Today’s modernized Incentive landscape is more diverse than ever. And the way that program participants want to be rewarded is just as varied. It’s important to consider what motivates and engages participants and offer a program aligned to those priorities. The reality is, today’s participants expect more than a single solution, and companies are offering modern choices for how participants receive their payouts.
Why Choice Matters
Reward preferences are shifting along with the demographic make-up of the workforce, but one constant endures — the power of choice. We know from our point-based incentives platform that being able to personalize rewards through point redemption improves performance. But we also know that not every company wants to run a points-based rewards program. For some, a cash-like reward program best aligns with their objectives and culture. So, does choice still matter for a cash-like reward program?
Absolutely! Recent history shows us that consumers are rapidly evolving in how they engage with and use cash and gift cards. Most notably, Closed Loop (merchant-specific) gift cards have gone virtual. With increased adoption of mobile payment apps and digital wallets, choice in payment structure has become increasingly important. Consider these statistics:
- 63% of participant respondents cited they would prefer virtual or digital gift cards over physical. (Clover Network)
- 64% of Americans claim they use digital wallets as often as traditional payment methods. And over half cite they do so more often. (Forbes Advisor).
These significant shifts in consumer preference are driving the need for companies to modernize their incentive payout disbursement offerings. Digital technology has created opportunities to make the incentive experience more meaningful.
Companies are aligning with their participant personas today, as they continue to evolve for tomorrow. And those that need payment incentives should consider a solution that offers flexibility — a wide breadth of disbursement options for redemption. Streamlined payment solutions provide one disbursement thread allowing participants to choose how the funds are applied:
- Virtual cards (Google, Samsung and Apple wallet)
- Venmo, PayPal
- Physical prepaid cards
- Debit/Bank transfer
Whether motivated by wanting simplicity with payouts, desiring a more modern approach to cash disbursement rewards, or looking for a better way to deliver a more personalized approach to channel operations, providing flexible options is key to engagement.
Options Equal Opportunity
Seeking Simplicity:
For clients who prefer a straightforward, cash incentive approach. They can maintain simplicity, but still offer options for payouts.
Modernization Initiatives:
Clients looking to modernize their cash incentive payments and disbursement processes. By embracing digital options and staying ahead of the curve, clients can ensure their incentive and reward programs remain relevant and effective.
Channel Model Operations:
Companies operating within a channel model, whether rewarding direct or indirect sellers, can benefit from a variety of payment options to satisfy varied preferences of their participants. This can result in improved engagement and an increase in mindshare, while offering a personalized approach.
Prioritize Your Participants
The incentive and reward landscape is evolving, and so must the reward offerings. It will help increase participant engagement and provide increased value in the incentive. When opting for cash-based rewards, whether it’s with a points-based program or not, modernized payments and digital disbursement options empower participants with the flexibility to choose how a payment gets delivered and fulfilled.
You can stay ahead of the curve in an ever-changing incentive and rewards market by understanding the latest options available. The Power of Choice can help to maximize your incentive goals.
Contact One10 today to find out more about our Choice Reward Offerings and how they can help engage and motivate your people.
