Change Up Your Employee Gifts This Holiday Season
The holiday season is the perfect time to recognize those people who matter the most to you–family, friends, loved ones. For your business, your number one asset is your employees. How do you show them that you care? How do you make them feel valued?
During the holidays, companies typically look outward, offering incentives, campaigns, rebates and more for increased purchase activity. Unfortunately, that means that, far too often, companies forget to use the holiday season as a time to offer rewards to their employees. This year is the year to make a difference.
But do incentives really make a difference? The answer, unequivocally, is yes. Incentive programs build loyalty, improve employee morale, and create a corporate culture built to succeed in the future, especially in sales and commission-driven industries. And remember, your company’s culture is what separates you from the competition. It can make the difference between hiring and retention.
Check out the stats below for proof:
- Properly structured incentive programs can increase employee performance by as much as 44%.
- 83% of employees said they would feel more appreciated, work harder, feel motivated, and have more loyalty towards the company if they received a holiday incentive.
- A 5% increase in employee retention can generate a 25 to 85 percent increase in profitability.
- More than 4 out of 10 (42%) employees consider rewards and recognition program opportunities when seeking employment.
- 39% of employees feel underappreciated at work, with 77% reporting that they would work harder if they felt better recognized.
- 41% of customers are loyal to a brand or company because they consistently notice a positive employee attitude, while 68% of customers defect from a brand or company because of negative employee attitude.
- Companies using incentive programs reported a 79% success rate in achieving their established goals when the correct reward was offered.
- Annual revenue increases are 3x higher in companies that use a tangible sales incentive over those that don’t use an additional incentive. When incentive programs are working, the potential for growth is much, much higher.
Ok, so now you know the numbers. But WHAT can you do to properly reward your hard-working employees? Gift cards for restaurants or clothing stores used to be enough, but in today’s world, it doesn’t quite cut it anymore–it feels impersonal and, well, just outdated. You need to deliver a personalized experience, you need to offer choice, and you need to offer immediacy. The best way you can do this is by offering your employees a prepaid incentive during the holiday season.
According to a CPPO survey, open-loop incentive cards are the top holiday gift. A majority of Canadians, 79 percent, say they would like to receive an open loop incentive card. 78 percent prefer open-loop cards versus closed loop gift cards that can only be used at one retailer. 95% of Canadians say that they are satisfied with incentive cards, which is the highest satisfaction rate out of all payment tools. One of the reasons it’s great for the holidays is that it actually feels like a gift, unlike cash. If someone gifts you cash, you might be inclined to spend it on everyday/menial items, but with an incentive card you tend to feel obliged to purchase something a little more special.
A customizable, branded prepaid card is a great tool for supplying employees with rewards for the holidays, because they can use it for what they want, whenever they want, and whenever they make a purchase, they’ll see your name/brand on the front of the card. It’s a great reminder that you care. It will motivate sales staff to hit their targets, and will inspire them to work harder for you because you have shown that you value their commitment.
Without incentives, or to be more precise, without the right incentives, your competitors can steal your top talent. Your employees may lose interest in working altogether: disengaged workers cost the economy $300 billion or more per year. 90% of business leaders believe that an employee engagement strategy could positively impact their business, yet only 25% of them actually have a strategy in place. Make the right move, and implement an employee incentive program now.
If you’re having trouble coming up with the right holiday incentive program for your employees, don’t worry, we can help. Offer choice and convenience this holiday season with open-loop prepaid incentives. They are simple, secure, and can be used anywhere Mastercard® or Visa® is accepted, including online. Don’t settle for retail gift cards that pile up over the holidays, stand out with TruCash® prepaid. Contact us today to
Check out our 2018 Corporate Holiday Gift Guide to see how DCR Strategies can help you win the season with innovative incentives that make an impact
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