In recent times, we have witnessed a trend of employees switching jobs and companies almost like an exodus. It has sent employers into a frenzy to identify different methods to retain top talent in their organization. Although the uncertainties of the job market are yet to be resolved, companies are keen on attracting and retaining high-performing individuals. Companies can’t rely on the practice of hiring resources when the need arises. Additionally, it is cheaper to retain a candidate who is experienced with company processes and policies. As one of the ways to keep employees engaged, companies are turning to multiple loyalty programs including prepaid gift cards in India.
In this blog, we discuss everything there is to know about prepaid gift cards that so many companies are betting heavily on as a strategy to retain employees.
What are Prepaid Gift Cards?
A prepaid gift card is a payment card that carries monetary value allowing users to make purchases at a variety of outlets including retail stores, restaurants, and e-commerce sites. These gift cards are fast earning popularity within the corporate world as an employee gifting option. It offers flexibility and a convenient option for employees to redeem the reward or gift points. Unlike paper-based gift vouchers that come in fixed denominations, prepaid gift cards can be reloaded with money, and also used for online purchases.
It provides a range of benefits, some of which are listed below:
- Prepaid gift cards in India offer employees flexibility in choosing the gift or item that they want, effectively, for free. These cards can be used anywhere and anytime similar to a debit card for making purchases.
- Giving a prepaid card as an employee reward allows users the convenience of celebrating a milestone or special occasion without any restrictions. Employers can avoid the awkward experience of picking a gift that may not be to the recipient’s liking.
- By getting a prepaid gift card with vendors like Zaggle, you can personalize the cards with their names or a special message for them. It allows you to add that personal touch that goes a long way in creating a bond.
- With a prepaid card, you can fix a specific budget for the employees to indulge themselves. It allows you to extend financial discipline in your workforce without compromising on the experience of getting a present.
- Some prepaid gift cards in India like Zaggle corporate gifting cards come with a security chip and are PIN enabled to secure your funds even if it is lost or stolen.
Advantages of Prepaid Gift Cards in India
Prepaid gift cards are a multi-purpose tool that companies can use for a variety of things. From employee engagement to corporate gifting, gift cards drive multiple strategies that employers can implement to improve attrition rates.
Power rewards and recognition programs
Prepaid gift cards in India can be a great option for employee rewards and recognition programs. Instead of just giving cash or deciding on a generic item for the performers, companies can give them the convenience and freedom of choosing the reward they want. With these gift cards, you can recognize their contributions and also improve employee experience.
Motivate employees with attractive incentives
Employers can gamify employee performance and productivity with prepaid gift cards. By offering reward points upon meeting specific targets or achieving business goals, companies can motivate employees to reach their potential. It will work as an incentive program in addition to their salary benefits.
Promote employee well-being and self-care
In the current competitive market, one can’t stress enough the importance of mental health. Employers, having realized the importance of employee well-being, are introducing self-care programs through prepaid gift cards in India. They are customizing the gift cards to purchase healthy experiences like yoga classes, and meditation app subscriptions for exclusive discounts.
Maximize gift card benefits with Zaggle Edge
Employee retention will always be a core aspect of resource management for companies. The experience that employees get at a workplace can make or break a business. In such a setup, companies can never be too careful about implementing rewards programs with prepaid gift cards in India. Given the criticality of gift cards, ensure that you are offering the best experience for your employees with Zaggle Edge.
The Zaggle Edge gift card program is tailor-made for companies to revamp their corporate gifting experience. It features 7 corporate gift cards that you can choose from based on your unique requirements.
Check out the different card options here.