We know 2022 has had many challenges so far, and it’s only March. What does that mean for the corporate gifting workspace? It means employee appreciation has never been more important.
When considering how to get started with an employee appreciation program, it’s often easiest to start with something like gift cards. Gift cards are one of the best ways to say thank you to your employees. They can be used for a variety of purposes and they are easy to distribute. However, they are not without their drawbacks.
One of the biggest problems with gift cards is that they can be easily stolen or lost. This is why it is important to make sure that you have a system in place to check if someone has already redeemed the card before handing it out as an employee reward or recognition. This will also help your company save money by making sure that an unused gift card does not go to waste.
You should also make sure that you keep track of who has received what gift card and how much money is left on each one in order for them not to be used by someone else outside of your company. There is an efficient and compliant way of doing this by purchasing bulk gift cards online through credible sources.
The Incentive Research Foundation conducted a Webinar on “Industry Outlook for 2022: Merchandise, Gift Cards and Event Gifting.” The study showed that over 65% of employers are currently going to local retail stores(think CVS and Walgreens) to purchase gift cards versus buying them securely online (often at a discounted rate).
Additionally, the study concluded the price per gift card has increased YoY. Based on the results from the IRF study, the average gift card denomination is $120 – with $100 denominations being the most popular. The increase in gift card budget and the increase in price per gift card gives merit to the impact gift cards has – as a way of showing employee appreciation. Gift cards are especially great because they can be made personal and provide the power of choice to their recipients.
The study also found that corporate event gifting is up 49%. This can include gift cards as well as merchandise and other rewards. Based on this information, the study predicts that budgets are going to increase substantially across the board – for overall budgets, employee merchandise, gift cards, program technology, communication, and number of participants earning a reward.
In summary, if you’re looking for a way to reward and recognize your employees in a secure, efficient, and meaningful way, then contact a Marketing Innovators Specialist today. We’d love to help you meet your 2022 goals and help you improve your company culture by increasing employee appreciation.