Incentive Options
Incentive Options
Rising costs, a looming recession, and a chaotic labor market are just some factors already influencing HR incentive trends in 2023.
HR professionals realize that they must do more with less, yet employee stress is at an all-time high, and engagement is approaching all-time lows.
Here are some trends that have emerged in late 2022 and are sure to be part of savvy organizations’ strategies in the coming year.
Regular incentives offer a flexible, cost-effective, and creative alternative that can keep employees motivated and engaged. Here are a few reasons why smaller employee incentives may be more beneficial:
Increased Frequency: With smaller incentives, employers can offer rewards more frequently to help to keep employees motivated and engaged.
Greater Flexibility: Smaller incentives can be tailored to individual employees’ needs and preferences, which increases their perceived value.
Lower Cost: Smaller incentives are less expensive and permanent as compared to salary increases or other perks that may demotivate if they can’t be sustained long-term.
Better Tracking and Evaluation: With smaller incentives, it is easier to track and evaluate their effectiveness, which can help employers to adjust their incentives as needed.
Personalized Recognition: Personalized recognition can also help to build stronger relationships between employees and their peers and management.
Psychologists have long known that while bigger rewards can indeed motivate action, smaller rewards can be more effective at generating deeper, lasting change by inspiring larger shifts in favorable attitudes and positive emotions.
The more employees conclude that their actions were driven by external rewards, the less likely they are to change their internal mindset. If the reward is bigger, they are more likely to conclude it was for the benefit of the reward itself. But if the reward is smaller, it’s more likely tied to enjoying the action.
Read more by Douglas Van Praet at Psychology Today
Nearly 60% of employees reported that they are stressed at their jobs every day, according to a 2023 Gartner HR practice report in the Harvard Business Review.
The threat of recession and potential workforce reductions create further uncertainty for employees, ultimately resulting in less engaged, uncertain, and unsatisfied employees. Disengaged workers have a negative effect on productivity, company image, and morale.
Spa and Massage Gift Cards: Zeel, Elements Massage, or local spas offer gift cards that can be used for a relaxing massage, facial, or other spa treatments.
Yoga and Fitness Gift Cards: Use a local gift or Visa gift cards for yoga, Pilates, or fitness classes.
Retail Therapy Gift Cards: Amazon, Target, or local bookstore gift cards that can be used to purchase books, clothing, or other items to help relieve stress.
Experience Gift Cards: Brands such as Groupon, LivingSocial, or Airbnb offer gift cards for experiences such as wine tastings, cooking classes, hot air balloon rides, and other stress-reducing activities.
Nature and Adventure Gift Cards: Brands such as REI, Columbia or local parks offer gift cards for outdoor activities such as camping, hiking, or kayaking.
Beauty and Self-Care Gift Cards: Brands such as Sephora, Ulta, or local salons offer gift cards for beauty treatments, haircuts, or makeup services.
With over 85,000+ National, International, and Local gift card options, Merchandise, and Payments you curate a dazzling selection of stress-focused choices for even the most diverse audiences.
Employee engagement efforts accelerated in the second half of 2022, with continued growth in 2023 as managers and HR professionals struggle to improve employee commitment and involvement.
Almost any activity can help drive employee communication, interaction, and engagement:
Employee Rewards: Gift & Merchandise cards can be offered as a reward for outstanding performance, meeting goals, or as part of an employee recognition program.
Happy Hour: Provide pre-paid Visa gift cards to managers or individual employees to gather at their favorite spot for an informal after-work get-together over food or drinks.
Onboarding: Provide Coffee or Lunch to new employees as a welcome gift to help them get started on the right foot and feel valued.
Employee Appreciation Gifts: Offer a choice of gift cards or merchandise during special occasions such as holidays, birthdays, or anniversaries to show employees they are appreciated.
Events for Employees: Trivia, speed networking, team building exercises, volunteer opportunities.
Employee Engagement Surveys: Use gift cards as a thank you for employees who complete engagement surveys, providing valuable feedback on how to improve the workplace.
Employee Wellness Activities: Offer gift cards as incentives for employees who participate in wellness activities, promoting a healthy work-life balance. Golf, bowling, hikes, etc.
A highly engaged employee is more likely to be productive, motivated, and dedicated to their job.
Thousands of HR professionals use TruCentive to recognize employees around the world. Whether it’s a symbol of appreciation for the entire organization, enabling managers, or focusing on specific individuals, we make it easy and cost-effective.
Our design sessions are the perfect way to show you how TruCentive can help you realize your rewards, gifts, or payout goals in a real-world scenario, building a complete project with everything from your logo, design options, and messaging to incentive selection, deliveries, and reminders.
When we’re done, you’ll:
If you’re ready to start designing on your own, sign up and start sending samples. There’s no credit card required to start exploring your creative side!
Use powerful features to quickly create professional-looking incentive deliveries
With a TruCentive subscription, you get technical support for all your team members so you can get back to your project fast
Eliminate the time and frustration managing the procurement, delivery, and management of your rewards and incentives deliveries
The merchants represented are not sponsors of the rewards or are otherwise affiliated with TruCentive. The logos and other identifying marks attached are trademarks of and owned by each represented company and/or its affiliates. Please visit each company’s website for additional terms and conditions. TruCentive© 2024