A recent survey suggested that getting vaccinated or not could affect one’s employment opportunities, but many are either unsure about getting the Covid-19 vaccine or do not plan to get it. What can business leaders do about this? The answer is quite simple: incentives.
According to the latest research commissioned by Blackhawk Network, certain incentives could encourage people to receive vaccines and boost vaccination rates. Jeff Haughton, SVP, Incentives, Corporate Development & Strategy of Blackhawk Network, highlighted that incentives are powerful tools for driving desired behaviors, thus monetary incentives — even modest ones — could be an effective option. “The key for government agencies and businesses looking to increase vaccination rates and support public health will be ensuring they are offering incentives their target audiences find most valuable and attractive,” he added.
The “COVID-19 Vaccine Incentives” study was comprised of two surveys asking Americans about whether incentives from the government or their employer would motivate them to get the COVID-19 vaccine. Topline findings include:
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- Money talks. When asked their preferred incentive for getting the COVID-19 vaccine, money was the top choice among respondents. More than two thirds said they would accept a monetary incentive ranging from as little as $10 to as much as $1,000 or more—one third of the total respondents would complete the vaccination process for a $100 incentive or less. The remaining third of respondents said money would not influence their willingness to get the vaccine. Paid time off was a distant second choice.
- Monetary incentives are welcome in different forms. While most respondents would prefer to receive their incentives via a direct deposit to their bank account, about 25% would prefer to receive a prepaid or gift card in digital or physical form. About 10% of respondents would prefer to receive digital delivery via PayPal, Zelle or Venmo.
- Incentives drive vaccination rates among families. Receiving the COVID-19 vaccine after being encouraged by the government or an employer would not only drive people to vaccinate themselves but would also encourage half of respondents to urge their family members to also get vaccinated.
Talbott Roche, CEO and president of Blackhawk Network, said that last year’s events significantly impacted many people’s financial security, so it’s no surprise that monetary incentives can be effective in motivating people to receive the COVID-19 vaccine.
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