Prepaid Employee Incentives

Jul 19 • Business • 512 Views • Comments Off on Prepaid Employee Incentives

Even though some people still believe that a pay cheque should be more than enough motivation for employees to stay motivated, most know that this isn’t really the case.  It’s extremely important for employees to stay motivated in any work environment, and employers continually look for ways to make this happen. 

One way to keep employees motivated is through the use of prepaid gift cards.  Most people are familiar with prepaid gift cards and enjoy receiving them as a reward for purchasing a particular product or service.  They can also be used by businesses to keep employees focused and committed to achieving company goals and objectives. 

Create an Incentive Plan

The first step in using prepaid gift cards to help motivate employees is to set up an incentive plan.  Basically, an incentive plan is when a company offers rewards to employees for meeting certain objectives or milestones.  An effective incentive plan contains some specific elements. 

Well-Rounded – To really keep employees motivated on a continual basis, it’s important that an incentive program isn’t one-dimensional.  Employees will get motivated and stay motivated if there are immediate, short-term and long-term rewards available.  Prepaid gift cards may be offered in varying amounts over varying amounts of time to keep everyone excited about the present and the future. 

Simple –  Simplicity is another element that makes for effective incentive programs.  That’s why using prepaid gift cards works well.  They are uncomplicated and easy to use and give away.  Make the incentive as simple as possible too, and the whole program will run without a hitch.   

Parameters –  It’s wise to detail the parameters of incentive plans to the employees before you kick it into gear.  Staying with the simple concept, try to give the gift cards only for surpassing set business goals. 

This helps keep the employees focused on growing the business, and makes sure management always has clear and goals and expectations.  Rewarding for both individual and team results will encourage everyone to work together as a unit. 

Choose the Card

 

Once you have all the details of an incentive program in place, you need to figure out what kind of corporate prepaid card to create.  One option is to have your company logo applied to the prepaid card. Another option is to have the prepaid card completely branded with your company colours, logo and imagery to reflect your brand, a particular marketing campaign or the brand of your internal reward program. No matter what option you select, your company or incentive program will be top-of-mind for your employees every time they pay for something they want with your incentive program prepaid card. They’ll appreciate that you have provided them with the ultimate choice of selecting the incentive most valuable to them and that will ultimately build employee loyalty and engagement.

Set It in Motion

 

 

Once the plan is set and your card has been designed, all that’s left is to start it up.  Print out a complete list of rules and distribute them to everyone, so there is no discrepancy later on.  Explain which prepaid gift card will be given away for reaching which goals.  Announce the start date of the program and then begin keeping track of the results.   

 

This guest post was provided by Berkeley Payment Solutions, we help businesses develop effective customer and employees incentive programs. 

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