Digital Rewards: How The Practice of Engaging Your Employees Has Evolved
There is no denying that personal habits have unexpectedly had to evolve the world over in this past year. And there is a good reason too. This onslaught of the unexpected pandemic has made everyone all around the world reassess their day-to-day routine. Not just at an individual level, but also among the large corporates.
As per the latest research, 63.3 % companies in the US stated that retaining employees has become much harder than hiring them. Low employee engagement is costing companies more than $400 billion each year. A Gallup study has shown as to how highly engaged workplaces report 41% lower absenteeism and stand 21% more profitable for the business.
1. Digital Rewards are being used as a steady practice to engage employees.
Many companies have realised that in these times of ‘excess uncertainty’, it’s become more vital now than ever, to keep employee morale high. Corporate gifting is one such way of making sure that employees are motivated and incentivized.
2. ‘Digital gift’ – preferred mode by employees
However, according to recent research conducted, around 75% of the companies seem to still use physical gift cards that they present to the employees by hand, while 25% deliver it to their home address. However, a whopping 50% of the employees seem to prefer a simple online, digital gift card.
3. Easy. Quick. Instant reward for positive behaviour.
Online, electronic gift cards are convenient and easy to personalize. It is discovered that a degree of personalization is an important factor for the recipient.
And even from the perspective of employee psychology, digital gift cards hold great benefits, in terms of rewarding positive behavior. Studies have shown that it is best for rewards to be presented within 7 days of the behavior you want to be repeated.
4. Hassle-free gifting.
Articles and online resources can be found highlighting the major ongoing trends in terms of corporate gifting and the utilization of digital gift cards as a replacement to physical gift cards.
That is where various digital gift card companies like UNIQGIFT come in. These organizations take the drudgery and logistical hassle of curating gifts off of your hands while presenting the recipients with engaging gift cards.
5. Understanding purchasing habits
Gifting solution companies like UNIQGIFT and others not only make sure to curate interesting digital gifting packages, but also build a resource pool of information regarding your employees spending habits, to help curate better and better digital gift cards.
6. Logistic-free in times of remote operations
However, in current times, where working remotely from home has become a norm, it has become increasingly difficult to muster up the logistical resources to deliver physical gifts to the receivers. Not to mention, there is seldom guarantee that it will reach in time.
Moreover, in today’s competitive market place, employee engagement can either make or break the long term success of your company. Therefore, finding smart and creative ways to keep your employees motivated is an important cog in a company’s daily machinery and not something that should be done as an afterthought.
Hence, I think in the fast-changing world, where people are of the faith that things will get back to normal, some changes are most likely to be permanent. And, these shifting trends in corporate rewards and gifts do seem to be here to stay.