally leverage his discount platform to upgrade his well-worn old car for an upcoming vacation to Hawaii. Through PerkSpot’s partners, he saves big on both, saving $1,470 off the price of his new vehicle; then an incredible $818 on two discounted plane tickets, and $265 off a week-long trip, slashing the price of his five-star Hawaii getaway from $2,281 to just $1,198. Now those are some serious savings! In total, Joe saved an incredible $4,473 over the course of the year.
Coming out from Covid-19 lockdowns, employees like Joe have been using PerkSpot to save big as spending hits a peak; but with inflation continuing to soar, it’s worth considering the possibility of a future downturn. In times of saving and fiscal responsibility, the benefits of dollar-stretching discount programs become even more pronounced, even when employees aren’t making big-ticket purchases on appliances, vacations, or luxuries. Let’s revisit our Savings Calculator to find out how PerkSpot can help employees when times are tough.
With inflation sharply on the rise, Jasmine wisely decides that now is the perfect time to start saving. Instead of looking to make big-ticket purchases, she instead turns to her PerkSpot benefits to help find ways to cut costs on unavoidable daily expenses, like her clothes and groceries. As a responsible mother of two, her monthly groceries spend is a lot higher than Joe, spending a painful $9,600 a year on food alone. Fortunately, more money spent means more money saved with PerkSpot, and by leaning on our many grocery cost-cutting discounts, Jasmine saves an incredible $600 by ordering discounted, top-quality essentials through PerkSpot – from grass-fed beef to popcorn and salads.
Since she’s buying clothes and shoes for her little ones too, Jasmine’s typical spend on clothing is a painful yearly expense at $1,800, but with a wide range of apparel discounts up to 30%, she saves $325 through PerkSpot. Since she’s an active worker, even against rising prices Jasmine still has to pay a serious $14,000 a year in childcare for her youngest, which PerkSpot helps shave $1,400 off.
Beyond savings on essentials, PerkSpot members receive access to a number of helpful resources to help look after their financial wellness against rising inflation. Exclusive offers on low-interest loans, refinancing, and no-fee leasing can save PerkSpotters thousands, especially when employees are thinking about tightening their belts.
While steep savings alone won’t reverse rising costs, one thing is clear: High-quality discount programs are a powerful tool in any employee’s arsenal against inflation.
Even when employees are saving during tough economic times and not cashing in on their PerkSpot discounts for vacations, appliances, or other steeply-discounted luxuries, they can still save hefty sums on the essentials and get access to powerful financial resources during times where every dollar counts.
A discount program is an incredible benefit to have when employees are making big-ticket purchases – but it’s also an essential tool in weathering bad times and fighting back against inflation. Few benefits can make employee income stretch more broadly and in more specific circumstances than a comprehensive discount program, and PerkSpot is just that.
With inflation continuing to rise, employees are keeping watch for tools that can help them and their families save more. Discount programs won’t slow down inflation, but they can help bring your employees the serious savings they’re looking for and help counteract rising prices by saving employees thousands.
If you don’t have a discount program yet – what are you waiting for?
Supplement: Savings Calculator Breakdown
Gas: Buying the national average of 356 gallons a year at $5.50 a gallon costs $1,980; buying the same amount with PerkSpot’s Costco discount costs $1,728, saving $252 for the year.
Groceries: PerkSpot’s exclusive HelloFresh discount of 15% off every box for a full year can save up to $1,500 for families ordering a six meal plan for four people, families of two can instead save up to $820. Many other grocery options are also available to save on remaining groceries, such as 40% off healthy food from Thrive market and 15% off meat and fish from FarmFoods, representing savings of $150-500 off a typical grocery budget yearly on the savings calculator.
Appliances: Up to 35% off MSRP with General Electric’s exclusive offers means Joe bought his $1,349 dryer for just $976, saving $380. Similarly, he nabbed his $799 washer for just $532, saving $266. And with PerkSpot’s exclusive offers, delivery is free, saving another $125 on the price of bringing in the advertised washer/dryer combo.
Clothing and Apparel: 30% off Reebok and Crocs means savings of up to $45 per shoe; buying four pairs of shoes of varying price down to $40 saves $95 in total on a purchase of $320. 20% off sustainable clothing from Wolven shrinks a purchase of $800 worth of leggings, shorts, tops and swimwear with $160 in savings. 10% savings on all Columbia purchases nets savings of $70 on a $680 purchase of shirts, socks, and pants, equaling Jasmine’s total savings of $325.
Vehicle Purchases: Private PerkSpot offers include exclusive pricing on vehicle trade-ins and many name brands, including the $1500 cash incentive that Joe earned when buying a new Audi model through TrueCar in addition to his private employee price.
Childcare: Kindercare’s 10% off on child tuition helps reduce an expense of over $10,000 a year, saving Jasmine $1,400 from this massive yearly expense.
Travel: Flight and hotel costs vary by location, but PerkSpot members can expect to save hundreds off any plane tickets with PerkSpot’s travel center, such as Joe’s 45% savings on his Hawaii getaway. From $2,215, he saved $818 on his round-trip flights for two to Honolulu with an alert from Scott’s Cheap Flights – and then scored 39% off a five-star hotel using the PerkSpot Travel Center, saving $265 on his week-long stay.