November 27, 2022

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Best Buy Employee Discount 2022 (How It Works)

10 min read

Best Buy

 

Best Buy is one of the largest and best electronics retailers in the world.

They have the newest electronics and the know-how to help people make the best purchasing decisions.

Not only do people enjoy visiting the store, but it’s also a great place for techies to work.

Employees get to work with electronics, and they also get to take advantage of the Best Buy employee discount.

Before you apply at Best Buy, learn if the discount is worth it.

You can also learn about how the discount works in advance so you don’t need to waste time in the HR office.

 

Best Buy Employee Discount (How It Works)

Seller drawing discount sign

 

Best Buy employees only pay 10% higher than the cost for all items.

This means that employees pay slightly more than Best Buy pays for the products.

For example, Best Buy may sell a television for $500.

Naturally, they didn’t pay $500 for that television.

Let’s guess that Best Buy paid about $300 for the television.

An employee can get the television for a cost of ($300) plus 10% ($30), which comes to a total of $330.

In this example, the employee gets close to 40% off.

Best Buy caps employee discounts at 50%.

Best Buy calls the cost they pay for items the Cost of Goods Sold (COGS).

Employees must trust Best Buy’s listed COGS for products as there’s no way to verify the accuracy of the COGS.

Employees have access to the information, but it’s sensitive information that they must not disclose publicly.

Publicly disclosing COGS can lead to consequences and potential termination.

Unfortunately, not all items qualify for the employee discount.

 

What Items Qualify For The Employee Discount?

Plugs and Jacks

 

The employee discount qualifies for many products sold at Best Buy, such as cables, audio equipment, and computer accessories, as well as Geek Squad services.

Apple products, video game systems, computers, phones, and movies generally don’t qualify.

However, Best Buy offers new eligible items every month.

You can see what discounts are available to you through the Best Buy Employee Tool Kit app under the “personal” tab.

You can also log into the Employee Tool Kit on Best Buy computers (only at your store).

All employees get to take advantage of the employee discounts after 30 days of employment.

New discounts populate the system on the first of every month.

The discount will not apply if you do not buy the exact item.

For example, the discount may not apply if you buy the product in a different color or a different size.

 

Using Your Employee Discount In-Store

Female customer giving card to barista when paying

 

You may want to use your employee discount when shopping in a physical store.

You can shop at any Best Buy location.

You don’t need to shop at the store you work at.

However, you may want to have your employee ID handy.

The cashier will need your employee ID number in order to apply your discount at the register.

 

Using Your Employee Discount Online

Selective focus of small shopping bag

 

You can use your employee discount when shopping online as long as you are shopping through the Employee Tool Kit.

The discount will be automatically applied once you add the item to your shopping cart.

When shopping online, you have the option to order the item for pickup or delivery.

 

Returning Discounted Items

Return policy

 

Best Buy allows employees to return discounted items just like any other item.

Best Buy has a standard 15-day return policy for nonmembers.

Elite members get 30 days to return most products.

All employees are at least Elite members.

ElitePlus members get 45 days to return most items.

Activated devices, such as cell phones, must be returned in 14 days, no matter what type of membership the customer has.

Some items come with a restocking fee.

Activated devices, excluding cell phones, come with a $45 restocking fee.

The following items come with a 15% restocking fee:

  • Drones
  • DSLR cameras and lenses
  • Mirrorless cameras and lenses
  • Leg and body recovery systems
  • Premium camcorders
  • Projectors
  • Projector screens
  • Special-order products

 

Additional Best Buy Employee Benefits

Concept Employee Benefits message on wood board

 

Best Buy understands that healthy and happy employees are more motivated and more productive, so Best Buy works hard to ensure employees are set when it comes to their finances and their health.

Here are some of the additional employee benefits with Best Buy:

 

1. Incentive Pay

Best Buy offers incentive pay for employees who go above and beyond to reach certain sales goals.

Reaching certain goals will lead to a bonus on the employee’s paycheck.

The idea is to reward the salespeople who successfully generate consistently high sales numbers.

Best Buy earns money when the salespeople succeed, so they give a little bit back as a thank you.

 

2. BlueCrewBucks Profit-Sharing Plan

Best Buy understands that the sales team can’t do their job properly without the support of everyone else at the store.

