Keeping employees happy means keeping the customers happy, so employers are actively seeking the best ways to reward their employees. For the longest time, employers always heard the saying “cash is king,” but is that still the case?
More companies are turning towards gift cards to increase their employees’ productivity. Here are some reasons why companies are moving towards gift cards instead of cash compensation for their employees.
Motivation
Employees are more likely to push to meet their quotas if they know they will be earning rewards for their efforts. What better way to reward their efforts than offering them a gift card to one of their favorite brands? Providing employees with gift card rewards will help motivate them to work harder and meet their sales quotas.
Increase Retention Rates
Employees are more likely to stay with their company when they feel appreciated. Companies that consistently reward their employees for their work will find that their employees are more likely to continue working for them. When companies put their focus on employee satisfaction, they’ll see an increase in retention rates, and they’ll see an increase in productivity as well. Providing gift card incentives will help employees feel appreciated, increase their job satisfaction, and help the company keep its top employees.
Separation of Salary
When employers provide cash incentives, employees are likely to group their bonus with their salary. While cash bonuses can be nice for employees, they may think of their cash bonus as an extra bump in their salary that will then need to be spent on bills. When employers provide their employees with gift card rewards instead, employees are more likely to categorize their reward as “fun money.” This is especially true when employers give them gift cards to their favorite companies. One great choice to give to employees is a Spotify gift card. A lot of employees have a subscription to Spotify already, so they may see a Spotify gift card as a way to get a few free months of their favorite music. Some of the employees may even use music to boost their productivity when they're working. In this case, it’s a win-win for the employers!
Drive Results
When employees receive a reward, they can see that they’ll have a tangible reward for their efforts. Not only will they help boost the company’s numbers, but they’ll also be able to reap the benefits themselves when they receive gift cards. Gift card rewards help provide your employees with an incentive to increase their sales, meet their quotas, and drive results.
Companies need to focus on providing their employees with the perfect incentives to help increase their productivity. When employees are offered a range of gift cards to their favorite companies, they’ll feel appreciated and motivated to meet their company’s goals.
