These days, if you want to keep your employees and keep them engaged, simply offering a recognition program isn’t enough. Optimizing your employee rewards based on your team’s preferences and needs is important to make sure they’re effective.
That’s why Blackhawk Network (BHN) asked more than 1,000 employees about what they expect from their companies’ rewards and recognition programs.
READ MORE: 7 Ways to Upgrade Your Employee Reward Programs
While three-quarters of respondents want to receive gift cards from their employer for occasions like Employee Appreciation Day, their intended uses of those rewards vary greatly. According to our survey:
Given the rising cost of living, it’s no surprise that many employees want to use their rewards for essentials and everyday expenses, instead of treating themselves. But the wide range of survey answers mean that your employee rewards can’t be one-size-fits-all.
While a regular gift card allows them to pick the items they buy, it still limits them to a single retailer or merchant. Offer more flexibility by giving multi-brand cards or prepaid cards like Mastercard or Visa. That way, each employee can use that same reward for their preferred purchases.
The other option is to distribute employee rewards via a tool that allows recipients to choose what they want. A gift card platform like BHN Rewards can present a selection of gift cards and prepaid cards, each of which can be claimed with just a few clicks.
Our survey respondents also indicate that the typical quarterly or yearly rewards aren’t enough. Two-thirds of employees say they want to receive recognition at least monthly, if not even more often, for accomplishments such as supporting an important project, meeting a tight deadline, and reaching a personal goal. In addition, they cite opportunities to complement performance-based employee rewards on occasions like:
When you encourage employee well-being and recognize good work ethic, kind actions, and big milestones, you create a more positive workplace culture and a happier, more engaged staff. You can also consider creating an employee points reward program, which can allow you to add even more creative recognition opportunities.
Efficiency is another key part of effective employee recognition. The longer you wait, the less meaningful the recognition is. Two-thirds of employees want to receive rewards within a week of an accomplishment or occasion, and a third say it loses value after that, according to our study. Make sure your investment in employee rewards is as impactful as possible by distributing them in a timely fashion. Consider using digital gift cards and prepaid cards, which can be sent almost instantly via email or SMS and redeemed quickly online.
The holidays are a key time for employee rewards, but if you missed that opportunity, check out these ideas for giving New Year’s gifts instead and start preparing now for Employee Appreciation Day in March!
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
