Communicating Employee Rewards Programs Effectively
In today's competitive business landscape, employee recognition and rewards programs play a pivotal role in fostering a positive work environment and driving employee engagement. However, despite the prevalence of these programs, many employees remain unaware of their existence, leading to a significant gap between perception and execution.
What Keeps Prepaid’s CEO’s Up at Night?
The Prepaid Expo tells us in the form of this infographic. We know our retailer and merchant gift card clients struggle with many of these challenges. There are additional challenges for those, like our clients, who are selling their prepaid products in the B2B market, and GCP supports and guides them through these challenges and those that will crop up. What % of these strategies and challenges are you dealing with?
Payment Systems and Gift Cards Going Mobile
As smartphones become more prevalent in the daily lives of consumers, retailers are constantly coming up with ways to reach these consumers in the space where they are spending an increasing amount of time……….on their mobile devices. While systems like Square and PayPal previously targeted small to medium sized businesses, they have moved into the top tier retail space. This will allow consumers to make payments using their mobile device, instead of having to carry around a wallet full of plastic. Due to the increased importance and usage of smartphones, retailers are also making gift cards available through a mobile device more and more frequently. Not only is it easier for the person recieving the gift card to redeem their gift, but it also revolutionizes the way a friend, or employer delivers the gift. There is added convenience on both sides of the gift card. Imagine giving rewards to employees on a rolling basis through a spot rewards program. The employer can deliver rewards witha click of a button to any number of employees in any number of locations. Mobile gift cards are also revolutionizing the mobile retail space and transforming the way people give and receive gifts.
For more information check out this article and interview with Ken Paull, Executive Vice President of ROAM Data, from PYMNTS.com.
How do Kraft, Pricewaterhouse Coopers and Adobe Boost Productivity?
Ensuring wellness in and across organizations. Talent Management magazine outlines
Tips to Ensure Wellness Boosts Productivity, which offers us key considerations for a sound framework and wellness program structure, as well as
5 Key Steps to Workplace Wellness. These are both interesting articles and offer ideas, but they are summaries of concepts we’ve been hearing about for some time. Now that wellness programs have been running long enough to show increased productivity, healthcare cost savings for employers and employees, and bottom line ROI; what’s next for creating an even more holistic approach to wellness?
An online community comment to the “Tops to Ensure Wellness” article offers the concept of management also paying attention to employees’ emotional and psychological well being while at work. Since physical well being is only 1 facet of a person’s whole being, is this facet of manageable and measurable within health and wellness programs? Since incentives and rewards have become fundamental parts of wellness programs, can they also be used to motivate emotional wellness on a measurable basis? Let us know your thoughts by commenting here.
Using Carrots to Raise Retention Rates
Using carrot rewards, which reward employees for desired behavior, have been proven effective in rewarding employees in a number of ways. Carrots can be used in health and wellness programs to reward employees for reaching goals, they can be used as spot rewards, to reward employees on the spot for desired behavior, but carrots are most traditionally used as milestone rewards. Rewarding employees for long-term commitment to their organization goes a long way. Whether it is a gift card on their one year anniversary, extra vacation time after 5 years, or a watch after 10 years, recognizing employees efforts, commitment and sacrifice over time is crucial. It both recognizes the employee's contribution, and shows the employee that their organization will continue to support and recognize them. When employees feel noticed and supported their productivity goes up, their commitment extends, and they become more content in their jobs and their workplace. Dangling carrots may help boost retention rates and keep employees content for longer.
For more information on using carrot rewards to improve employee retention check out this article from Daily News and Analysis.
