Most companies are now in the planning season for 2023, but uncertainty about the economy, continued labor shortages and stubborn inflation are posing unique challenges to planning and forecasting budgets. Given these challenges, initiatives like employee engagement may not seem like an executive-level priority, but the risks of continued high turnover, paired with high onboarding costs for new employees are far greater than the cost of a coordinated employee engagement program that helps retain key members of your team.
Disengaged employees can increase absenteeism, lower morale and most importantly, lower productivity across your organization. Gift cards are an effective and easy option to kickstart engagement initiatives in 2023. Gift cards allow for easy delivery to a dispersed workforce as well as budget and brand flexibility.
Employee Engagement Ideas- Even on a Budget
Employee engagement is a proven strategy for retention, however it can still be a challenge to get engagement activities budgeted, especially in remote environments. Due to the economic volatility, many companies' budgets are going to be under extra scrutiny for the coming year and teams who own employee engagement initiatives may need to work hard to justify the value of employee engagement programs. One successful way to do this is to prioritize employee engagement into your overall corporate HR plan and ensure it aligns with the broader company initiatives.
In addition to engagement initiatives for new employees, most existing employees are yearning for in-person engagement opportunities with their colleagues, even if they are primarily still working from home. eGift cards can help promote smaller, less expensive in-person gatherings by providing small to medium size employee rewards that can help curb the personal cost to employees of these informal get togethers.
Employee Engagement Surveys- Get their Feedback
Another key component of planning a successful employee engagement program for 2023 is to solicit employee feedback. This will help recognize measurable ROI for your program faster and ensure that you provide engagement incentives that will be impactful for employees.
According to Inc. Magazine, 35% of employees are looking for more recognition for their work. It’s important to find those employees within your organization and ensure there are personalized rewards that will help them start to build a positive association with your organization.
The Risks of Disengaged Employees
When pitching an employee engagement program to your executive team or budget committee, lead with the risks of not having a program. The job market continues to favor employees looking for their next opportunity, so the cost savings of retaining high performing employees is critical to any company’s bottom line.
In a tough economic environment, your people are your greatest asset. It will cost more to replace employees who turn-over than to keep and engage existing employees. Finding the right talent costs time and money, so identifying your top performing employees and ensuring they are recognized and rewarded - as well as identifying employees that are underperforming or a flight risk, is critical to maintaining a high performing workforce.
The risk of not engaging employees, especially those that may feel particularly isolated or under-appreciated as remote work continues, not only lowers morale for all employees, but can also affect all facets of your business as they are less productive, absent, unsafe, or departing for another role.
How eGift Cards Can Help Employee Engagement in 2023
When evaluating employee engagement program elements for 2023, consider eGift cards. These versatile rewards can fit any budget and are easy to deliver to a dispersed workforce. This means with even a small program, showing employees a commitment to remaining engaged, can be impactful with a limited budget.
Speaking of impact, gift card bonuses are proven to be more impactful long-term than cash bonuses. This means that the initial investment is less risky and is more likely to show a return quickly.
eGift cards can be most helpful to employee engagement program administrators because they come in a variety of popular categories that resonate with employees, including:
Home Furnishings & Improvement
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