The Top 5 Characteristics of Effective Employee Incentives Programs

The Top 5 Characteristics of Effective Employee Incentives Programs

The world of rewards is changing, and there’s no better time to take a look at employee incentives programs that are leading the way to more engaged employees. In today’s fast-paced work world, traditional employee incentives are lagging behind, with weeks-long delays between achievement and reward. Similarly, catalogs full of plastic gadgets now offer employees little to no motivation when anything imaginable can be found online. No offense, branded stress balls.
Rewarding employees takes more creativity. Modern employee incentives programs – like  Virtual Visa® prepaid programs – are taking rewarding to the next level with customized solutions that succeed where others fall short. Fast, valuable, and easy to implement, successful employee incentives programs are going digital to remain relevant.
At Virtual Incentives, we work with global companies and industry leaders who have successfully switched over to virtual rewards. Based on our experience in the field, we’ve compiled this quick list that we hope will give you some concrete reasons to go virtual with your employee incentives program in order to get your people excited again.

1. Ease of Implementation

First up, you need a digital rewards program that’s easy to roll out, with low administrative costs and no hassle. Thankfully, modern virtual rewards technology can give you just that. Your rewards partner should take on the heavy lifting of program management so that you – and your employees – can reap the benefits with minimum stress.

2. Versatility

Your employee incentives program will look different if you’re a small shop versus a large, multinational corporation. If you have employees around the world, your virtual gift card programs, for example, will need to be available in a variety of monetary units. You’ll also want to be able to offer prepaid cards in denominations that fit your budget and strategy. No matter your company size or where you operate, a versatile incentives program lets you build a reward strategy that makes sense for you.

3. Universal Appeal

Prepaid gift cards have universal appeal, across cultural and demographic lines, while Virtual Visa® cardsallow recipients to purchase what they want, at any time, from any online retailer. It’s been proven: virtual rewards are exponentially better than another branded gadget, and they’re also even more effective than cold, hard cash.

4. Convenience

One of the most appealing features of digital rewards is their convenience. Once a program is set up, employee incentives are rewarded electronically. There’s no extra paperwork or data entry for the company. You don’t have to worry about shipping rates, fulfillment or other administrative hassles. Your employees get a smoother experience, too, with almost instantaneous rewards they can use at any time of day, with any online retailer.

5. Speed

When employees do good work, they deserve recognition without delay. A characteristic of incentives in the modern world is electronic gift card systems that let you do just that. When you’re able to reward employees quickly, it makes the power and influence of the reward that much stronger.
When employees are happy, so is your business. Engaged teams outperform their peers by an average 20% in sales and 10% in customer engagement. That makes an improved employee incentives program a worthy pursuit.
Ready to show your most valuable employees their worth with a rewards program that works as hard as they do? Let’s talk about building a hassle-free incentives program that makes you, and your employees, happy.
Contact one of our qualified reps today to get the ball rolling.