According to the Incentive Magazine survey, more than 90% of employers leverage gift cards to recognize performance, spot rewards, sales incentives, service awards, non-sales recognition awards and other miscellaneous awards. One of the best benefits of gift cards is that employers can give them openly. Meanwhile, openly giving cash has a different meaning to colleagues. Cash is not versatile and flexible as the gift card. On the other hand, gift cards can be remembered for a long time. Nowadays, corporate sectors are availing the opportunity of gift cards for their brand awareness.
Trophy value is the everlasting imprint for the employee's achievement to keep it for a long time. Research firm "Within Worldwide" took a survey of 1,010 people and concluded that 58 per cent of people utilize it for bills and savings. Most of them have used cash vouchers to remember what they have done in cash rewards in an unmemorable way.
Gift cards can be viral among employees. Suppose you have purchased a LED TV from the gift card, then soon whole office employees know what you have purchased. It will create a sense of competition to do best in the company and avail high-value gift cards.
It's the common nature of humans to talk more about gift cards rather than cash incentives. Moreover, it is widely and socially accepted to discuss gift card vouchers. Most of the time, you can discuss intangible cash because it is visible at the current time. You might have purchased something from the cash, but actually, cash is not visible. However, gift cards are visible and tangible that can be touched and shown even if you have purchased something. You can state that the feeling of getting a non-cash incentive exceeds the value of getting cash rewards.
True Gift Perception
Whenever companies try to carry out cash as rewards, many employees term it a mere compensation for the company. The company can reimburse expenses and necessities in the form of cash. Similarly, employees assume cash rewards are just the company's extra cash to reimburse its necessities. It doesn't feel like a true gift. Gift vouchers are available as bulk in number in the organization, and they can provide to the employees at any time. However, cash transaction has so many formalities, and it might be stuck due to server error. When you don't receive your announced cash vouchers at the current time, you will feel disappointed.
People wish to opt for flexible gift cards where they can redeem a variety of options. However, pure merchandise gift vouchers or travel options compel you to purchase that option only. Many gift card brands are leveraging their potential in creating customized gift cards where recipient names will be mentioned. Some gift card companies have tightened their ropes to add the company's logo, the theme of the incentive program, and custom mailing of the card.
Why are gift coupons guilt-free? Sometimes, it gives you the option to redeem a particular product that your friends and relatives can have negligible. Suppose you wish to purchase a violin set for a long-time and the company has the only coupon left for the musical instrument store, then, in this case, you will fulfil your wish by purchasing a violin set. However, you have no feelings of guilt that you wouldn't share your gift cards with your family and friends.
Enhancing Work Performance
A recent survey revealed by 'Withlin Worldwide' that 32 per cent of US employees who received cash bonuses felt that it didn't impact work performance. A significantly lower percentage of people have enjoyed their cash rewards with their family and friends. Most of them used to pay for bills and other household expenses. You can say that gift card can be more motivating than cash rewards. It enhances the work performance and work efficiency and competitive level in the organization.
Tangible incentives can be shared with family members. However, you can use intangible cash rewards for personal purposes. Giving a part of your gift incentive to your family members will feel that you care a lot. You can make a difference between two rewards; one cash rewards and another gift vouchers.
When you tell your family members that you have won a splendid cash award, nobody pays attention to you because everybody knows most of the cash rewards will spend on bills. But, when you tell your family members that you have won fantastic and flexible gift coupons, whole family members will surround you and ask you would you buy this item for me. In this sense, you proudly share your tangible rewards with your family members.
Pleasing Loved Ones
You can surprise your loved one by giving a special gift without worrying about spending additional expenses. Suppose your loved one love to play the piano, but it is difficult for you to purchase a piano for your monthly payments. But, when you get lofty gift vouchers to buy anything you want, what will you do? You will buy a piano for your loving soul. Giving a gift of the piano can soothe their heart, and you will feel proud that your splendid achievement in your workplace makes you eligible to purchase a gift for your loved ones.
Long-term Positive Feelings Towards Organization
You will feel pleased to your organization that it has given you long-time memorable gift cards. You will feel delighted to remember the things you purchased for your gift card. You always create a positive environment around your circle because you are happy with the current organization.
A gift card gives you a wide variety of options to purchase a long list of items from online and offline stores. It gives you the motivation to work in a competitive environment. It not only soothes your desires but also fulfils the family needs. You can provide a pleasant surprise to your loved ones from your gift coupons.