There are several ways to reward employee performance. Companies can show their appreciation by giving verbal or written praise, offering perks like social activities, or giving monetary gifts. All can be effective, although employees especially appreciate receiving financial incentives for high performance at work.
There are many reasons for companies to reward their employees for their performance. They include:
Do Employee Performance Rewards Have to Be Financial?
Not necessarily. Written or verbal praise is important to show gratitude to your team members. Employees want to know that the company appreciates their hard work, which you can ensure with a simple thank-you note or even just a public mention in a meeting. However, non-financial rewards are only part of any good employee performance reward package.
Some companies offer perks to employees as a reward for their performance. Extra days off, social activities, or rewards like gym passes and free meals are popular choices. While these incentives are appealing in their own right, they have limitations. Not every employee can make use of the current employee reward programs your company may offer, especially with the increase in remote work.
For this reason, monetary incentives have a special place. They can boost staff performance even more and enhance productivity. Financial rewards are suitable for every worker in any location. Therefore, they are a catch-all solution to maintain high morale and work quality.
There are several financial rewards employers can give their workforce. These include:
Pay raises and financial bonuses are obviously beneficial, but they can cause problems that lead to a negative environment. If only some people are rewarded, those who didn’t can become dissatisfied or jealous.
Gift cards, on the other hand, are a great solution. They offer a nice gesture to high-performing employees without changing the actual compensation package. Since they come in different amounts and types, they are also suitable for a wide variety of situations.
There are many excellent reasons to give gift cards as employee performance rewards, including:
What Kind of Gift Cards Make the Best Employee Performance Rewards?
Rybbon offers a wide range of digital gift cards to suit all kinds of companies and needs. You can choose from cards for specific brands like Amazon or Walmart. You can also opt for prepaid MasterCard or Visa cards. These give recipients much more flexibility in regard to where they spend their reward. Rybbon also makes it easy to purchase gift cards for companies overseas and in a range of currencies. With all these options, you are sure to find the perfect gift cards for your workforce.