With the end of the year and the holidays right around the corner, now is the time to start planning how to thank your employees, clients and customers.
Although it takes time out of your already busy schedules to plan and send these gifts, studies show that, “Vendors who gave were twice as likely to increase their chances of being contacted by recipients as those that didn’t have a gift program.” Everyone appreciates the recognition and consideration.
If you are wondering where to start, here are some things to consider if you want to make that holiday gift both thoughtful and impactful.
Finding just the right gift is important. With so many options available, it can be a bit overwhelming to sort through them. Here are some thoughts to get you started:
With a little time and effort holiday gifts go a long way. Moreover, you may find that they are as much fun to give as they are to receive. So, put on your Santa suit (or maybe just a Santa cap) and let the holiday cheer begin.
In addition to the above suggestions, a quick Google search can uncover uncountable ideas. However, it can get overwhelming fast. So let's narrow it down to the four most common gift types and dive into their relative strengths and weaknesses.
Gift cards remain one of the best ways to thank your employee sand partners alike for their hard work and loyalty to your business. Using gift cards allows people the opportunity to buy something for themselves or a loved one that they otherwise would not have.There is no better time than the holidays to use these as gifts, at a time when people tend to spend more money and extra funds run low.
Finding out what gift cards interest your recipients is a key element of effective giving. Preferences of one person, are often different for another person. It’s a great time of year to gather some feedback and see what’s popular.
Additionally, there is an ongoing debate in the incentive industry around whether gift cards or cash rewards are more effective. When you look beyond the obvious reasons and begin to understand some of the psychological impacts, you will learn that gift cards offer much more than cash rewards ever could. For example, gift cards provide trophy value. When a person uses a gift card, they remember where it came from, how they earned it, and/or why they received it, whereas cash is not distinguishable. For this reason gift cards make an excellent holiday gift, as well as a great addition to your rewards and recognition program.
Despite the popularity of gift cards and prepaid cards, many employees still love gifts of merchandise. Recipients tend to like this option because these gifts are typically more durable and are used over time, providing a halo effect. When done right, a merchandise gift will demonstrate to employees how well you know them and provide an ongoing acknowledgement of your appreciation for their contribution.
With a little effort, holiday gifts can be a personal way to say “thank you” to your employees for their many contributions over the year. Moreover, I think you’ll find that they are as much fun to give as to receive. So, put on your Santa suit (or maybe just a Santa cap) and let the holiday cheer begin.
Who doesn't love seeing their bank accounts go up a bit around the holidays? And there's no competing with the ease of giving a little extra money as a holiday bonus. It's nice to get, but the reason it was received disappears immediately.
With other forms of gifting, however, the giver is remembered and the good vibes remain associated. When it comes to the effectiveness of a gift, and what that means for you and your brand, cash is the lowest performer.
Are you in a time crunch? Cash may be your only option.
Can you give even a small amount of your attention to choosing a great gift this year? Then we'd strongly recommend almost any of the other options mentioned in this guide.
If you’re looking for a fast and simple gift option – one that administrators and recipients both love – prepaid debit cards could be your answer. These cards can be issued in any amount, and they can be used at any time during the holiday.
For example, say that you’re aware of the generous nature of a particular employee. A pre-paid debit card would enable that employee to share the holiday cheer with others –maybe by taking their family to a restaurant to celebrate, or by using the card to purchase a special gift that might otherwise not be in their budget.
An Incentive Research Foundation (IRF) study found that respondents even preferred prepaid debit card rewards to cash. With the new generation of disbursement platforms now available, you can tap into that preference and maximize the impact of your rewards program.
But it bears stressing that prepaid debit cards still play second fiddle to gift cards or even merchandise. If you have a chance to leverage one of those gift types, it is well worth your efforts.
In the business world, a meaningful connection is hard to come by, and impossible to fake. We help you build a bridge between the cold, hard facts of bottom lines and the authentic connections of people who feel valued.
The true value of rewards, recognition, and even holiday gift giving, is all about connecting to people. As a successful, family-run company since 1978, we understand the power of human connection and building long-lasting relationships.
Rewards. Recognition. Incentives. Engagement. Run all of your programs on one platform. Whether you want to start small or go full custom, our platform has the flexibility, scalability, and capacity to meet any need.