Employee recognition is becoming a bit of a buzz-phrase in the business world these days. With more and more studies proving that happy workers are better workers, trends like employee recognition efforts are gaining popularity.
Getting the most from employees and creating a happy and motivated workforce comes from factors such as recognition, trust, appreciation and respect. Organizations that find ways to say thanks on a regular basis see a 30% lower turnover rate than companies that don’t. Additionally, employees that receive recognition are 12 times more likely to show stronger results and 14% more productive. However, there are many firms that don’t prioritize employee recognition and as a result suffer higher staff turnover rates, higher rates of absenteeism and lower levels of employee morale. The numbers speak for themselves and companies need to realize that implementing employee recognition or rewards program is something they can’t ignore for long.
Companies have a wide range of options when it comes to motivating, recognizing, and rewarding employees, be it by way of gift cards, merchandise, cash bonuses, travel, or even prime parking spaces. On the surface, cash and gift card awards might seem similar, but research shows that gift cards increasingly outperform cash as workplace rewards and employee motivators.
Data Shows Gift Cards Trump Cash
Gift cards are increasingly popular among both employers and employees. In a joint 2011 study, the Incentive Research Foundation (IRF) and the Incentive Federation found that 65% of surveyed firms include gift cards in their rewards programs, and 26% of firms exclusively use gift cards as workplace awards. This is more than four times greater than companies that exclusively award cash. And eight of 10 employees have stated they prefer gift cards over other incentives. A 2012 Incentive Magazine survey of its readership reveals that 37% of executives and HR decision makers believe gift cards are more effective than cash. Only 9% believe cash to be more effective.
How effective are gift certificates/gift cards compared to cash?
In addition, gift cards offer benefits that set them apart from other non-cash incentives. A gift card allows the recipient to decide what type of item they want to buy – whether that’s a television or an item of clothing – in the knowledge that when they go to the store they’ll be able to look at the options and choose the one that’s right for them.
Corporate Rewards with YouGotaGift
YouGotaGift Rewards specializes in eGift Cards (vouchers), to deliver an effective digital solution to reward, recognize and retain employees and customers. With the widest range of gift cards from popular stores to choose from, your business can now order and reward instantly!
YouGotaGift helps in rewarding employees who matter the most through a range of corporate services available to companies.
1. Employee Rewards & Incentive Programs
An engaged and motivated workforce is what drives your business goals. Acknowledging your employee’s accomplishments and rewarding them for their efforts has a direct correlation on their performance levels. Whether it’s for sales incentives, long service or exceptional performance; rewards and recognition plays a key role in areas such as employee satisfaction, productivity, as well as retention.
2. Loyalty Programs
YouGotaGift Rewards is the future of the Rewards and Loyalty Programs sector. Already partnered with some of the leading providers in the banking, telecom, and airline sectors, digital rewards are quickly becoming the must have for any company who already has an existing loyalty program or is looking to introduce a new loyalty program for their customers.
With the rise in popularity for gift cards across the region, our innovative eGift Card solution allows companies to have the widest variety of choice for their programs. YouGotaGift Rewards provides the ability to send eGift Cards in real time, this allows for a happy customer, and also means huge savings on courier as well as admin fees. Win – win for everyone.
3. Customer Loyalty
Customer’s needs and wants are constantly changing, hence so are their loyalties. Most customers come and go. Some are loyal for life. Rewarding your customers can be the make or break between turning that one time sale into a life time customer.
YouGotaGift Rewards allows you to reward your customers with the ultimate gift of choice in order to guarantee their satisfaction and make sure your reward keeps their loyalty intact. In giving them the ability to select from over 60+ leading brands across the region, it will allow them to do or buy anything ranging from a memorable experience, to a day at the spa, or shopping at one of the leading malls.
4. Events & Promotions
Gift cards are the perfect solution to begin or end any event with a bang! You can send eGift Cards to your top performers, favorite clients, or even potential customers with the ability to write a personal message, co brand your gift cards, or even input a video!
Whether it’s for team building, awards, product launches, or corporate hospitality, gift cards are a much more effective way to make that event or promotions campaign special. Contact us today to get more information on how we can aid in delivering a high impact event or promotion that your customers or employees will remember for time to come.