Staff rewards and employee incentive programmes are now firmly accepted as good for business. Boosting motivation and engagement in the workforce, reducing staff turnover rates and actively driving staff to strive for more, the benefits are many and varied, which is why so many companies are now using them.
Your options are ever-increasing and one that is growing rapidly in popularity is the prepaid card, which brings multiple benefits for businesses and staff alike.
Prepaid cards take the traditional approach of a monetary incentive and build on it. Taking the form of a Mastercard ® credit card, they can be loaded with a specific amount of money and, once activated, the recipient has instant access to the money and can spend it in high street stores or online as they would use a standard debit or credit card.
- Prepaid cards give staff the freedom to spend wherever they like and, as the money is held in a separate account, it’s much more likely to be used on a treat than to pay the bills. Traditional bonus payments inevitably get absorbed into day-to-day spending, so often don’t feel like the reward or treat they are supposed to be. Giving standard vouchers can be limiting as they generally pertain to only one store and can easily be lost.
- Corporate Rewards’ prepaid cards can be used globally wherever there is a Mastercard® symbol, giving users a vast network of spending opportunities. And with online spending an option too, the retail options are endless!
- For businesses that prefer to function purely online with their rewards initiatives, virtual prepaid cards are also available, which are designated for online spending.
- Both physical and virtual cards can be given as a one-off reward or reloaded, so are perfect as part of an ongoing rewards programme.
- There are no limits to how many cards you can have.
- All prepaid cards can be branded, so the physical card that is gifted to employees can bear the company colours, logos and messaging. This sends a powerful message to every employee every time they use it; a lasting reminder of the reward received and the sense of appreciation that this brings.
- Prepaid cards make it straightforward to reward staff as the process is speedy and admin costs are extremely low, plus if used as part of an ongoing initiative they can be easily topped up.
- For global corporations, prepaid cards can be loaded with Sterling, Euros or US dollars.
- With Corporate Rewards’ prepaid cards scheme, the whole programme is run via an online portal, which is accessible by both employer and employee. The beauty of this system is that it allows all parties a quick and clear view of their status at all times. Staff members working towards a reward find it easy to see how they’re getting along, or for those wanting to monitor a balance, it’s equally easy to check. On the business side, the system is measurable through detailed reports.
- As well as the online system there is also telephone support, so users can choose whether to go online or speak to an advisor should they need to replace a card, change their profile or check transaction history.
So when it comes to employee incentives, it’s no surprise that prepaid cards are taking the lead. For ease of use and day-to-day benefits, it would be hard to find anything else that suits both businesses and staff so perfectly!
We’d love to help you engage, motivate and inspire your team with our innovative Reward Fulfilment services. To speak to a member of our award-winning team, call us on 0370 405 2020, email firstname.lastname@example.org, or make a quick enquiry to find out how to drive your business performance today.