Employee incentives are no longer a corporate luxury; they’re a necessity. How do you keep your team motivated and engaged in a competitive landscape where talent is your biggest asset? One increasingly popular solution is the employee incentive program using prepaid cards. In this step-by-step guide, we’ll walk you through how to build a high-impact program that boosts morale and delivers a strong ROI. Before diving into the how, let’s consider the why. Prepaid cards offer flexibility, ease of use, and real-time expense management. They’re a financial instrument and a powerful tool for employee recognition. The first step is to define your objectives clearly. Are you looking to improve performance metrics, attendance, or customer service scores? The goals you set here will influence the type of prepaid card best suited for your program and understand top employee recognition case studies. For deeper insights on the different types of cards, you may refer to our Reward vs. Incentive Prepaid Cards: The Complete Guide. Once your objectives are set, the next step is selecting the right card type. Each open-loop, closed-loop, or semi-open loop has pros and cons. What matters is aligning the card type with your specific needs. Budgeting is a […]
Tag: Employee Incentives
10 Real-World Examples of Successful Health and Wellness Program Incentives
Your company’s hard-working employees have a lot on their plates. Because of that, they may need encouragement and reminders to begin or maintain a healthy lifestyle. Behind every successful health and wellness program is an incentive program meant to encourage participants. Wellness program incentives help employees modify their lifestyle behaviors and actions. Successful program participants benefit their employers by using less sick time than non-program participants. Companies also spend less money on unhealthy vs. healthy employees. Popular ways to boost participation in wellness and health incentive programs include gamification, personalization, and enticing rewards. However, the best results happen when companies set achievable requirements and offer amazing incentives. For the past 15 years, All Digital Rewards has helped companies set up and manage health and wellness incentive programs. It’s time for your company to utilize our biggest successes by reading this list of ten successful real-world examples of health and wellness program incentives. 1. Managing a Healthy Body Weight 2. Staying Up-to-Date With Health Assessments 3. Incredible Prizes 4. Encouraging Healthy Spouses 5. A Health Savings Account (HSA) 6. Monetary Rewards Are Great Wellness Program Incentives 7. Free Programs and Membership Reimbursements 8. Insurance Reductions and Subsidies 9. Health Incentive Programs […]
Get Up to Date with the Latest Research on Teams and Incentives
Incentives are a popular way to motivate workers and teams. The question is, how do incentives benefit team dynamics? The Incentive Research Foundation recently released an article addressing this very question. When asked whether they’d rather work on a team or as an individual, ¾ of workers surveyed said that they preferred to work as individuals. Despite these preferences, the majority of workers also acknowledged that teamwork is important to their company’s success. If used strategically, incentives can have a positive effect on team performance. Most leaders tend to choose to recognize individuals over the team as a whole. The IRF postulates that this may be a result of individual successes being easier to observe and measure, rather than team performance. However, rewarding individuals doesn’t do a lot to improve the team’s performance, and there is a risk of creating jealousy or resentment. Rewarding an entire team can be tricky, but it can also be very beneficial to your organization. According to the IRF, team rewards tend to do a better job of improving performance than individual rewards. Many researchers have found that the best results come from a hybrid model of individual and group rewards, particularly when you have […]
How To Gain & Keep Good Employees During The Great Resignation
The old saying was, “Good help is hard to find.” Today, the saying could easily change to “Any help is hard to find.” A recent survey by Korn Ferry showed that of the 50 major US retailers surveyed, over 90% admitted to having at least some difficulty hiring new employees, with over 60% admitting to moderate to significant challenges. Almost every store you go to has a “Hiring Now” or “Help Wanted” sign in their window. On top of that, millions of workers are quitting their jobs. In April alone, there were over 4 million workers who quit their jobs. Many news outlets are referring to this as the Great Resignation. This is particularly true among workers who have been allowed to work remotely during the pandemic but are now being forced back into the office. The question many companies are asking themselves is: “How do I attract workers while keeping the ones I already have?” Although the answer may not be the same for every company, there are some key things that will help, and since this is an All Digital Rewards blog, you can be sure it will include rewards programs. Although this won’t work for every business, […]
Acquiring and Retaining Employees Through Incentive Programs
Every day businesses are trying to find effective ways to acquire and keep employees. Everyone has seen the articles talking about worker shortages. Both employee acquisition and retention are major priorities for businesses everywhere. A huge draw for many employees are the benefits offered by potential employers. Employee incentive programs can be an effective way to stand out from the competition. Employee incentive programs encourage loyalty among your current workers and entice new employees to seek out your company. Employee incentive programs can include things like sweepstakes, points-based incentives, instant win games, or point of sale rewards. Each program should be tailored and branded for your company for maximum effectiveness and to encourage employees to connect with your company. The type of employee incentive program you choose will depend on your organization’s needs and goals. Each type of program engages employees in different ways. Points-based employee incentive programs allow your employees to earn points for engaging in behavior your company finds desirable. Using points-based technology, the points can then be spent by the employees on things like travel, e-gift cards, VISA® prepaid cards, and brand name merchandise. With the right technology, points-based loyalty programs can help to increase productivity and […]
How Incentive Programs Can Save Your Business Millions
