Employee Travel Rewards Gain Popularity and Value
Employee travel rewards are common and have been since the days of service crystals and 5- year pins. But the way they are being applied in today’s employee reward environment is changing and evolving. Here are three ways employee travel rewards are changing and can be used to maximize effectiveness.
Why Cash Rewards Don’t Motivate
We talked before about the shift in reward and incentive programs. Employers must now take into account that each workplace is usually comprised of 3 different generations, Baby Boomers, Generation X, and Millennials. Each of these generations defines a “valuable reward” in different ways. This shift in rewarding now involves turning away from the idea of general cash rewards and taking a more personalized approach to the individuals you are trying to motivate or reward.
4 Reasons to Add Technology to Your Rewards Program
Technology is part of all of our lives and, if you haven't already, it may be the right time to add technology to your rewards program. Technology can help integrate rewards into existing HR systems, integrate your rewards program into your employees’ consumer behaviors, and eliminate some of the cost of the program. Here are HR.BLR.com’s“ 4 C’s” for integrating technology into employee rewards.
Gift Cards as an Incremental Sales Driver
Many retailers think of gift cards as a necessary item that gives consumers flexibility in purchasing and gifting. However, FirstData's
2014 Prepaid Consumer Insights Survey reveals that gift cards can actual hold the power to drive incremental sales for retailers, and the better news is that gift card sales are on the rise, with an 8% boost in sales between 2013 and 2014.
Incremental Sales Driver Gift cards drive incremental sales when consumers purchase past the value of the gift card. According to the FirstData study, in 2014 consumer spent an average of $23.41 over the amount of their gift card, up about $3 from 2013. As this consistent consumer behavior takes root, retailers can use gift card purchasing numbers to forecast this unique source of incremental revenue. The additional spending also represents the opportunity to gain new consumers and build a relationship with shoppers who wouldn't have otherwise entered the store. Using gift cards as a customer acquisition tool can help increase incremental revenue numbers that stem from gift cards and gifting.
Gift Card Popularity on the Rise Gift cards have long been a popular gift choice for those picky recipients and continue to offer consumers a safe gifting option that is easier on both the sender and receiver.
81% of consumers plan to spend the same or more in plastic gift cards, with
84% of consumers planning to purchase the same or more in e-gift cards. These strong numbers indicate a real opportunity for retailers to take advantage of the incremental revenue from extended spending on top of the value of gift cards. The flexibility of gift cards provides a desired convenience for consumers as well as a revenue opportunity for retailers. We want to know what gift cards do for your business? Leave us a comment.
Attracting Millennials to Incentive Programs
LoyaltyOne recently took a deep dive into incentive programs and what exactly attracted millennials to them. Their study found that the majority, falling into a range of 18-29 years old, identified in-store experience as a top factor when it came to joining grocery-store reward programs. These in-store experiences also seem to go hand-in-hand with health and nutrition.