For hourly employees that don’t qualify for incentive pay, Best Buy offers the BlueCrewBucks profit-sharing plan that rewards employees monetarily every quarter when the store exceeds sales expectations.

 

3. Employee Stock Purchase Plan

The Employee Stock Purchase Program (ESPP) allows employees to buy stock at a 5% reduced rate twice a year after the employee has been with the company for 60 days.

The ESPP even makes it easy for employees by automatically deducting pay from the employee’s paycheck every month and putting it toward Best Buy stock.

After six months, the employee will have one share of stock.

Best Buy offers the option twice a year.

 

4. 401(K) Retirement Savings Plan

Save for retirement now with Best Buy’s 401(k) program.

You pick how much of your salary you want to save up to 50%.

After a year with the company, Best Buy will match you, dollar for dollar, for the first 3% you put toward your 401(k) and $0.50 per dollar for the next 2%.

 

5. Wings Financial Savings Account

Best Buy will contribute $5 when you open an employee savings builder account with Wings Financial.

They will also contribute another $100 after you complete financial education courses.

Employees can also get a quick loan for up to $1,000 if they find themselves in financial trouble.

 

6. Life Insurance And AD & D Insurance

Protect yourself and your loved ones in the case of disability or death with life insurance and accidental death and dismemberment insurance.

Best Buy offers insurance options at very reasonable rates.

Rates vary based on how much coverage you want and how many people you want to put on the policy, as you can include your spouse or other loved ones.

Of course, ideally, you won’t need it.

 

7. Employee Assistance Program

Best Buy has programs in place to help employees when they need it the most.

They have a Disaster Relief Program for employees affected by natural disasters, and they also have programs in place to host events for employees who run into financial hardship.

 

8. Medical Insurance

Best Buy offers quality health insurance and additional health services that emphasizes both physical and mental health.

Some of the things included through Best Buy’s health services include:

  • Behavioral health coverage
  • Medical and prescription drug coverage
  • Critical illness insurance
  • Maternity support and paid leave
  • Mental health counseling and resources
  • Virtual fitness membership
  • Comprehensive LGBTQIA+

 

9. Family Services

Best Buy understands that life is a lot more than work, so they offer certain programs designed to promote a healthy work-life balance.

Best Buy offers Paid Time Off (23 days), vacation time, and caregiver assistance.

They will even help you and your family grow professionally by offering tuition reimbursement if you decide to go back to school.

 

More Reasons To Work For Best Buy

Warehouse managers and worker smiling

 

Best Buy not only provides stellar employee benefits, but they also have many other reasons that make employment through them an attractive opportunity.

 

1. Values

Best Buy has corporate values that facilitate organizational decisions from the top down.

Best Buy’s corporate values include:

  • Having fun while being the best
  • Learning from challenge and change
  • Unleashing the power of the people
  • Showing respect, humility, and integrity

 

2. Professional Opportunities

We all have to start somewhere.

Whether you are a cashier or another entry-level employee, you have a lot of opportunities for growth with Best Buy.

Best Buy likes to promote from within, such as Jessica Chapman, who earned the title of general manager after 17 years with the company.

Work your way up in the store until you get to corporate.

 

3. Social Events

Best Buy wants employees to bond and feel part of the family.

In an effort to promote socialization in the company, Best Buy hosts social events for employees numerous times throughout the year.

When coworkers get to know each other and become friends, it creates a more cohesive atmosphere.

Team members feel comfortable asking for help and making suggestions.

Furthermore, they want to watch colleagues succeed, providing added motivation to help each other.

 

4. Match Charitable Contributions

Best Buy wants you to know that they support the causes that are near and dear to your heart.

They will match your charitable contributions.

Simply talk to a manager about donations you plan to make.

They should be able to help you get support from Best Buy corporate.

 

5. Fun Work Environment

Best Buy is a fun place to work.

Not only are you surrounded by cool new electronics, but you get the opportunity to talk to a wide range of customers in the middle of different projects.

For many employees, the atmosphere contributes to their own tech hobbies.

Working at Best Buy keeps them in the loop about the latest products.

Plus, employees can learn more about their hobbies through training and conversations with colleagues and customers.

