Four Reasons to Choose Gift Cards as Employee Rewards
Employee reward schemes can have a positive effect on staff productivity and take your business one step closer to achieving its goals but the type of rewards you choose can play a huge role in the scheme’s success. With this in mind, let’s discuss a few key reasons to consider making gift cards your reward of choice.
1. Gift Cards Make Desirable Rewards (despite misconceptions to the contrary)
A recent survey involving over 300 consumers revealed that 9 out of 10 employees would be excited to receive a gift card from their employer as a reward for their hard work. One of the challenges that companies face when implementing an employee reward scheme is finding a reward that appeals to the majority of the workplace and using multi-retailer gift cards as a form of recognition certainly overcomes this obstacle. One of the reasons that gift cards are so popular among employees is because the individual sees the opportunity as guilt free spending.
2. Gifts are More Memorable than Monetary Rewards
Money is an undeniably popular choice of reward for employers, especially when it comes to regular commission structures, but greater motivational gains are to be had through non-monetary rewards. According to research conducted by Aberdeen Group, 63% of best-in-class companies use non-cash awards in their B2B loyalty programs. The study also found that Best in Class Companies are 31% more likely than all other firms to agree that “Non-Cash Incentives and Rewards are a Vital Component of Sales Performance Management”.
It would seem that cash isn’t always king. When receiving a bonus or a monetary reward, there is always the option to put the money towards the weekly food shop or paying off a bill. Research firm Wirthlin Worldwide asked 1,010 people how they spent their last cash reward, cash incentive, or cash bonus. 29% spent it on bills, 11% on household items, 11% on savings and a further 18% could not remember, so it is no surprise that gift cards are of greater value to employers.
Non-monetary options encourage employees to treat themselves and therefore are seen as a more desirable reward that will be remembered in the long term. Giving employees the chance to spend money on something they want rather than something they need is a higher motivator than a cash gift.
3. Gift Cards Provide a Pleasurable Experience
One of the reasons why multi-retailer gift cards appeal to employees of all ages is because the experience of spending is so personal especially with gift cards that can be spent in a multitude of shops on the high street – the choice of where to spend is that of the recipient. Employees feel recognised when they are presented with the award but that message of thanks will also be reinforced when they come to spend it.
4. Gift Cards Are More Flexible
Not all rewards will appeal to every employee and with rewards becoming more and more unique and quirky; companies are finding that not everyone is making use of them. A reward scheme isn’t cheap and to make sure that you get the most out of it, you must find a reward that is extremely flexible. Multi-retailer gift cards encompass a wide range of interests from gardening and music to fashion and travel making them a superb choice for many organisations. Giving employees a card loaded with a monetary value that they can spend in a variety of shops is one of the most flexible options out there.
If you want to create a long-lasting reminder of employee achievement, gift cards are a superb choice and will have a positive effect on employee productivity.