Deborah Merkin
Recent Posts
CVS Caremark Expands Reach, Acquires Navarro
CVS Caremark, the parent company to CVS/pharmacy, recently
announced its acquisition of Navarro Discount Pharmacy.
"The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest growing demographic in the U.S., and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family," said Helena Foulkes, President, CVS/pharmacy. CVS/pharmacy continues to expand with this acquisition, adding to its now has 7,600 locations nationwide. Navarro customers will also benefit from the Minute Clinic services, bringing urgent health care services into new communities. CVS/pharmacy gift cards are now an even stronger brand to make available to your employees as part of a health and wellness initiative, or rewards through an employee recognition program. Gift cards are useful to employees in any denomination, large or small, which helps fit into an employer's budget for the remaining part of 2014, or as we all begin to look ahead to 2015 planning. With
four options to choose from, CVS/pharmacy corporate gift cards offer a card to fit your program.
Modernizing Employee Incentive Plans for a Fair and Productive Workplace
In today’s competitive business environment, financial incentives are more than just a perk; they’ve become essential for motivating employees, driving productivity, and aligning individual goals with company success. But for an incentive plan to truly work, it must be perceived as fair and meaningful by all employees, not just top executives. When workers at lower levels feel their contributions aren’t valued, even a well-funded incentive program can fail to engage them.
The key to success is trust. Employees must trust that incentive plans are transparent, equitable, and tied directly to their performance. If the plan lacks these qualities, it can lead to dissatisfaction, no matter how much money is on the table.
Linking Incentives to Performance
The effectiveness of an incentive program depends on its alignment with performance. Financial incentives work best when employees can directly influence their outcomes. Without this connection, the incentive is less motivational and may even breed frustration. To drive success, companies must design incentives that are linked to measurable and attainable goals.
Moreover, the structure of incentive plans should evolve with organizational goals. If a business focuses on innovation, creativity, or customer satisfaction, its incentive program should reward those behaviors.
Tailoring Incentives to Achieve Organizational Goals
Research by Hay Group outlines several strategies that organizations can use to design incentive programs that drive specific outcomes:
- Supporting competitive strategies (e.g., quality, customer focus): Financial incentives remain a powerful tool for rewarding employees who prioritize customer satisfaction and quality.
- Encouraging flexibility and creativity: Tying financial rewards to innovation, team achievements, and problem-solving can foster a culture of flexibility and collaboration.
- Rewarding short-term objectives: Cash bonuses linked to short-term goals like efficiency or meeting quarterly targets can be motivating, but they should be paired with long-term growth opportunities.
- Ensuring continuous performance: Salary progression and competitive benefits—such as health insurance and retirement savings—can provide stability and motivate employees to perform consistently.
- Improving skills and fostering innovation: Investing in learning and development programs helps employees grow and innovate, benefiting both individuals and the company as a whole.
- Recognition and non-cash rewards: Many employees value public recognition and non-monetary awards, which can create a deeper emotional connection with the company.
Gift Cards: A Modern Solution for Employee Incentives
A modern incentive system should be flexible enough to accommodate both financial and non-financial rewards, and that’s where solutions like Engage2Reward™ Gift Card Ordering Platform come into play. Offering a wide array of customizable gift card options, the Engage2Reward Platform is the perfect solution for distributing meaningful incentives that align with company goals and employee preferences.
For example, research shows that 68% of employees prefer to choose their own gift, rather than having their employer make the decision for them. This is where the Engage2Reward™ Choice Card shines. The Engage2Reward Choice Card allows recipients to allocate the value of their gift card across more than 250 eGift cards from top brands, providing a flexible and personalized reward experience. Employees appreciate this level of autonomy, and it ensures they get something they truly value—whether it’s a retail product, experience, or service.
In addition to offering flexibility, the Engage2Reward Platform also streamlines the logistics of incentive distribution. The platform features:
- Customizable gift card options: Tailor gift card delivery with your company’s branding or personalized messages for a truly unique employee experience.
- Instant digital delivery: Digital gift cards can be sent at the click of a button, making last-minute rewards easy to manage.
- Comprehensive tracking and reporting: With the Engage2Reward Platform, companies can easily track which employees have received their rewards and monitor redemption rates, ensuring full transparency and effectiveness.
Motivation Across All Levels of the Organization
While financial incentives are important, non-cash rewards like recognition programs and personalized experiences often carry more emotional value for employees. For front-line and junior staff, non-monetary rewards, like a simple acknowledgment for a job well done, can provide more motivation than a cash bonus alone. However, for executives and senior management, financial incentives tied to both personal performance and company results remain crucial.
Companies can also take it one step further by implementing all-employee profit-sharing plans. This approach aligns everyone’s goals with the overall success of the company, creating a sense of shared responsibility and purpose. When the company thrives, so do its employees, which reinforces a positive, team-oriented culture.
