Incorporating E-Gift Cards Into Corporate Reward Systems While some may question the effectiveness of incorporating e-gift cards into corporate reward systems, the benefits are clear. Not only do they provide flexibility and convenience for employees, but they also streamline administration and tracking for employers. Furthermore, e-gift cards have been shown to increase employe engagement and…
Employee rewards and incentives schemes have become an integral part of business strategies worldwide as companies recognize that their biggest asset is their workforce. A robust incentives program aims not just to attract top-notch talent, but to motivate them, boost productivity, mitigate employee turnover rates and ultimately foster a fully engaged workforce. A recent report found that companies implementing employee recognition programs resulted in employees who are five times more likely to feel valued, seven times more likely to stay with the company, and eleven times more likely to feel committed to their job.
Rewards and incentives, broadly speaking, fall into two categories: intrinsic and extrinsic. Extrinsic rewards, means tangible rewards such as bonuses, awards and promotions while intrinsic rewards are more personal, a sense of achievement, appreciation, and the satisfaction of sharing in the business success. However, in the digitized world we are living in, offering a platform where you can combine the two types of rewards is a common trend. Here, a bespoke software/app/web development can make a clear difference.
The technologically advanced world of today offers numerous professional solutions to manage rewards and incentives programs. Enterprises, big or small, are integrating bespoke systems or apps which can help in setting a mix of rewards programs tailored to individual employee needs, performance tracking, goal setting – all of which can be managed effortlessly while offering a real-time glimpse to employees which increases transparency and develops trust.
A recent survey by HR software provider shows that 70% of HR leaders began implementing or are considering offering a bonus related to the pandemic. The adoption of these bespoke systems is not just a trend but a necessity for proactive firms who are looking to realise the full potential of their employees in a complex business environment.
The rapid growth and transformative possibilities that bespoke software/app/web development offers in the area of employee rewards and incentives make it a rich and rewarding field to keep up to-date with. However, understanding the ins and outs can be a daunting task.
That is why I invite you to browse the Employee Rewards and Incentives section of our blog, where you will find a wealth of valuable insights, discussions, case studies and more, all designed to help you untangle the complexities and harness the power of these innovative tools. If you’re interested in the broader technological trends, the main area of our blog is a treasure trove of information. And finally, if you’d like to explore how bespoke software/app/web development can help your rewards and incentives journey, don’t hesitate to contact us, we’d be delighted to hear from you.