Combat employee turnover through employee engagement and recognition programs using employee prepaid cards.
Prepaid cards have a wide range of applications in the workplace: employee appreciation, service recognition, holidays, birthdays, safety, wellness, and referrals. These use cases created a market for B2B employee reward programs. The market became particularly salient during the “Great Resignation,” as employers wished to promote engagement, boost morale, and retain employees. It is particularly alarming that in the last half of 2021 nearly half (45%) of all workers considered leaving their current organization. Turnover is expensive, and employers need to curtail employee attrition. The cost of replacing an employee has been estimated to be one-half to two times the employee’s annual salary. One of the ways to combat turnover is through strong employee engagement and recognition programs.
This report is 13 pages long and has 5 exhibits.
Companies mentioned in this report include: Achievers, Amazon, Awardco, Blackhawk Network, Google, Incentive Research Foundation, InComm, Microsoft, Ncentiva, Phobio, Preciate, