Considering the fact that happy employees translate to better-performing employees, companies are constantly looking for new and effective ways to motivate and incentivize the employees. But there is always a dilemma around how to incentivize the employees. Though corporate gift cards are a good option but the two options that were available for a long time were:
- Cash incentives that lack any recognition factor
- Gifts that you would assume employees will appreciate and like.
Both the options don’t serve the matter at hand entirely. Corporate gift cards provide the third and the best option to the companies, where they can gift the freedom to choose to their employees.
Corporate gift cards are becoming more prevalent than cash for quite some time now. According to a study by researchandmarkets.com, the gift cards market in India is expected to expand from US $4533.7 million in 2020 to US $ 10869.3 million by 2025. With the wide set of advantages provided by gift cards over cash, more and more companies are inclining towards gift cards instead of offering cash rewards. Some of the reasons why gift cards are better than cash rewards are discussed below. Let’s take a look.
- Employees can treat themselves guilt-free: When an employee receives cash, the possibility of it getting spent on something luxurious is very low. Most of the time that cash ends up in the infinite black hole of day-to-day costs like paying back a loan, or putting it in the savings account. Gift cards present the opportunity to buy something tangible or fun that is not possible otherwise. The guilt-free spending from the gift card makes gift cards more appealing for both employees and employers.
- Flexibility to fit in every budget: There are a plethora of choices for every budget as gift cards are available for varying price points. Gift cards give the same sense of appreciation to an employee. With the varied options available, gift cards can be gifted to the employees for both small as well as big rewards. Make your employees feel appreciated by staying within your budget with gift cards.
- Gift of freedom: With the gift cards, employees get the choice to choose the gifts according to their own choice and preference. Gift cards offer the flexibility and excitement to choose from the numerous options available.
- Joy of sharing with loved ones: The joy and motivation of sharing something distinctive with loved ones are unique. An employee can share the gift cards with loved ones leading to a shared redemption experience. With the loved ones involved in selecting and deciding the award, gift cards help in creating proud moments for the employee.
- Storytelling power of the gift cards: Most employees are not comfortable discussing their bonuses or cash rewards. Employees won’t share how they spent the cash reward, but gift card purchases make an interesting topic for the coffee machine conversations. These conversations motivate the employees to perform better.
The easiest and the quickest way to attain higher employee engagement is an employee reward program. Appreciation cultivates loyalty in the employees while increasing their motivation to work better. However, cash is not a viable option to appreciate employees every time as a monetary reward system can get really expensive for the organization. Gift cards provide a cost-effective option with the inclusion of a variety of gifts to choose from.
With Zaggle Edge corporate gift cards, make your employees feel appreciated by celebrating their milestones with them resulting in increased employee retention and engagement. Zaggle edge also offers the ability to custom the rewards to make them personal and unique for the employees.