The holiday season is a great time to reward your team for a job well done, but choosing the perfect corporate gift ideas for your employees can be challenging - especially with today's multi-generational workforce.
Add the hectic nature of the season to the mix and your organization can be at risk of falling into the "Incentive Gap".
The Incentive Gap was identified in findings from the 2014 Canadian Incentive Trends survey showed Canadian companies are giving corporate rewards and gifts they know are not truly valued by employees. And in 2015's Canadian Incentive Trends survey, the incentive gap only widened.
For example, more than half of those surveyed offer company-branded merchandise, while almost three-quarters use retail gift cards as incentives to motivate their employees.
Yet, survey participants ranked prepaid Visa, MasterCard or American Express cards the highest when it comes to motivating employees, and said they preferred prepaid cards two times more than retail gift cards and nine times more than merchandise:
The survey also found that almost half of those polled believe prepaid cards are the best incentive to motivate Millennials.
Motivation is contingent upon employees receiving rewards that they truly value. Research shows recipients of corporate gifts want more flexibility in what, how and where they redeem their rewards.
Because prepaid credit cards can be used to buy almost anything, anywhere, anytime, they offer a world of choice not afforded by other traditional corporate incentives such as company-branded merchandise, special events or even retail gift cards.
Prepaid cards can also ease the holiday gift-giving frenzy by providing businesses of all sizes with a flexible, easy-to-manage solution that not only delivers recipient satisfaction but also a more measurable return on investment. According to the survey, the top reason for choosing prepaid credit cards is ease-of-use while the majority of those who measure program success, said prepaid credit cards provide the highest return on investment. Plus, prepaid credit cards can be branded to add that extra special touch to your gift-giving program.
Common Uses for Prepaid Credit Cards
- Employee Rewards and Incentives
- Channel Sales Incentives
- Consumer Rebates
- Cheque Replacement and Compensation Solutions
- Health Benefits Coverage
This holiday season, resist the temptation to make short-term decisions about corporate gifts and consider how you can maximize your organization's holiday spirit to truly motivate employees. Contact us today to start planning your corporate gift-giving strategy.