Purchasing Power gives your employees – especially those who are among the 70 million who don’t have access to prime credit options – financial flexibility and a manageable, convenient alternative through payroll deduction. It gives them a disciplined way to buy where they know the cost of ownership with no credit checks, no late fees, no hidden costs and no interest.
Our June 2015 Customer Survey revealed their thoughts about the benefits of the program:
- 94 percent say it reduces financial stress;
- 80 percent say it increases satisfaction with their employers;
- 78 percent say it makes them more likely to stay with their employer;
- 85 percent say it makes them less likely to withdraw from their retirement savings;
- 76 percent say it makes them a more productive employee; and
- 70 percent say it makes them more engaged.
How can you increase participation so more of your employees benefit from the program?
A telecommunications company with 50,000 employees over 25 states brought Purchasing Power in as an alternative program to unburden their HR department from the time-consuming administration and debt liability associated with managing their own internal computer purchase program. As a leader in the telecommunications industry, this organization knew the importance of internet access and computer ownership for education of its employees. The additional steps they took when they implemented our program led to phenomenal participation in the first year.
During implementation, we held webinars for their HR team to educate them about our program.
We launched our program using email, direct mail, and onsite materials like benefit fair flyers. On an ongoing basis we communicate to their employees through direct mail and flyers.
The results are impressive: during a oneyear period when average penetration (orders divided by eligibles) was 7.6 percent, this client had penetration of 23 percent!
Strong communication is essential to educate and promote awareness among employees.
In addition to our regular marketing, we have other tools available to support your benefits strategy:
- Program training. We offer additional program training webinars for regional/field HR managers as well as lunch & learns for employees.
- Events other than benefit fairs. Purchasing Power is always happy to be part of a benefit fair, but we can also host or participate in other events, such as a company town hall meeting or vendor day.
- Sponsorship events. We are happy to contribute to sponsorship events, such as education funds, charities or wellness initiatives.
- The company’s internal communication channel. To increase program awareness, we can use a company’s internal communication channel and create custom ads for the company magazine or radio station.
- Membership recruitment. To help increase membership recruitment traffic, we can sponsor contests, special seasonal discounts and prizes.
Let your Purchasing Power representative know if you’re interested in any of these opportunities.