“In 2023 and beyond, reward will remain exactly where it should be - in the DNA of every business keen to recognise people making a difference to the company or their colleagues. However, it feels there will be a stronger focus on ‘support’. Throughout December, our team was speaking to clients who wanted to support their staff over the festive period, not reward them. It’s certainly more driven by emotional connection and an awareness of the current climate, with households hunkering down at the moment, and every penny saved is a win.
The festive season is here! Event planning has started, business gifts are being ordered and discussions around employee Christmas rewards have begun. Some of those discussions will soon be about a Christmas bonus that could be dependent on performance or business revenue. Although a bonus is a great way to show appreciation towards employees, it’s also taxable so they won’t receive the full benefits. Especially, when the cost of physical gifts is soaring a virtual card is the perfect cost-effective option.
New Webinar – Looking at Innovations in Employee Rewards and Recognition A Year Ahead by The Gift Club and Virgin Incentives
At a time when the economic landscape is tough, businesses may be considering new ways to engage their workforce and support them further. Creating a happy workplace environment is a crucial step to help businesses retain and attract top talent. Employees that feel a high level of job satisfaction, for reasons such as their values align with their employers, and they feel respected and rewarded are more likely to act as brand champions and openly embrace the business culture.
Incentive programs can be a valuable tool for organizations to reduce costly employee turnover, and the most successful programs ensure employee rewards are meaningful. To help organizations better understand how employees feel about workplace recognition, InComm InCentives conducted a 2022 survey of more than 1,200 full-time workers based in the United States. The report found a significant number of employees feel underappreciated, but a monetary-based incentive program may help reduce that trend and improve retention.
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