The dilemma that most HR managers face, is that their staff want cash as bonuses and not gifts or gift vouchers. But why is this a dilemma? Well it has long been established that companies need to give their staff not necessarily what they want, but what they need. This way companies can start to reap the reward of giving rewards by getting their staff churn down, and by their sales /service increasing. How many of us have had a cash bonus and it has gone into the overdraft, been used by the partner on the weekly shop, been given to the kids as pocket money...the list can be and is endless! My favourite one is "gosh - did I have a bonus last month? I did not look at my bank account or payslip!"? Companies need to realise that giving staff gift vouchers or gifts for that long service award, promotion, bonus, retirement pressie or giving their customers the potential to earn rewards can be hugely successful. Give them something they remember. Give them an experience - let them purchase something and think of you every time they use it or remember it. Don't just chuck your money at them and hope they thank you for it! Your staff/customers/channel partners will enjoy choosing their own gifts when you give them lots of options to choose from. More and more companies are making the switch back to gift vouchers now as the choice is so varied, and they have enhanced feedback from the promotion participants. With many 'one stop shops' now operating in the UK marketplace, aiding time poor HR managers and Sales and Marketing managers - and points make prizes promotions circulating, some of the UK marketplace is finally waking up. Lloyds TSB spend over 225 million per year on their gift voucher ordering. Their marketing budget is aimed at retaining and gaining new customers and after trialling many various options, gift vouchers are their reward of choice. The gift card is also entering the UK, with most of the major retailers now offering this solution over the counter. These cards - electronic - are set to shake up the market - and will allow companies to top up the cards, allow their teams to view progress of their projects online and see their balance, and ultimately give the project managers the chance to see what promotion works and what needs to be reviewed. So next time you want to organise a promotion for your staff or customers - think about what they really are going to get out of it. A memory or not? |
