As the holidays near, and thoughts of end-of-year gifts dance in bosses' heads, prepaid cards can be a great way to say thank you. With 70% of employees saying that motivation and morale would improve if managers said thank you more (Reward Gateway), the holidays are the perfect time to get started with a rewards program that not only says 'thanks' but can benefit you long term.
Prepaid cards can offer your employees the flexibility of where and how they spend the funds, ensuring it's spent on something they'll use or appreciate, while also providing your business with a successful rewards and recognition program that you can use year round. Here's everything you need to know about employee rewards:
Retain Your Employees
With a lack of recognition and engagement driving 44% of employees to switch jobs, an easy way to retain employees is through recognition. The holidays provide an opportunity to reward your staff for a job well done, disburse annual bonuses, or give monetary gifts. You can also easily transition your holiday reward prepaid cards to a year-long initiative. Switch commissions, bonuses and HR gifts to being disbursed on a prepaid card, making it easy for your employees to manage their funds, and your HR team to manage their annual initiatives.
Stay Top of Mind
Do you use closed-loop gift cards as holiday rewards? Well, it's time to stop. With prepaid cards, you can brand every customer or employee touchpoint, including the cards, the paper collateral and the cardholder portal so no one is left with gift cards they don't know where or who they got them from. If you're working to build employee loyalty and retention, remind your team who gave them the funds. It's a simple and effective way to positively stay top of mind.
Build Brand Loyalty
Giving your employees the freedom of a prepaid card, shows you not only recognize and value them as a part of your team, but are actively working to improve company culture. And great company culture is what separates you from your competition and encourages employees to stay on and grow with you as company, building brand loyalty. Plus, companies with engaged employees see a 26% greater annual increase in revenue (Aberdeen), so really you can only go up from here.