Incentives matter and a good incentives program recognizes that rewards are not one-size-fits-all. People are motivated differently based on age, lifestyle factors, and environment. People also act differently in a given situation based entirely on the types of incentives that are available to them at that time. Employers understand the importance of motivating their employees and task themselves with providing the right incentives for their workforce, yet too often, ignore basic consumer psychology.
Studies show that incentivized employees contribute to higher ROI, increased productivity, reduced turnover, and significantly lower overhead costs, and yet only 21% of organizations would recommend their rewards programs to other companies.
Understanding what motivates people right now, and why, is the key to the entire incentives equation. With that in mind, we’ve put together the Top 4 Types of Employee Incentives for 2021.
eGift Cards (Electronic Gift Cards)
The number one item on the list of desirable incentives right now is eGift Cards. Perhaps it’s the digital age we live in, only heightened by the need to spend more time at home and away from crowds. Electronic gift cards give shoppers the ability to send and receive funds online, as well as functioning just like traditional plastic gift cards, giving customers the convenience of choosing whether to spend them online or in-store with a barcode.
GoPivot’s awards platform offers hundreds of eGift card options, with choices from Visa gas cards, to Amazon and Walmart, to popular retailers, restaurants, and grocery stores.
Wellness and Wellbeing Tools
Practice what you preach when it comes to incentivizing employee wellness and safety! Social media has given rise to wellness influencers, health coaches, and nutrition gurus that have made wellness trendy and top of mind. Streaming services offer a multitude of on-demand workout content, as well as food and lifestyle content, i.e. home chefs with how-to recipe videos, skin-care regimens, and the like. Big e-commerce companies make it easy to get exercise equipment and nutritious ingredients delivered right to your door. With the rise of technology, your employees can track their health on-the-go.
GoPivot has a comprehensive, points-based awards mall with all kinds of exercise and wellness related merchandise, while also supporting any company’s wellness initiatives by offering clients on-demand resources and tools right through our app.
Technology
The latest and greatest technology is pretty desirable to most, as it allows us to keep up with our fast-paced industries and evolving times. It seems like every couple of months, there’s an updated smartphone, a slew of new brand-name do-it-all watches, virtual games and assistants, and a brand-new portable something. From an incentive standpoint, with technology tending to be on the pricier side, having an opportunity to exchange points for an item is pretty darn motivating.
GoPivot’s mobile-first platform is not only consistent with this ever-evolving landscape but also supports your busy lifestyle by allowing you to accomplish everything on the go.
Recreation and Travel
In previous years, a trip to Greece was on everyone’s bucket list. While that may still be, in the current environment, exploring what’s already in our “backyards” has become the thing to do. Local activities and drivable trips are the new Greece for the time being, and certain industries are seeing a big shift, good or bad. Tourism may be at an all-time low, yet recreational vendors like RV dealers and sporting equipment retailers, as well as the transportation industry, have seen a huge surge. People now have a huge incentive to find ways to get out and explore but to do so safely.
GoPivot offers a wide variety of recreational merchandise and gift cards, as well as allowing customers to exchange awards points for travel.
As the landscape continues to evolve, so should incentives. What motivated an employee 9 months ago, may not have the same appeal today. Recognizing what your employees want right now, coupled with the ability to see instant rewards for their achievements is what ultimately leads to success.