Best Buy also promotes contests for employees to encourage friendly competition and increase fun at the workplace.

Winners get cool prizes!

 

6. Inclusive Environment

It can’t be a fun work environment if some people feel excluded.

Best Buy makes a point to offer employment opportunities to all people, regardless of age, race, sexuality, gender, or religion.

They also work hard to ensure that people get treated fairly when it comes to promotions and everyday procedures.

Not only do they acknowledge some of the disparities that exist in corporate America, such as the gender pay gap, but they also make strides toward progress through fair hiring decisions.

Best Buy also accommodates employees with disabilities and earned a perfect score of 100% on the Disability Equality Index (EQI).

 

7. Commitment To The Environment

Best Buy wants to commit to staying around for a long time, and they need the planet to survive as long as they plan to survive.

In order to create a better world for future generations, Best Buy stores do their part to reduce waste in landfills and save water.

One store in Chino, California worked so hard they were able to become TRUE certified, meaning they diverted 99.67% of waste from landfills.

Best Buy also offers information for employees and customers about how to properly dispose of electronics.

When not disposed of properly, electronics can leak substances that can contaminate nearby soil and water or create a hazard.

Many Best Buy stores will even dispose of your electronics for you.

 

Is Best Buy A Good Employer?

Best Buy store front

 

Best Buy recently made the exclusive Forbes List of the World’s Best Employers for 2021.

However, there’s clearly room for improvement as Best Buy found itself at #528 out of 750 companies that made the list.

Best Buy also made the Forbes list of America’s Best Employers For Women for 2021.

Most people seem to enjoy their time with Best Buy, although some people noted that the entry-level pay could be better.

Ultimately, though, Best Buy works hard to create a positive work environment that cares for its employees and provides them with resources to keep them healthy and happy.

 

How To Apply To Best Buy

Searching job with tablet and classifieds ads

 

Best Buy has roughly 100,000 employees, and you can become one of them if your qualifications match a position at the right time.

The best way to apply for a job at Best Buy is online.

Search open positions at Best Buy through their website to see the available positions in your area.

If you see a job that may be a good match, review your resume to ensure that it fits the position.

When your resume is ready, you will click on the position you want.

You will then have the opportunity to apply.

In order to apply, you will need to create an account with Best Buy.

After you sign in, you will get the opportunity to apply for the job.

Complete the application and upload your resume.

 

Other Ways To Save At Best Buy

Best Buy Retail Location

 

Employees not only get the opportunity to take advantage of their employee discount, but they can also take advantage of the other ways Best Buy allows everyone to save, whether they are an employee or not.

Employee discounts work in conjunction with the other ways to save at Best Buy.

 

1. Rewards Program

Best Buy has a competitive rewards program for customers.

It’s free to set up an account.

You will earn rewards as you make purchases online or in the store that you can use toward future purchases.

Once you spend $3,500 in a year, you will automatically become an ElitePlus member, which comes with additional benefits, such as a longer return period.

 

2. Best Buy Outlet

Buy items through Best Buy Outlet.

Best Buy Outlet sells returned and used items at a discounted rate.

The items may have been in perfect condition but returned due to a change of mind.

Other products may have had a small defect that was fixed after it was returned.

Despite being discounted, all products are tested for quality and come with Best Buy’s guarantee.

If a product doesn’t meet your expectations, you can easily return it.

Many of the products will also come with a warranty.

Products you can find through Best Buy Outlet include:

  • Clearance items: discontinued items with leftover inventory
  • Open-box items: returned items
  • Refurbished items: repaired items after damage
  • Pre-owned items: items previously owned by someone else

You still accumulate points through Best Buy rewards when you buy items through Best Buy Outlet.

 

3. Discounted Gift Cards

If you plan to make a large purchase through Best Buy, you may be able to save money by purchasing a discounted gift card online.

Only go through verified services, but you can save money by purchasing a discount for less than the amount it’s worth, up to 15%.

 

Conclusion

Best Buy employees get to take advantage of a generous employee discount that only charges them 10% more than cost on selected items.

The employee discount isn’t the only reason people like working for Best Buy, though.

Best Buy cares for the well-being of all employees, whether it be their financial well-being, physical well-being, or mental well-being.

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