Employee rewards and recognition programs are an excellent way to improve employee engagement. Appreciating people for their work is a tried and tested way to build employee motivation. It increases their productivity and cultivates loyalty toward the organization.
While bonuses often grab employees’ attention, appreciation through monetary employee benefits can quickly get real expensive, especially for small businesses. Another drawback is that it often being captivating by employees’ day-to-day transactions and rarely ever makes for a memorable gift, unlike other options that include gift cards, vouchers, experiences, etc.
According to the Incentive Research Foundation, non-monetary rewards such as gift cards are excellent employee benefits to receive. They are as effective as any cash-based reward and have shown similar spike levels in employee motivation, productivity and job satisfaction.
Benefits of Gift Cards for Employees and Employers
Allows Employees to Treat Themselves
When employees receive a gift card or voucher, they have the liberty to spend it on something they may have had their eye on for a while, without worrying about setting aside money to pay for utilities.
Gift Cards are More Memorable
Gift cards for employees establish a trophy value and create a lasting reminder of the employee’s achievement. While a cash reward may seem more like compensation rather than a reward whereas a gift card could be used for purchasing something tangible or creating experiences.
Freedom of Choice
Gift cards allow people to choose their rewards. Not only is it feasible for the employers, but it also creates a sense of excitement for the employees. These cards can also be integrated into a point tracking system. This would allow their recipients to collect and store their points until they have found something they really like.
Cost-Effective, Flexible and Hassle-Free
The simplicity and flexibility of gift cards are what make them ideal. You can easily find a gift within your budget for employee rewards and recognition programme. There is also a significant decrease in the decision-making process. The purchasing and issuing process itself is hassle-free, especially in the case of digital cards. Employers can purchase it anytime, and share it with their employees anywhere.