According to a study by the Incentive Research Foundation, rewards cards are one of the preferred ways to incentivise staff. The IRF Industry Trends Report showed that staff favoured rewards cards seven times more than cash bonuses. So how do incentives improve business outcomes?
Motivation and engagement
Rewarding staff for doing a great job increases motivation and engagement in your business. Many businesses use rewards among their salesforce or marketing team to make sure they are up to date on their catalogue of products. Businesses can turn “rote memorisation” into a fun trivia quiz with rewards cards as prizes. Business can also incentivise sales quotas, campaign milestones, and general excellence – as part of a friendly “Employee of the Month” competition or recognise extra work put in around holiday time or hours sacrificed to meet pressing deadlines.
Smaller rewards, as much as $10 or $20, are great incentives to keep staff focused during routine meetings such as training or compliance meetings. MyBinding.com requires staff to take monthly training sessions. During training, those that answer questions correctly are rewarded with smaller denomination cards. Making “routine” fun with the incentive of rewards keeps staff focused, energised and upbeat.
Creating brand loyalty
Rewarding good work shows staff their efforts are meaningful and valuable to the company. Incentivising them can help drive focus, improve motivation and keep them engaged with your brand. Happy staff make for great talent brand ambassadors, and can expand your positive reach.
To learn more about how you can reward your staff, talk to Rewards Come True today. Click here to contact us.