Rewarding employees is an important part of business. It can be for meeting performance goals, winning sales competitions, or simply for good employee performance. No matter what the reason is, rewards stimulate better performance and a happier workplace. Rewards don't have to be extravagant to have an impact and by implementing a low-cost reward system, an employer gains a more vibrant, satisfied, and involved work team.
When an employer is looking for low-cost ways to reward employees they have several options to consider. Prepaid cards are one of the best options available when compared to other methods such as merchandise, gift cards to restaurants, or vacations. Here is a brief overview of low-cost ways to reward employees, for the benefit of both employers and employees.
Benefits of Low Cost Rewards
From the employer perspective, prepaid cards an affordable, economical, but also versatile way to reward employees. For employers, prepaid cards can be used in a variety of ways from driving a sales goal, to paying out bonuses, to rewarding innovative work. Employers can also enjoy additional benefits that include:
- Naturally, a low cost reward is highly cost efficient with a high return on employee satisfaction. Prepaid cards are also easy to manage from a payroll perspective for decreasing costs and are more tangible and apparent than a small bonus added to a worker's earnings.
- Many employees simply want to know their work and effort is appreciated. With a low cost reward system in place, you can recognize these efforts in a way that's meaningful but also affordable.
- Low cost rewards allow an employer to highlight the success of their employees which can lead to increased retention and employee satisfaction.
- A low cost reward can be used for milestone events in an employee's career. While larger rewards are rarely given out, low cost rewards can be awarded to recognize smaller day to day successes, on a more regular basis.
Employees also gain several benefits with low cost rewards that include:
- When an employee receives a reward they are singled out for the value of their work. By having their successes recognized, employees feel appreciated and have greater job satisfaction.
- Many people in general like a good competition. While every good employee takes pride in their work, a simple contest can add excitement and energy to a workday while still highlighting a critical task.
- The key to a good low cost reward is flexibility. The reason prepaid cards are often used in such rewards is that they can be spent on anything the employee wants either online or at a traditional store. They can also make use of the reward card whenever they wish and easily keep track of it.
In this sense a prepaid card becomes whatever reward the employee wants it to be whenever they want it.
The practise of low-cost ways to reward employees can add to workplace culture and create an overall positive environment. When offering an incentive, contest, or rewards for performance, the reward has to be something that is easy to use and that the employee will find of value. As the above points show, prepaid cards are a highly desirable reward that offers several benefits to employers and employees alike.