Holiday Gift Cards- Use Them or You May Lose Them
Total holiday spending on gift cards last year totaled $27.8 billion. And if history is bound to repeat itself, 25% of that gift card money will remain unspent by the end of 2012. Gift cards are a very popular holiday gift. They are convenient for the giver and stress free for the receiver. However, gift cards tend to be forgotten as the holiday season winds down, and recipients are less likely to spend the balances as the year goes on. So what happens to unused gift card balances? The Securities and Exchange Commission allows retailers to count unused gift-card balances as income once they can reasonably say the card won't be redeemed. Some states require unused gift cards to go to an unclaimed-funds accounts, or put a time limit on the validity of gift cards. Beyond the reasonable timeframe to claim unused balances, retailers can use the balances for general purposes. So, as we move further into 2012, consider this a friendly reminder to spend your holiday gift card balances sooner rather than later.
For more information check out the TheStreet.com.
Getting Levels of Performance and Incentives Right
In a continually changing business economy, finding the right mix of salary, benefits and incentives can be a daunting challenge to get right. There are categories of folks to consider in order to continually attract and recruit top performers, motivate all employees, and retain them. Of course that mix of benefits must help the company achieve its goals, so differentiating levels of performance with varying levels of incentives can help your company not “over-reward”. Gift cards have become the go-to option for incentives for many reasons, but their appeal is super-high when differentiating levels of performance since they can be given in so many denominations and the recipient can make their own decisions about what to purchase from the retailer or merchant. Have you created differing levels of achievement with goal specific incentives to match? Check out Business Finance Magazine’s
Compensation Challenges in 2012: Finding the Right Mix to learn more about differentiation and how to shuck and jive with change in your organization with regard to compensation and incentive budgets.
Using Health and Wellness as a Public Relations Tool
CITGO Petroleum is using local health and wellness programs as a fantastic opportunity to highlight their local efforts and community involvement in America. CITGO is giving Lehigh Valley Health Network $5,000 in small denomination gift cards as part of CITGO's "Fueling Good" program. This program uses CITGO gift cards as small rewards for individuals involved in the Lehigh Valley Health Network's Health and Wellness program. The gift cards lower program costs for Lehigh Valley Health Network and allow them to continue their important work. Gift cards are an extremely effective tool for use in health and wellness programs. They help reward participants for desired behavior, and don't cost the program administrator that much. As is the case in this situation, gift cards are also a great way for program sponsors to get involved with health and wellness programs. CITGO was able to come in and help facilitate the positive program, while gaining favorable publicity.
To learn more about the Lehigh Valley Health Network's Health and Wellness program and the partnership with CITGO Petroleum click here.
Are You Getting the Most Out of Your Benefits Package?
SmartBlog on Leadership reports that only 1/3 of people feel that their company does a good job communicating their benefits to them…these companies are leaving a great company investment un-leveraged. The benefits and incentives, such as the voluntary health and wellness programs you offer, are a huge asset to your company not only when recruiting, but on an ongoing basis for retaining employees and maintaining employee loyalty. "Loyal employees aren’t necessarily those with the most expensive benefits. Rather, they’re employees who understand how to get the most value from their benefits because they received clear, open communication year-round. Employees who think their benefits communication educates them effectively are more satisfied and loyal: 71% are satisfied with their benefits, and 70% feel a strong sense of loyalty." states Jennifer Benz in
Why you should invest in benefits communication. Did you know that a strong benefits & incentive communication strategy could also reduce health care costs?
Click here to start improving your benefits & incentive communications for 2012.
5 Tips to Keep Your Employees Motivated in 2012
Think of these 5 tips as your new year's resolutions as an employer. As 2012 goes into full swing and the economy and job market continues to struggle and maintain instability it is important for the success of your business and your employees that you keep employees motivated this year. 1. Act as a role model to employees, this will help inspire them and help employees realize their work passions. 2. Clearly define the organizational vision, mission and strategy as well as employee goals and objectives. This helps keep motivation specific and focused. 3. Delegate challenging and meaningful work. Minimizing busy work, and maximizing meaningful projects helps employees see their direct impact on the company. 4. Create individualized personal development plans with employees. This shows employer dedication and commitment to employees. 5. Monitor employees progress toward goals and reward good behavior. Rewards do not need to be big, a small denomination gift card can be just enough to reinforce the good behavior without costing the company too much.
For more on how to motivate employees check out the Forbes.com article.
