Why give a gift card over a cash bonus?
Gift cards have replaced the cash bonus in many businesses. This is the fresh, new approach to tailoring the right reward to the individual as it shows genuine gratitude and appreciation from the employer. Some of the reasons to go for gift cards over a cash bonus are listed below:
• More memorable – a gift card for a certain brand rather than a plain cash bonus is more memorable with employees able to imagine and research what they will use the money for from that brand, before purchasing. Cash however can go unnoticed and be whittled away and forgotten about.
• Discussing gift cards is socially acceptable and employees can enjoy and share their reward without a mention of cash. Something frowned upon when a cash bonus is mentioned.
• The chance to really treat yourself guilt free, to something you wouldn’t normally buy, as the gift card has to be spent, rather than cash that can be saved for later or forgotten about.
• The power of choice – employees can get a real sense of satisfaction from the purchase they chose as it is something they really wanted or needed.
• There is more of a personal touch as the brand will have been carefully chosen for the individual showing that the employer will clearly have made an effort.