Incentive magazine came out this summer with their latest report on gift card/gift certificate use in recognition programs. More than 80% of companies surveyed used gift cards in their programs, with nearly 80% of those companies using them to recognize performance, more than 30% for non-sales recognition awards, and more than 30% for spot rewards.
An October article in the same magazine cited gift cards as “the most desired gift among women, and the third-most desired gift among men” according to Tower Group.
Rich Killan, a past president of the Incentive Gift Card Council, commented: “”We’re not suggesting using gift cards to ever [supply] diapers, cigarettes or gas,” he says. “But also look at their income. You don’t want to give a minimum-wage worker a twenty-five-dollar Tiffany gift card, because they won’t be able to get anything worthwhile with that. Often it’s better to give them two or three cards to choose from.”
How about 2,000 gift cards for the recognition recipient to choose from – from shopping, entertainment, dining and adventure outlets in more than 100 countries around the world? That’s the unique offering of the Globoforce platform, giving recognition recipients more than 25 million reward options in their own backyard or anywhere in the world.
And these rewards beat cash for their “trophy value.” As I’ve said many times before and Killan reiterates in this article, cash has no trophy value because you can’t brag to your friends about a cash bonus. But you can invite them over to watch TV on your new flat-screen TV, or enjoy dinner out at your favorite restaurant, or play with your kids on your new backyard play set.
Recognize your employees for their hard work and efforts to achieve your company goals and reward them with the Gift of Choice – let them enjoy the experience of limitless choice alone or with their family and friends.
What was the worst recognition you ever received? How about the best? Did you share it with others? Share your story with us in comments.