'Tis the season to recognize, reward and retain
From the November 2008 issue of Ceridian Connection
In times of economic crisis, companies worry about retention of their best employees -- as well as customers. Some components of retention programs go beyond training or career planning and exceptional service. Most people appreciate being recognized in a variety of ways, but employers can struggle to build meaningful, measurable and secure recognition and retention programs.
Companies must consider:
"A successful recognition program includes incentives designed to retain, promote and motivate behavior," says Alex Calicchio, vice president of new business initiatives at Stored Value Solutions. "Well thought-out incentive programs should be easy for businesses of all sizes to administer."
Why incentives?
Incentives can help retain employees or customers by:
Incentives can help promote the employee or customer relationship by:
Incentives can motivate desirable behavior by:
Employers have given gold watches and Thanksgiving turkeys to employees for generations. With the advent and ensuing popularity of gift cards in the 1990s, gift card incentive programs have emerged as an extremely popular and flexible way to recognize employees and reward customers.
The benefits of forming a relationship with a reputable gift card provider include volume or loyalty discounts on purchases and the choice of a variety of retailers that have been established through long-term relationships. In addition, gift card incentive programs that have been developed with businesses in mind offer the convenience of online access from anywhere, anytime. While online, a business owner or administrator can select the retailer, value, quantity and place an order.
Gifts from Abercrombie to Zumiez
Gift cards offer an opportunity to keep your recognition program familiar and fresh by offering cards from a variety of retailers. Gift cards are ubiquitous to today's generation of workers. A recent study shows that virtually all respondents indicated that they had either purchased or received a gift card.
With the variety of businesses that offer cards to employees and customers, a gift card is viewed as something special. Two out of five gift card recipients say that they are most likely to use gift cards to purchase an item that they have wanted, but had not planned to purchase. Two out of six gift card recipients said that they bought an item that they would have purchased anyway. One in four say that they most often purchase a more expensive version of something they had planned to purchase.
"We have found that using gift cards for employee incentives, recognition and rewards has been increasing for several years. The buying business uses them for employee incentives and other promotions," says Calicchio.
To learn more about SVS Incentive Solutions, a unique, one-of-a-kind incentive program, contact Alex Calicchio. Stored Value Solutions provides custom gift card solutions for prepaid cards, loyalty and business-to-business applications for a diverse set of clients including retailers, airlines, casinos and e-tailers.
In times of economic crisis, companies worry about retention of their best employees -- as well as customers. Some components of retention programs go beyond training or career planning and exceptional service. Most people appreciate being recognized in a variety of ways, but employers can struggle to build meaningful, measurable and secure recognition and retention programs.
Companies must consider:
- How to show appreciation within a limited budget.
- The types of recognition that will be appreciated and used by the recipient.
- An easy, seamless and safe way to administer a recognition program.
- How to keep a recognition program fresh and familiar at the same time.
"A successful recognition program includes incentives designed to retain, promote and motivate behavior," says Alex Calicchio, vice president of new business initiatives at Stored Value Solutions. "Well thought-out incentive programs should be easy for businesses of all sizes to administer."
Why incentives?
Incentives can help retain employees or customers by:
- Reinforcing commitment through appreciation.
- Recognizing desirable behavior quickly.
- Providing a branding opportunity.
Incentives can help promote the employee or customer relationship by:
- Celebrating special occasions such as anniversaries and new contracts.
- Reinforcing a positive memory moment.
- Personalizing gift card carrier messages.
Incentives can motivate desirable behavior by:
- Encouraging good attendance, especially with hourly workers who directly interact with customers.
- Making healthy choices and achieving new lifestyle goals.
- Encouraging customers to return for a discount.
- Rewarding participation in research or a survey, etc.
Employers have given gold watches and Thanksgiving turkeys to employees for generations. With the advent and ensuing popularity of gift cards in the 1990s, gift card incentive programs have emerged as an extremely popular and flexible way to recognize employees and reward customers.
The benefits of forming a relationship with a reputable gift card provider include volume or loyalty discounts on purchases and the choice of a variety of retailers that have been established through long-term relationships. In addition, gift card incentive programs that have been developed with businesses in mind offer the convenience of online access from anywhere, anytime. While online, a business owner or administrator can select the retailer, value, quantity and place an order.
Gifts from Abercrombie to Zumiez
Gift cards offer an opportunity to keep your recognition program familiar and fresh by offering cards from a variety of retailers. Gift cards are ubiquitous to today's generation of workers. A recent study shows that virtually all respondents indicated that they had either purchased or received a gift card.
With the variety of businesses that offer cards to employees and customers, a gift card is viewed as something special. Two out of five gift card recipients say that they are most likely to use gift cards to purchase an item that they have wanted, but had not planned to purchase. Two out of six gift card recipients said that they bought an item that they would have purchased anyway. One in four say that they most often purchase a more expensive version of something they had planned to purchase.
"We have found that using gift cards for employee incentives, recognition and rewards has been increasing for several years. The buying business uses them for employee incentives and other promotions," says Calicchio.
To learn more about SVS Incentive Solutions, a unique, one-of-a-kind incentive program, contact Alex Calicchio. Stored Value Solutions provides custom gift card solutions for prepaid cards, loyalty and business-to-business applications for a diverse set of clients including retailers, airlines, casinos and e-tailers.
