Not all employee rewards programs are created equal. Here’s why prepaid card solutions are the ideal incentive in this era of the great resignation.
Reward programs are among the best ways to drive employee engagement and satisfaction. More than ever, in today’s economic climate, employers are focused on retaining their talent, so employee satisfaction is especially important.
The problem is that traditional employee rewards programs often don’t cut it. From generic gifts to ‘awards’ with no value, too many businesses try to motivate their employees in ways that are limited in scope, often tedious and take too long to be delivered.
Prepaid incentive cards take the lead where traditional methods fail: they’re easy to use, flexible, and offer immediate access to funds. If you want to take talent management to another level, prepaid cards offer a number of benefits.
How Do Reward and Incentive Cards Work?
Employee reward cards can be used in the same way as debit cards. Unlike gift cards, cardholders aren’t limited to a specific store or business. As they’re reloadable at the touch of a button, they make it much easier to run ongoing rewards programs, saving your business valuable time and money.
You can also customize them to feature your brand, boosting loyalty in your workforce. Employees appreciate prepaid cards as an incentive, and with a branded card they’re reminded that your company is providing the benefit every time they use it.
The Top 5 Benefits of Employee Incentive Cards
By using prepaid employee reward cards, you incentivize your workforce by giving them both choice and flexibility—something traditional rewards programs fall down on. In addition, prepaid reward cards:
Drive Employee Satisfaction and Loyalty
Giving your employees rewards they appreciate and value will naturally boost their satisfaction towards their employer. High levels of satisfaction, loyalty, and morale are all crucial for retaining your talent. Put simply, the happier your employees are, the more likely they are to stay.
Help Increase Workforce Productivity
It’s not just about ensuring your employees are motivated to stick around. Getting your reward and incentive programs right positively impacts how your employees perform. And, naturally, the higher the productivity levels, the better your business results will be. Research shows that highly engaged and productive employees lead to 21% greater profitability.
Provide Memorable Employee Experience
Incentivizing employees is one of the building blocks towards generating an overall positive employee experience—put simply, how employees feel throughout their employment with an organization.
Prepaid card solutions are not only a flexible and popular option for incentives, they’re also immediate. Once a physical or digital card is issued, your employees can use it instantly.
Increase Brand Awareness
Using gift certificates to reward employees might be nice, but as employees can only use them in specific stores, they’re useful in very limited situations. But they don’t really highlight your business, as they’re more about the store employees can use them in.
Gift certificates get employees something they might need (albeit very limited), but remain generic, while company awards are fully branded, but useless. With incentive cards, you get the best of both worlds—they can be branded to your business and an incentive that’s actually appreciated by staff.
Are Cost Effective and Scalable
Employee reward cards fit perfectly, regardless of the size of your workforce or your reward and incentive budget. You can choose the amount you need, no matter whether it’s one or one hundred, and easily scale up or down as needed. Plus, the seamless system setup process saves you valuable time and money.
Choose dash™Reward to Supercharge Your Incentive Program
Prepaid Technologies’ prepaid card solutions turn rewards and incentives programs from unappreciated, costly paper exercises into something that will benefit both your employees and the business. You’ll get all of these benefits, and more, with dash™Reward, letting you put the positive in “positive employee experience”. Speak to one of our experts today to start the ball rolling for your business.