Benefits of Cashback!
The message of money saving is one that will resonate with everyone, no matter who you are. Therefore, employee discount solutions are a valued benefit within the total reward mix for employees. However, one of the common concerns we get put to us, is why should you choose cashback over a direct saving?
When you get a percentage off something, that is of course great, but in reality, it will more than likely be absorbed into your usual outgoings and spending habits, such as the weekly shop or refuelling the car. Although the saving you will make is of course relevant, it doesn’t however make for something you’ll necessarily remember. This is where cashback can come into its own and be used to really re-enforce the benefit of your voluntary employee rewards package to your employee’s.
Cashback that’s earned that your employees can transfer to their own bank accounts is memorable. Imagine a scenario where an employee has built up £500.00 in cashback over the course of a year and they transfer it into their bank account. This could then be used to help pay towards Christmas or Birthdays or even a holiday or small trip away. That is 100% memorable and the value of that saving and cashback will be clearly associated with the employee benefit.
Additionally, your employees can readily appreciate the cashback they’ve earned, which also reinforces it as being memorable. For example, if an employee can use that cashback to treat themselves or a loved one to the latest piece of technology, the scenario is one of tangible value as that item purchased using the cashback will associated to the scheme provided by their employer.
The reasons above give a good foundation as to the benefits of cashback and why cashback is our preferred way of delivering savings. These reasons serve to re-enforce its place in your benefits scheme and using marketing material to highlight this will help serve your scheme well. No gimmicks, just savings that can show the true cost that cashback can have.