Incentive programs are everywhere. Companies use them to increase customer loyalty, promote corporate health and wellness, and to increase productivity, but one other use incentives can have is to increase employee retention. It’s no secret that companies want to retain their employees, but many companies don’t understand how expensive losing employees actually can be. The cost of employee turnover can be calculated as: (Hiring Cost + Onboarding Cost + Development Cost + Unfilled Time Cost) x (Number of Employees x Annual Turnover rate) = Cost of Employee Turnover For example, take a company of 200 people with a 12% annual turnover rate. The company spends $27k per person on hiring, $5k per person onboarding, $12k per person on development, and will lose $55k of productivity when refilling a role: (Hiring Cost: $27,000 + Onboarding Cost: $5,000 + Development Cost: $12,000 + Unfilled Time Cost: $55,000) x (Number of Employees: 200 x Annual Turnover rate: 12%) = Cost of Employee Turnover: $2,376,000 Our example company loses over 2 million dollars annually to employee turnover, and that’s not even considering some of the other indirect losses a company experiences as a result of employee turnover. High turnover rates can damage your reputation, […]
Incentives & Rewards To Engage Remote Workers
Many companies have employees working remote or from home. This is a tremendous opportunity for companies to save money and increase their employee retention. However, it is not uncommon for many companies to feel that it can be difficult to engage their remote workers. One of the most effective ways to engage both remote and in-person workers, is through incentives programs that are geared to employees working from home that is attached to measuring milestones and outcomes that benefit the company and the employee. A good example is a remote employee who sits for extended periods of time and does not have the daily water cooler activities that the office environment provides may need the encouragement to get up and move around. A wellness program attached to 5,000 or more steps a day may successfully boost the morale, health, and productivity of the individual. No matter what sort of organization or company you have, people are motivated by incentives. A study from the Incentive Research Foundation (IRF) showed that 81% of the top-performing companies had non-cash reward programs. A 2016 study by DCRStrategies reported that 79% of companies that have used employee incentive programs say that their incentive program resulted in achieving […]
Increase Genuine Accessory Sales with The Right Sales Promotion
This case study will illustrate how to increase genuine Accessory Sales by implementing a highly responsive sales overlay program that will increase participant engagement by educating participants, using interactive games, and issuing sought-after reward incentives as part of a promotional sales claim process. The case study is an illustrative of the promotion outcome after the conclusion of three similarly situated overlay promotions over an eighteen-month period. The subject of the case study is a leading global automotive manufacturing company that is South Korea’s oldest manufacturer of motor vehicles. Over 1.5 million vehicles a year produced in 13 manufacturing facilities and assembly operations in eight countries. They wanted to run a genuine accessory sales overlay promotion for their dealer partners in the US market. The promotion included sales, service, and accessory departments. The current promotion was not performing and the manufacturer reached out to All Digital Rewards to re-launch the program. Being a valued client of All Digital Rewards, and it was important to take into consideration how the promotion was previously conducted, not confuse the participants, and not lose the component participants had enjoyed – the rewards. All Digital Rewards would have to address the promotions decline over the last […]
Which Incentives Work Best When Setting Up a Health And Wellness Program: Carrots or Sticks?
A successful wellness program is more about how you frame your program whether you’re using disincentives or incentives. You win the toss either way with improved health and wellness, along with reduced health care costs for all because of overall improved employee wellness. What do you need to consider when using carrots and sticks as incentives in your program? The industry culture of an organization may be a contributing factor worth considering. Employees who work in environments where conformity is not valued but creativity is, will mostly likely respond better to carrots and sticks framed as being “good for them” (vs. “do this or else”). Employees who work in bottom-line-focused or highly regulated industries, such as finance, or retail might be used to firm management directives. So, it might be in your organization’s best interest to test a mix of carrots and sticks to see what will work best with your people and change up your message and the delivery. Distribution and timing of the incentives and disincentives also are important factors. It’s human nature to desire immediate benefits and delayed costs. (Hello, zero-money-down deals!) Sometimes, you may want to consider disguise your carrots as sticks to have the […]
Reward Redemption Process is Crucial to Good Engagement
At its core, the purpose of an incentive is to impact the behavior of employees, customers or respondents. Any incentive that does not impact behavior or decision making is simply a waste of time and money. Simply stated maybe, but that doesn’t make the statement any less Accurate. As factual as that initial statement is, it does not present a complete explanation of the true role of an incentive. It is true saying that an incentive must impact initial decision making of an employee; customer or respondent the company using the incentive must also take a long-term view of their ongoing relationship with the recipient. A well-structured incentive plan cannot only positively impact initial behavior and decision making but also solidify a long-term (and profitable) relationship with the target audience…or forever end that relationship and likely the disgruntled respondent’s immediate circle of influence. An incentive plan must take into consideration the impact the reward redemption process may have on the long-term potential of the client relationship. Unfortunately, too many incentive marketing agencies are long on innovative redemption processes but short on the vision for the long-term impact they may have on client relationships to their audience. Many key stakeholders focus […]
Top 5 Panel Recruitment Promotions that Work in Market Research
Recruitment promotions are easier said than done. But, here’s the golden question. How can you get more customers? What can you do to attract new customers and have them coming back? Today, we’ll talk about digital to cash-based rewards, open vs. closed loop recruitment, leveraging recognized brands, and promotions that bring customers in and keep them. I want you to keep two questions in mind that will work for you. What can you offer that will actually be wanted by customers, and have your customers coming back? And, what is in demand and how do we give this insight? Look for brands who do this well and look to them for example. Leverage those recognized brands. These questions, if answered correctly, will guide you to a successful recruitment promotion. Here are the top 5-panel recruitment promotions that work in market research. Digital rewards are rewards that you can send, receive, and download online. Whether it is movie tickets, travel promo codes, or even fuel rewards, consumers are eating them up. Digital rewards are booming because they play into the consumer’s need for instant gratification. Give them what they want, quickly, and they will be more willing to create a […]
