A number of studies have revealed that people are more likely to accept gift cards instead of cash.
Here’s a selection of them:
75% of people choose an prepaid card when they were given the option of a $50 cash card or a prepaid card.
Eighty-two percent of workers stated they’d like to receive rewards for gift cards from their employers.
And, when asked about what kind of gift was most popular to be given for special occasions 60% of respondents were in favor of the gift card
It’s no surprise the fact that 81% firms in the UK provide employees with non-cash incentives and rewards. We also have learned the fact that 77% of workers will work more efficiently when they feel valued and appreciated, so knowing what kind of rewards they want could be a significant factor in productivity and performance.
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When it comes to cash or gift cards What’s the reason for the overwhelming appeal in gift card purchases?
The advantages of gift cards
When compared to cash, gift cards prevail at the end of the day because they offer a variety of advantages that cash simply cannot provide. The benefits include…
They’re unforgettable
Because gift cards are generally one-brand or multi-brand they are more likely to use it to buy something unexpected for themselves. This means that the gift card can be an experience that is more memorable than money, and the gift (or the experience) they purchase is an enduring reminder of their accomplishment.
They are able to be personalized
While cash is not a personal purchase, the giving and receipt of a gift card can be personalized to the recipient by including your company’s logo, name or even a brief message. This will clarify the purpose of the gift, and also make it easier for the recipient to remember whom it came from.
They’re guilt-free
In the case of spending gift cards and cash Gift cards give the person receiving them a way to indulge themselves. Cash is a way to be compelled to do good’ by spending it and apply it towards a credit card or an upcoming payment. Gift cards, however it is viewed as a reward that can be enjoyed guilt-free. 70% of the employees enjoying their gift cards because they can pick the items they would like to purchase
They’re the subject of discussion
While people are hesitant to talk about cash, the reverse is true in the case of gift cards. What is the significance of this for a company? Employees should be able to discuss their accomplishments with colleagues as it motivates other employees to strive for their own recognition of employees. Gift cards purchased with gifts can also serve as an image of the accomplishments of the employee.
They encourage positivity
A further bonus of gifts cards that are unforgettable, guilt-free and often discussed is that they to create positive impressions of the business. They can also be more effective in encouraging employees to work than cash incentives. 29% of those who receive them like the fact that they can give them. They’re an employee reward that doesn’t stop giving!
