Gift cards are commonly found in reward marketplaces, but how effective are they really? In the past, the Incentive Research Foundation has reviewed the effectiveness of gift cards in reward programs. Gift cards are one of the best representations of non-cash Rewards, and carry all of the benefits typically associated with such rewards. Properly designed reward programs will almost always offer some type of prepaid card or gift card in their reward offerings selection. Every type of rewards provider, whether they be instant win game providers, channel partner, market research reward program managers, reward management technology providers, or digital reward providers, will offer and potentially recommend gift cards. As with most reward programs, gift cards can encourage positive behaviors and better workplace outcomes. When looking at sales reward program ideas, consumer reward program ideas, or ideas for other types of reward programs, gift cards will almost always be listed as a recommendation. Gift cards are a fantastic choice for almost any type of reward program. The IRF quarterly academic review found that people tend to mentally think of gift cards as “fun money”, rather than money that has to be spent on things like bills, or groceries, or other responsible […]
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Incorporating Virtual Rewards into Your Incentive Program for Remote Workers
As vaccine rates rise and life begins to return to a more normal state, it is clear that some changes brought about by the pandemic may be permanent. A PWC survey showed that around 80% of companies are planning to maintain some amount of remote work post-pandemic. Additionally, a PR Newswire survey showed 1 in 3 employees would consider changing jobs if the company they are working for makes them return to the office. In the face of this changing workforce, companies are looking for ways to retain and motivate their employees. Employee recognition and engagement is essential to the morale of a company and in maintaining high standards of productivity from their workers. Remote Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of retention, engagement, morale, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Remote Employee Incentive programs benefit employers by: A points-based incentive program can be incredibly effective for remote workers. Your workers will adore earning points in incentive programs, which can be spent on an extensive range of prizes such as […]
Digital Rewards For Employee Recognition
As more and more people are working from home, companies are looking for employee recognition ideas and ways to motivate their employees. Employee recognition and engagement is essential to the morale of a company. Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of engagement, morale, retention, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Employee Incentive programs benefit employers by: Motivating Employees Promoting Teamwork and Engagement Retaining Your Company’s Top Talent Boosting Employee Morale Providing Measurable Results Increasing Service Levels A points-based incentive program can be incredibly effective. Employees adore earning points in incentive programs, which can be spent on an extensive range of prizes such as gift cards, merchandise, experiential rewards, additional paid vacation time, or cash equivalents. Employees are well acquainted with what is required to participate in points-based reward programs and will respond enthusiastically to them.When creating employee rewards programs, particularly for remote employees, the right rewards are very important to your program’s success. The effectiveness of your digital or virtual incentives depends on the type of the virtual reward and […]
