A new study from Xexec which surveyed 1720 employees has shown that employees were more likely to value bespoke, personalised awards over money: 66% of those surveyed said that receiving two tickets to a concert of their choice would make them feel loved, compared with 34% who favoured having three times the value of those tickets being paid into their paycheck over the course of a year. Some other ideas included team drinks (15%), training (10%), professional mentoring (7%), having a lie in every week (7%) and getting a parking space for a month (2%).
For companies who think that rewards have to be big and showy – this could be news!
Rewards don’t have to be big
One review of 45 studies into rewards found that the average effect of extrinsic reward programs on all work tasks was a 22% gain in workplace performance! These gains are significant and can have a major impact on the overall performance of the company.
But what rewards work best? The latest research according to Alain Pinsonneault of McGill University’s Desautels Faculty of Management suggests smaller but more frequent promotions increase employee retention whilst keeping costs low.
Freshness is key
The key to any reward, incentive or gift is to keep things fresh and engaging. The reason that seasonal rewards fall behind is that they become part of the scenery – the typical, expected gift. Smaller, spot rewards and gifts ‘just because’ are all far more likely to spark joy.
On top of what you choose to reward with, considering delivery methods is key. Whether it’s a reward for a channel partner, an employee or an affiliate, consider that in today’s increasingly virtual world, consumers undeniably prefer receiving incentives instantly and digitally.
They also place a high value on flexible spending options, wanting the option to spend their incentives anywhere. According to one study, 78% prefer rewards and incentives delivered online/direct to mobile immediately. This might mean you look at options such as eGifts or gift cards – or it might mean that you take this as a warning and ‘speed up’ your gift giving process. In other words, if you would have typically run a year long incentive or waited until Christmas to give a reward or a gift, nowadays, you need to think on your toes and deliver more regular treats.
At Gifted To You we offer a huge range of gifts that you can use to reward, incentivise and say thanks with. Why not take a look at the site, or use our gift selector tool to help with some inspiring ideas?