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Glossary of Human Resources Management and Employee Benefit Terms
Corporate discounts are special pricing arrangements negotiated between businesses and vendors or service providers, offering employees reduced prices or exclusive deals on a wide range of products and services, fostering employee satisfaction and loyalty while providing cost-saving opportunities.
Corporate discounts are special pricing arrangements offered by vendors or service providers to businesses for their employees or members. These discounts are negotiated based on the potential volume of business or the perceived value of the company's patronage.
They aim to incentivize employees to purchase goods or services from specific vendors by offering them lower prices or exclusive deals. Corporate discounts can cover a wide range of products and services, from electronics and travel to insurance and entertainment.
Offering corporate discounts to employees can provide several benefits, including:
Corporate discounts can apply to a wide range of products and services, including:
Businesses negotiate corporate discounts with vendors or service providers through various means, including direct negotiations, group purchasing organizations (GPOs), or through corporate perks platforms. Negotiations often involve discussions on pricing, terms of the discount agreement, minimum purchase requirements, and any additional perks or benefits offered to the business and its employees.
Larger companies with substantial purchasing power may have more leverage in negotiations, while smaller businesses may leverage their relationships with vendors or join forces with other businesses to negotiate better deals.
Employees of a company typically access corporate discounts through designated channels established by their employer. This could include accessing discounts through an internal employee portal, utilizing corporate discount codes or vouchers provided by the employer, or directly presenting their employee identification or proof of employment at participating vendors or service providers. Some companies also partner with external corporate perks platforms that offer a curated selection of discounts and deals exclusively for employees of participating companies.
Corporate discounts can be based on various factors, including volume, contract agreements, or the nature of the business relationship. Volume-based discounts often reward businesses for making larger purchases or committing to long-term contracts with vendors.
Contract agreements may outline specific terms and conditions for the discount, such as minimum purchase requirements, duration of the agreement, and pricing tiers based on usage levels. Other factors influencing corporate discounts may include the business's industry, its relationship with the vendor, market conditions, and the overall value proposition offered by the vendor.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
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