As Unemployment Drops, Employee Retention Becomes Crucial
This interesting Canadien article pointed out a seemingly obvious but interesting point. As unemployment rates drop employees gain an advantage over employers in terms of the job search. Employers find during these times of transition, when the unemployment rate is dropping and employees tend to start to look around the job market, that they need to ensure that their employees stay happy. How to keep employees happy? Incentive programs! A poll of 429 businesses found that more often than not, business owners count on employee incentive programs to draw and maintain motivated employees. Increased employee motivation is the top priority of 88% of respondents. Gift cards are an incredibly effective way to motivate your employees. They are easy to administer and use, they hold trophy value, and show true thought when given from employers to employees. How high on your priority list is employee motivation this year? How do you incent your employees?
For more information on employee motivation in the coming year click here.
Top Reasons why to use gift cards for incentives
Incentives as a way to boost employee morale, motivation and performance is nothing new, but let’s look at 5 perspectives for why to consider gift cards as incentives. Gift cards are as close as you’ll find for a one-size-fits-all incentive. They truly satisfy all demographics, interests, needs and lifestyles and offer much flexibility for the buyer. 1. Employees want gift cards. According to a recent study by Incentives Magazine, 8 out of 10 employees report that they prefer gift cards over other incentives. 2. Gift cards provide choice. Choice not just in what your recipient selects, but you often have choices in how you give them: eCert, mCert (mobile delivery) or plastic 3. Gift cards can be shared with family and friends. A night out with loved ones of friends has been cut back as discretionary spending, revive the night out with gift cards. 4. Gift cards can fit many corporate needs. Bulk gift card purchases provide cost savings and fit a variety of business scenarios can provide additional cost savings. Use for employee incentives & retention and use as rewards in corporate health & wellness programs, consumer promotions, customer promotions & loyalty, and/or as dealer and reseller awards. Source for list: Ceridian Connection.
Three C's to Maximize your Gift Card Incentive Program
Selecting the right gift card for your incentive program is crucial to its success. It's not just about satisfying your employees; it's also about staying within budget. Here are the "three C's" to help you maximize your gift card incentive program:
Ramping Up Employee Engagement: Gamification in the Workplace
In today’s rapidly evolving workplace, gamification is gaining traction as a powerful tool to engage employees in incentive programs. Gamification leverages game-like elements—such as rewards, challenges, and competition—to motivate and reward employees for achieving goals, learning new skills, or engaging in health and wellness initiatives. According to recent data, gamification is expected to grow significantly, with the global market projected to reach $30.7 billion by 2025, driven by its effectiveness in improving employee performance, motivation, and engagement .
What Problems do Gift Cards Solve as Incentives in an Organization?
An increasingly diverse and remote workforce brings many challenges to management teams when strategizing and coordinating their employee incentive programs. Employers can immediately show their recognition of workplace diversity and appreciation for individualism when they allow their employees to redeem with their own choice via gift cards and virtual gift cards.
Why are Gift Cards the Incentive of Choice? from IGCC rounds it up well: “gift cards empower the recipient with the right to choose the item that most motivates himself or herself”. Ceridian states that 8 out of 10 employees prefer gift cards over other incentives. This preference rewards for hard work they’ve done and motivates them to keep it up. The simplicity of gift cards has also helped management deliver programs quicker and with relevance to the participants. There is a significant time savings in the decision making process…..another important cost savings benefit of gift cards. Check out GCP's new website: www.giftcardpartners.com Subscribe to our eNews:
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