Gift card rewards mutually benefit a business’s workforce and its bottom line. As stated in a research report by The Society for Human Resource Management (SHRM), recognition and rewards are critical to enhancing employee engagement and performance. Research shows that employers with good recognition and career development programs scored significantly higher in terms of productivity, revenue, customer retention, and employee retention than those that didn't.
Gift card rewards boost employee engagement, loyalty, recognition, and retention programs by:
Motivating & Improving Performance
People naturally respond positively to rewards. Employees want to be recognized for the fruits of their labor but there may not be corporate programs in place that recognize and reward employee performance and achievements. Gift card rewards allow organizations to acknowledge specific aspects of performance with tangible and memorable rewards that can be personalized, making employees feel recognized and appreciated. In fact, according to Gallup research, only one-third of employees say they feel engaged at work, while 70% of employees say they would work harder if they were recognized for their work.
Boosting Employee Morale
A critical component in boosting employee morale is establishing a positive work environment—the IRF Pulse Survey has shown that COVID-19 brings new challenges to both employees and employers, and that reward and recognition programs play a vital role in helping to maintain employees’ focus and energy during difficult times. When employees feel appreciated and recognized for their efforts, their job satisfaction, engagement, and motivation increase. You can build a company culture that actively recognizes and rewards employees with gift cards. They are a great way to acknowledge employees in meaningful ways, especially when they put in long hours towards specific projects or go above and beyond in their role.
Increasing Employee Engagement
According to a study from The Conference Board on workplace engagement in the U.S, disengaged employees cost organizations around $450-550 billion each year. Disengaged workers take less responsibility and ownership of their attitude, behavior, and motivation, and drain overall productivity and can be costly to organizations because their quality of work can directly impact a company’s reputation and bottom line. However, most employees want their work to be meaningful and engaging. Gift card rewards are an effective tool within employee engagement programs to sustain employee interest and make their daily work more meaningful by acknowledging that what they do matters.
Improving Retention Rates
Rewarding employees for their accomplishments demonstrates that they are a valuable asset to the company and that their contribution is not only appreciated but meaningful. According to Gallup’s analysis, employees who do not feel adequately recognized are twice as likely to say they'll quit in the next year. When employees feel appreciated and engaged, loyalty within an organization increases, resulting in higher retention rates. Utilizing gift card rewards to reward your workforce demonstrates commitment and dedication to your employees, reducing turnover and the cost to find and hire new staff.
Today’s workforce is more diverse than ever so organization's need to ensure their rewards reflect that. Employees don’t just want cash, they want memorable rewards that will incentivize them to perform well and receive recognition when they produce positive results for their organization.
We've helped companies identify and match gift card incentives for employee engagement and recognition programs for over 15 years, offering a wide variety of brands that appeal to a diverse workforce. Incentivizing employees with gift cards is a powerful way to demonstrate appreciation and recognition for the accomplishments in your workforce. With the ability for rewards to be tailored to employees’ individual preferences, they leave a lasting impression and memory that’s associated directly with their work performance.
GiftCard Partners works with organizations to identify and match the best gift cards for employee engagement and recognition programs. Our Engage2Reward™ Platform allows organizations to conveniently select the right brands that make it easy to motivate, incentivize, and engage employees to increase performance, improve morale, and bolster retention rates. Gift cards offer: