With National Employee Appreciation Day on the horizon on March 5, 2021, insights from a survey conducted for incentive solutions leader, Blackhawk Network, indicate over 40% of the respondents’ employers do not recognize workers or offer an incentive/rewards program. Conversely, almost 90% of the employees surveyed said it is important for their employer to express appreciation for their contributions to the company. Employees also report desiring different incentives from those they are currently receiving.
“Incenting and recognizing employees is vital to engagement—especially amidst the new working environment many of us are now in—and many employers are missing this opportunity to boost loyalty and retention,” said Jeff Haughton, SVP, Incentives, Corporate Development & Strategy at Blackhawk Network, a global branded payments provider. “As employers design incentive programs this year, it is critical to select rewards that feel special, can be deployed quickly, and have digital redemption capabilities. Prepaid and gift cards are a great solution for these reasons, and our research shows they are desirable and effective.”
See also: The New Way to Employee Rewards (Besides Incentive)
Blackhawk’s “Employee Appreciation Survey” was conducted online in late January 2021. Findings included:
- Employees want to be celebrated: Roughly 80% of respondents indicated it is important for employers to celebrate workplace accomplishments, anniversaries, and achievements, and more than 86% said they want their employer to express appreciation for their personal contributions.
- Recognition and incentive programs are not universal: More than 40% of respondents reported their employer does not offer an incentive/rewards program or recognize employees.
- Desired incentives by surveyed employees are not aligned with their employer’s offerings
- 66% want bonuses; 28% receive them
- 42% would like time off work; 15% are granted it
- 41% prefer prepaid or gift cards; 20% are awarded them
- 33% want personalized cards or emails; 25% receive them
- 19% are interested in being singled out at a company event or ceremony; 27% are recognized this way
- Gift and prepaid cards are effective incentives: More than 80% of respondents indicated a gift or prepaid card incentive would increase productivity and loyalty. This data aligns with findings from Blackhawk Network’s 2020 Multinational BrandedPay™ report where 86% of employee respondents confirmed the receipt of a gift or prepaid card from their employer would make them feel valued, 81% said it would motivate them to work harder and feel more loyal, and 79% conveyed they would want to stay longer with their employer.
- Digital gift cards are highly valued: Nearly 60% of respondents reported they work remotely all or some of the time now and 44% indicated the COVID-19 pandemic has increased their preference for digital cards. Survey results also revealed that if offered a gift card, the preference for digital cards is equal to the desire to receive a physical card (both at approximately 20%), while over 50% of respondents indicated they are fine with either option. Additionally, one-third of respondents indicated they want the ability to load cards into a mobile wallet.
- Timing is everything: For more than half of the respondents, the impact of a reward would be lessened if it took too long to receive it. Respondents defined “too long” as:
- A day (7%)
- A week (24%)
- Two weeks (24%)
- A month (23%)
- More than a month (22%)
Read also: 10+ Creative Ways to Reward Employees amidst Pandemic
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