Employee eGifting reward schemes: the pros and cons
Hiring new staff is expensive and time-consuming!
From recruitment to onboarding, training to “learning the ropes”, the time it takes can have a serious impact on company productivity and your bottom line. In fact, according to one report, 75% of companies polled said that it can take 1-2 years before an employee becomes fully productive.
It can be much more cost-effective to work at retaining staff, rather than assuming you’re going to have to onboard a new hire every 18 months or so.
There are lots of things that have to be done to ensure that you can retain great talent, but one resource that can really help is employee eGifting reward schemes. Although initially, there appear to be as many cons as pros to such employee benefits, we believe that there is an affordable solution that can lessen the impact of any perceived downside to using these schemes.
But firstly, what are employee rewards, and why use them?
Why reward staff with eGifts?
1. Retain staff
Employee eGifting reward schemes are a popular way for employers to recognise and reward their employees for their hard work. It’s true that employees who are regularly thanked are, according to one study, half as likely to be looking for a new job (26% versus 49%) and twice as likely to be highly engaged at work (60% versus 32%). These schemes are designed to reward and thank employees, and in so doing encourage them to feel valued, motivated and settled in their job. With staff feeling happier, they are less likely to look elsewhere for employment and this reduces the amount of time and money spent on recruitment by the employer. Popular schemes include Retail Discount Cards and eGifting.
2. Easy administration
Because a lot of these schemes use digital vouchers, they are relatively easy to implement and administer. Employers can simply purchase gift cards online and distribute them to employees as needed over email. There is no need for complicated paperwork or administration, which can save time and resources for both employers and employees.
However, employee eGifting reward schemes also come with their own set of cons.
1. Impersonal
To begin with, they can feel a little impersonal. Giving a generic gift card may not feel as memorable or meaningful to an employee as a personalised award or recognition. This can lead to employees feeling they are “just a number” to the employer, mitigating the value of the reward scheme as a tool to motivate staff.
2. Lack of inclusivity
In addition, it can also lead to a lack of inclusivity since not everyone may be able to redeem the gift cards. For example, an employee with a dietary restriction may not be able to use a food voucher, or an employee who is not able to travel may not be able to use a travel voucher.
Talk to us
If you would like to find out more about our solutions, get in touch.
Our solutions
However, we believe that our eGifting reward schemes are able to remove these potential pitfalls. Both our Retail Discount Scheme and eGifting schemes allow your employees to choose the gift that is right for them.
1. Retail Discount Scheme
Our Retail DIscount Scheme allows staff to select a gift from a range of products from dozens of retailers. They can also make savings on larger purchases such as holidays and cinema trips.
2. eGifting
Our eGifting scheme allows you to personalise your employee’s reward according to leisure activities, meaning you give a gift that really sends a strong message of thanks. A little research into your staff member’s interests and you can tailor an eGift solution according to an interest that suits them. The selection of retailers within each category is still broad enough that your staff can have the chance to buy a gift that is really meaningful.
Reward and retain with reward schemes
Rewarding your team with discounts and eGifts is an affordable, quick and effective way to show that you value their contributions. The impact can be massive, slowing down the turnover of talented staff and ensuring your company is operating as productively as possible. Our solutions give you the flexibility you need to efficiently reward your team, whilst giving them enough choice to make the gift meaningful. This gives you the best chance to retain your most valued staff.
