Gift cards are becoming an increasingly popular incentive for companies to use to combat the various challenges of managing a diverse and remote workforce. Their proven ability to offer flexibility, individual recognition, and excitement has made them one of the go-to products for employee incentive programs. Incentives, rewards, and recognition can help create a balanced ecosystem that keeps the workforce together amid inflation, recession fears, and macroeconomic issues.
Organizations have faced challenging times with the ‘Great Resignation,’ the trend of people leaving their jobs abruptly during and after the pandemic. Some believe this trend could be reversed due to an oncoming recession, leading to a "great return" of workers. However, some think recession worries won't affect the continuous flow of job-hoppers, particularly those of younger generations.
Gift cards offer an effective way to motivate remote and hybrid workers, simplifying the logistics of delivering relevant rewards. The ROI is seen in significant time and cost savings in the decision-making process, influencing positive behaviors and retaining valuable talent.
The Global Gift Card is an excellent tool to reward and recognize your talent’s uniqueness from the moment they are hired. It promotes workplace diversity by allowing employees to redeem a gift that appeals to their personal requirements and individual needs, regardless of their location or identity. Companies can save time and money by using gift cards to incentivize their workforce and promote positive behaviors.
Now more than ever, organizations should adjust their incentive strategies to attract and retain talent. Gift cards can help cultivate a positive company culture while at the same time strengthening channel partnerships. Not only do these incentives serve as a tool for retention and motivation, but they also help to boost sales.
We have many challenges ahead of us in the industry for the year 2023, from inflation resulting in increased prices to economic instability, workforce issues, and more. Incentives, rewards, and recognition will be essential components in building a culture of trust and unity amongst employees, helping to ensure that the workforce stays together.