GiftCard Partners Blog

Employee retention is a hot topic in a job market where there’s no such thing as a “company man” anymore, and changing positions every 2 years has become the norm. For employers, employee retention should be a top priority for any HR staff because frankly, new employees are expensive. Between onboarding, training, manager’s time lost, break in team rhythm and potential costs of signing bonuses, relocation or travel and new employee socialization taking on new employees are expensive. Check out the infographic below for a full breakdown of why making employee retention a priority can help keep your organization in the black for the back half of the year. Employee rewards programs can often fall victim to budget cuts, or not get approved at all due to lack of executive buy-in. However, make smaller investments in employee rewards like gift cards or extra time off can actually provide ROI, not only in the saved cost of employee retention but also in increased productivity and further employee motivation across your entire workforce. Positioning employee rewards programs as promoting employee retention, and even the “lesser of two evils” can help any executive see the benefits of employee retention vs. employee on-boarding. Thanks to 
SHRM.org for this great infographic on the ROI of Employee Retention

As we head into the 2024 holiday season, gift cards remain a significant part of retailers’ strategies. The industry has seen incredible growth over the years, and the trend is far from slowing down. With the global gift card market projected to reach over $1.4 trillion by 2027, retailers are paying closer attention to new trends that can enhance customer experience and drive sales during the busiest shopping season of the year.

As the Spring and Summer gifting season approaches, business and organization owners should take note: gift cards are set to be the go-to choice for 2024. Whether it's for Mother's Day, weddings, Father's Day, graduations, or Teacher Appreciation Day, gift cards offer a convenient and appreciated solution for recognizing important occasions.

In the gift card industry we know gift cards are awesome. Gift cards are flexible for recipients, easy for gift givers and ensure that the end recipient gets the gift they ultimately want. Now, the consumer public is showing that they agree with us. A recent survey by the Retail Gift Card Association shows that over two thirds of the U.S. population plans to buy gift cards through the spring and summer gift period. Here are a few other highlights from the RGCA survey.

Millennials, those who currently are in the 18-33 age range, will make up 75% of the workforce by 2025. This generation posses an entirely different outlook on workplace culture than the generation before them. Technology is the primary Millennial influence, both in and out of the workplace. What are the best incentives for millennials to be motivated? Growing research shows that point system incentive programs have the highest success level, especially with Millennials. These employees want to not only be recognized, but they also want choices in how they are rewarded as well. Points programs are virtually foolproof, easy to understand, appeal to the interests of many different types of participants, tend to have higher participation rates, and are just plain fun! One amazing employee points program incentive model is the Values In Action program at CVS/pharmacy. An online rewards system where colleagues and managers can recognize one another by granting points that are redeemable for merchandise, travel vouchers, gift cards, and even the option to make a charitable donation. While points programs work best for Millennials, they can be customized for any diverse workforce. 
For more information on why points programs are so popular check out this article by Quality Incentive Company.