Building Trust Through a Fair and Transparent Incentive System
A successful incentive plan fosters trust and engagement across all levels of the organization. To achieve this, companies should:
- Clearly communicate how performance directly impacts incentives.
- Regularly review and adjust incentive programs to ensure they remain relevant and fair.
- Use transparency to foster trust, with clearly defined criteria for rewards.
When combined with non-cash rewards and personalized recognition, financial incentives can be a powerful motivator. Platforms like Engage2Reward offer the flexibility to create tailored reward programs that are meaningful to employees, while also supporting the overall goals of the business.
To get started on building a modern, fair, and effective incentive program, register with the Engage2Reward Platform today. Empower your workforce, drive performance, and start rewarding employees in ways that truly resonate.
Invest in Employee Training
The title pretty much covers it for this one, so if you have to stop here (which we at GiftCard Partners DON'T recommend) you've gotten (part of) the point. For most organizations, employees are the biggest and greatest asset. Invest in them! Employees matter, and employee training produces ROI like any other investment. Here are three ways to invest in your employees.
Free Employee Perks That Mean Everything
Employee perks are a great way to provide non-cash rewards and incentives to your employees. Providing a little something extra to employees beyond their workload helps build team dynamics and create a positive company culture. Here are four employee perks that won't touch your budget but will go a long way in building your team.
Growing Workplace Wellness with Digital Health Tools
A recent study found that more than 90% of employers with at least 200 workers now offer some form of wellness program, underscoring the importance of promoting healthy habits like exercise, proper nutrition, and stress management. As unhealthy behaviors contribute to rising healthcare costs, the use of digital tools is helping both employers and employees navigate a healthier future .
The Rising Cost of Unhealthy Behaviors
Unhealthy habits, including smoking, poor diet, and inactivity, are driving up healthcare costs for employers. 21% of national healthcare spending is attributed to obesity alone, and overweight or obese workers miss an estimated 450 million additional workdays annually compared to their healthier counterparts. This absenteeism costs U.S. businesses $153 billion in lost productivity .
To combat these challenges, many companies are adopting wellness programs that leverage digital tools to support healthier employee lifestyles. From fitness trackers and mobile health apps to advanced data analytics, these tools provide real-time insights into employee health, offering both employees and employers a clearer understanding of individual wellness and how to improve it.
How Digital Tools Drive Wellness
Digital wellness tools offer various benefits that traditional wellness programs cannot. Wearables such as smartwatches and fitness trackers monitor physical activity, calorie intake, and sleep patterns. Mobile apps can remind employees to take breaks, stretch, or hydrate during the day, contributing to more active and healthier routines. These tools not only help individuals set and achieve fitness goals but also provide employers with valuable data to tailor their wellness initiatives based on real-time performance .
One of the key drivers of employee engagement in wellness programs is personalization, which digital tools excel at delivering. By providing individual health data and reminders, employees are empowered to take control of their own wellness journey. In fact, 93% of participants in digital wellness programs report that they or their family have benefited from health interventions, such as improved eating habits. Additionally, 85% found fitness activity tracking useful, and83% benefited from stress management programs .
The Role of Gift Card Incentives
Solutions like the Engage2Reward™ Gift Card Ordering Platform are making it easier than ever to integrate wellness initiatives into the workplace. The platform allows employers to offer digital gift cards as incentives for employees who reach specific health goals or milestones. For example, employees who consistently hit their step goals, meet weight loss targets, or engage in mindfulness activities can receive gift cards as rewards. This gamification of wellness creates a fun, engaging environment that encourages participation and progress.
Employers leveraging the Engage2Reward Platform also benefit from the ability to customize incentives based on the needs and preferences of their workforce. From fitness-focused brands to healthy dining options, the platform provides a range of gift card options that support holistic employee wellness.
The Future of Workplace Wellness
While digital health tools have revolutionized the way companies approach employee wellness, it’s important to remember that these tools should be part of a broader strategy. Digital solutions excel at increasing engagement and providing actionable health data, but they should complement in-person wellness activities such as fitness classes, counseling sessions, or even team-building activities that encourage mental well-being.
Looking ahead, the use of digital health tools in workplace wellness is only expected to grow. The global corporate wellness market is projected to reach $93.4 billion by 2028, fueled by advancements in technology and the growing awareness of the importance of mental health in the workplace . As more innovations emerge, from AI-driven health coaching to virtual reality fitness programs, companies will have even more tools to help employees lead healthier lives.
Start Incentivizing Employee Health
Digital health tools offer a promising way to enhance workplace wellness, providing real-time insights, personalized engagement, and measurable results. With the Engage2Reward Platform, companies can seamlessly integrate these tools with meaningful incentives, creating a positive and proactive approach to employee health. As the wellness landscape continues to evolve, digital tools will play a critical role in shaping a healthier, more productive workforce.
