Recognising the contributions of your employees by giving them rewards is essential. It brings a lot of benefits both to employees and the company as a whole, according to an article by Talk Business.
One common way of rewarding employees is by giving them bonuses, whether quarterly, semi-annually or annually through cash gifts. Although offering cash bonuses are high, there is an even better alternative.
If you’re currently in the market searching for a more efficient way of handing out company rewards, then read on as this article will discuss some of the smart reasons why you should give your employees a universal gift card.
What are universal gift cards?
Universal gift cards are an alternative to cash, which means it can be used to pay for different goods and services. Using them is an advantage because transactions are cashless and secure. A universal gift card is not a credit card, which means holders can only spend the amount that is allocated in the card.
Offers a Discrete Way of Giving Rewards
While rewarding your employees with bonuses is a great thing, not everyone might see it as a polite thing to do if you hand out physical cash. Some individuals do not find it socially acceptable. Fortunately, universal gift cards provide a solution to this predicament.
By giving your employees gift cards, you can give out bonuses discretely. Most individuals prefer it this way, especially for people who value privacy and confidentiality.
No one wants to feel that they are just a cog in a machine and it’s your responsibility to make your employees feel that they are significant to the company. Giving out gift cards and rewards make your employees feel that they are appreciated and recognized for their work efforts.
When employees are given incentives, they feel happier, and it gives them a morale boost knowing that their boss values them.
Improved Productivity and Efficiency
According to an article by Psych Central, amount of salary, time spent at work, and benefits play a significant role in job performance. However, when employees feel valued, it generally leads to better performance since they feel motivated to do work.
Better Workplace Environment
Handing out gift cards is synonymous to giving rewards, which could then be perceived by your employees as a means of motivation; to do better. This reward system can easily spread by word of mouth since employees who got bonuses will most likely share their achievements.
By making this gesture, your business place will be perceived as an ideal environment for employees. This means it will benefit all of your employees and could be a means for you to attract recruits that could bring your company to greater heights.
From the reasons mentioned above, giving universal gift cards to your employees is undoubtedly beneficial. It’s not a means to boost the ego of your employees, but to increase their morale and make them feel valued by their boss. Hopefully, this article has helped you to consider in following this reward system.