Why BestBuy Has Re-invented Their Benefit Programs
- Author Terri Parker
- Published May 25, 2011
- Word count 507
In the present economy situation, most companies face several challenges that entail urgent action. There are the health care cost rise, growing pension obligations and increasingly difficult top talent. There has also been a competitive pressure on today's business trends as business outsourcing has become more efficient in doing usual jobs at lower costs.
The challenge posed towards the department of human resources is to redesign employee benefits for them to bring higher performance. Meanwhile, BestBuy is among the growing companies in the United States today, known for re-inventing different benefit programs for their employees.
One of the perks of being in the largest department consumer electronics retailer store is their benefit program, "BestBuy Employee Discount".
So how did BestBuy employee discount start?
The program initially begins through development of employee benefits portfolio which makes the most of total cost-effective value for the BestBuy employees. This is along with the minimizing of employers' investment. Meaning, the BestBuy employee discount program is financially rewarding and very attractive benefits that the company could give to employees.
The BestBuy employee discount is maintained and developed by either the internal staff of human resources department or outsourced to manage this employee discount program.
According to studies by an outsourcing company that handles managed employee discount programs, companies which have organized managed employee discount programs and have a broad variation of agreed discounts results in acquiring a net effect equal to the employees' payment increase of more than 5%.
BestBuy, which was hailed as one amongst the Top 10's Most Generous Corporations in the United States, basically provides the BestBuy employee discount for free. The use of this company program is supposed to grow considerably all over the marketplace.
How does the BestBuy employee discount work?
Employees get to enjoy savings and discounts when they purchase products from their own company. A BestBuy employee only pays 5% more of what BestBuy has paid for the certain item. This is really a huge saving when purchasing electronic things such as cables, appliances and other electronic devices.
The question is: do employees compromise on the quality of the product? Absolutely not. The BestBuy employee discount works on items bought by customers and are returned for some reason. Because customers have the right to return, exchange or refund items they are not satisfied with, these are most of the products that employees buy.
They could no longer put the items back on the shelves and sell them to the public. Instead, the company sells them to the employees, at a discounted price through BestBuy employee discount.
In today's economy where competitive benefits are increasingly attached to human investment, employee benefits correspond to the growth opportunity of both the employees and the employers.
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http://onlineandofflinepros.com Terri focuses on helping small businesses obtain an extensive presence on the internet by strategically focusing on over 100+ sites to distribute articles, videos, blogs, mini-commercials, mobile marketing with smartphone applications, automatic follow up systems and website reviews for her clients.Article source: http://articlebiz.com
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