Gift Cards Are The Most Popular Reward For Employee Incentive Programs
Companies are continually looking for new ways to show employee appreciation. Free lunches and published recognition go a long way, but research shows there is a new favorite among employee rewards programs. Blackhawk Research found that gift cards are a top choice for employees, and 69% of workers feel valued after receiving a gift card from an employer.
What makes gift cards so desirable? Nearly 70% of respondents said that gift cards felt like financial rewards to them. Even if a gift card can only be used with one merchant, employees translate the value into cash.
Gift cards are also desirable because they show that a company cares about its employees (66%). Employees say receiving a gift card makes them feel motivated to work harder (54%) and more likely to remain with a company (55%).
When it comes to choosing offers for employee rewards, program managers said ease of use was a top priority. That is why many businesses choose prepaid cards for their incentives. Since gift cards are compatible with most mobile wallets, employees can choose exactly how they want to use their incentives.
Digital gift cards are popular among consumers but physical gift cards are in greater demand among employers because of their convenience. Roughly one quarter of employee program managers put the company name on physical cards as an added touch for brand interaction.