Why vouchers are a great end-of-year reward
There are lots of different ways to reward your employees. And, with Christmas right around the corner, it’s likely that your business will be exploring the best way it can celebrate and show appreciation for its employees’ hard work over the past year. Finding a way to reward that aligns with your business’ culture, is meaningful to the recipient, caters to a variety of different preferences, and is within your business’ budget can be tricky. A bonus or cash reward – which might not even be financially feasible – could lack personalisation and a hand-selected gift or hamper, while thoughtful, might miss the mark amidst the current cost of living crisis.
That’s why vouchers are a great choice. They allow for flexibility and personalisation, which will have a longer-lasting impact on the recipient, while also giving them the freedom to redeem their voucher for anything they like. So, while on the surface you’re giving your employees the same thing, they can tailor their reward to suit their unique needs and priorities. This is particularly valuable this year, as your employees will be looking for ways to offset rising costs and plan the Christmas they love for less. Let’s explore further why vouchers are a great end-of-year reward…
THEY OFFER AN ELEMENT OF CHOICE
One reason why vouchers are so valuable is because of their broad appeal. Delivering vouchers that can be used on a variety of products and experiences will have the biggest impact. They’ll provide more choice and there will therefore be a higher likelihood that the recipient will find something that’s truly meaningful to them. In the context of Christmas, an employee could use their voucher to buy a treat for themselves, a gift for a loved one or even to go towards their big Christmas food shop.
Using a flexible rewards platform – like the one we offer – you can take this choice element one step further by giving your employees the choice of a selection of vouchers for multiple retailers. By offering this level of choice and personalisation you’ll be demonstrating that your company values and encourages individuality and supports the unique needs of each member of its team. It will also show that you understand that what may be useful and rewarding to one person, won’t necessarily have the same effect on everyone. Plus, with our points-based platform, your employees have the ability to choose from a catalogue of products too, as well as vouchers, so they really can find something to suit their personal needs and interests this year.
THEY PROVIDE VALUABLE FINANCIAL SUPPORT
With essential, everyday costs on the rise, household budgets are being stretched to the max at the moment. The pressure of the festive season will only further force people to consider spending outside of their means to make ends meet. This will likely take a serious hit on their financial wellbeing – and overall wellbeing as well – as debt can trigger or worsen conditions such as anxiety, depression and stress which can then impact their motivation, engagement and relationships at work.
As an employer, it’s therefore crucial – and very much in your best interest – to find effective ways to support your employees through this financially challenging time and help ease the burden of increased living costs. In fact, a report from Business Solver showed that 93% of employees say they’re more likely to stay with an empathetic employer. So, while a voucher will certainly not solve your employees’ financial concerns, it’s an end-of-year reward that has real value and function rather than a formality or something frivolous.
Making the choice to deliver vouchers instead of a traditional Christmas reward such as a hamper demonstrates that your business is aware, sensitive and considerate of the issues being created by the cost of living crisis. It taps into the current needs of your team rather than treating a reward as a tick-box, one-size-fits all activity. This will help to ensure not only that your reward has it’s desired effect on motivation and engagement, but also – in the bigger picture – demonstrates that your business truly values and supports its team.
THEIR DELIVERY CAN BE PERSONALISED
Whether you’re delivering a digital voucher to your employees’ inbox or a physical gift card to their front door, the way you deliver it is crucial. A voucher – while really valuable – runs the risk of seeming impersonal or a ‘tick-box’ exercise if sent without an accompanying message of thanks. It doesn’t take much to deliver your vouchers in an altogether more exciting, and much more personal way – but it will have a huge impact on the long-lasting impact it has on the recipient.
With vouchers, it’s easy to attach a note of thanks – whether that’s via a video message, a photograph, or even a letter from the CEO or Managing Director. Make sure you address the recipient by their first name and mention the reason you’re delivering the reward to them – you could even tie in some festive-themed branding for an extra touch. Essentially, a reward that has been delivered to the recipient in a way that demonstrates that meaning and thought has gone into it will be so much more valuable than a generic ‘thank you’ message or a gift without any context. All of these elements of personalisation – and much more – are available through our flexible reward solution. Using our technology, you can ensure each and every time you deliver a reward to an employee it has a positive impact on engagement.
THEY’LL HAVE A LONGER-LASTING AND MORE MEMORABLE IMPACT
To further elaborate on the three points above, all of these extra elements of choice and personalisation that come with the territory of vouchers will help ensure that your end-of-year rewards leave a lasting impression on your employees. Delivering a reward in the form of a voucher rather than cash means that when they spend it they’ll once again be reminded of the recognition and kindness they have received from you as their employer. It’s likely that the festive season will be incredibly important to many of your people. It’s about family, getting together and celebrating, readying to toast a year away and looking forward to something hopeful. Therefore, giving your team the opportunity to go ahead with ‘Christmas as usual’ after a year of uncertainty is an incredibly powerful engagement tool. All of this will help to set your employees and your business up for a really positive start to the New Year.
Click here, to find out more about how we can help your business deliver valuable end-of-year reward vouchers through our flexible rewards solution.