The holidays mean many things: family, relaxation, reflection…and, most of the time, holiday gifts or bonuses. This year, the holidays will look quite different. We continue to navigate a new normal during COVID-19. Our workplaces are in our dining rooms, our teams are spread apart, and our holiday party may be conducted via video conference. Your team is working hard to adapt. You can make sure they are thriving by thinking differently about your holiday gifting.
Employee Recognition Matters
A Gallup poll stated 68 percent of the U.S. workforce is disengaged at work. At the end of last year, we conducted our own study of 3,000 U.S. employees across various industries and roles. We used rsX℠, our proprietary technology, to measure the relationship strength between employees and their companies, and employees and their managers. We found that recognition is important, but it needs to be authentic and it needs to be often.
For a deeper look at our study, check out our YouTube series where we released some of the top findings from our study.
All of this was before COVID-19 disrupted the workplace. As a result of COVID-19, work has changed, your team members are spread apart, and general motivation is severely lacking. Now’s the time to rally your team, and it’s more vital than ever before. This holiday season, you can flip your traditional gift giving on its head and deliver a new type of reward that will both recognize your employees and motivate your team.
So how do you start?
Cash doesn’t work
Time and time again, research shows that cash is ineffective in motivating employees. This is nothing new. In fact, research that dates back to the 1970s shows that people prefer non-cash awards like merchandise and travel experiences over cash. This means companies can achieve greater benefits and increased ROI when offering non-cash rewards.
Why is this? Yes, receiving cash is exciting at first. But, that excitement soon dissipates when real life hits. Quickly, the cash is used up for every day, real-world things like a house payment or car payment. Suddenly, cash isn’t as fun. Instead, it is mundane.
Chances are, we forget why we received the cash in the first place. Instead of being perceived as a reward, cash can be confused with regular compensation. This leads your employees to adopt a false sense of entitlement in that cash bonus because it’s viewed as the relative worth of their accomplishments. What happens if you have to discontinue your cash rewards? Your employees will be discontent, and their motivation will suffer.
This does not bode well for a company’s ROI, nor does it help with your overall, ongoing efforts to build strong relationships with your team.
Award points instead
This year instead of cash, consider something that truly works – award points. Our brains perceive award points differently. Much differently! In fact, research shows that points have a higher perceived value than a cash reward. Plus, points won’t be used for those every-day expenditures, making them more enjoyable to receive and spend. You can’t cash in your points to pay for your groceries, but you can participate in a little guilt-free spending on something you’d really enjoy. Now this is a true reward, and something that is highly motivating for your team.
But what do you redeem your award points for? The key to any rewards program is ensuring you can deliver a memorable award that will motivate your team now and into the future. Take a look at your team or channel partners. They are made up of multiple ages, they represent different stages of their careers, and they come from different backgrounds. They each have different lives, which means they are each motivated by different things. A one-size-fits-all approach to your rewards strategy simply won’t cut it. You must be able to inspire multiple people, each with their own ideas of what motivates them.
Check out our Rewards Blog.
This is where our Rewarding You platform comes in nicely. Rewarding you is a way to give your team members or channel partners something they will truly appreciate…the gift of choice. Rewarding You offers your team the chance to cash in their points on millions of reward options that are sure to motivate all of your employees. These include:
Merchandise: Whether your people are looking for anew wireless speaker or an awning for their outdoor space, Rewarding You has it all. Products are sourced locally and shipped the next day. Participants will love the wide array of options, including electronics, major appliances, jewelry, sunglasses, apparel and luggage.
Gift Cards: Spa services? A meal from a top restaurant? How about new clothes from a favorite retailer? Participants can choose from a variety of gift cards for entertainment, gaming, food/drink, home/personal services, dining, retail and spa/wellness. These offer the most flexibility and personal choice options for your team.
Charitable Donations: Perhaps your team wants to gift their points to a local or worldwide charity. We offer that option, too. Choose from organizations that address a variety of societal and global issues, like education, human rights/services, hunger and disaster relief, children’s charities, grass-root environmental causes and arts and medical research.
Experiences and event tickets: Your team members can redeem their points for future tickets to sporting events, musical performances, theatrical shows or even comedy clubs.
Vacations and Travel: Allow your team to dream! Your team members can plan now for that unforgettable trip they’ll be able to take next year. Our amazing travel packages can spark the imagination of your team and increase their desire to do more to make that dream happen.
It’s easy to get started
Rewarding You is an online platform that makes giving and receiving easy. It’s brandable to fit your existing communications and, because it’s online, it allows you to quickly and easily mobilize and engage your virtual teams. The process is simple:
- Award points: Instead of the typical travel reward, winners are awarded points.
- Communicate: One thing we’re extremely good at is communication. Through the Rewarding You platform, we’ll craft motivational communications that explain the reward and redemption instructions with a simple website link.
- Check Balance: Your team members can continue to check their points balance through the Rewarding You platform. Plus, they can take a look at the vast catalog of reward options. All of this helps motivate them to reach their goals even more.
- Redeem Points: Winners can easily redeem their points for their choice of rewards. There are nearly unlimited options to fit a variety of needs. Reward offerings are updated daily across all countries and categories, and it’s integrated with PayPal & Apple Pay so winners can securely top-up their points to reach their desired goals.
Our team of rewards experts also offers full order tracking and reporting, automated global currency conversions to ensure financial integrity, and 98 percent of items are delivered within 2-3 business days. If something goes wrong or you have a question, our experts are on the other end ready to field your call.
When we are motivated, we are satisfied. We are driven to do more. We are working as a team to shatter business goals, together. Motivating your team members and channel partners is crucial.
This holiday season, treat your team to something different. Whether your team is virtual or on-site, you have the opportunity to re-engage with them, inspire them to believe in the power of your combined efforts, and truly reward them by giving them a choice of thousands of gift options.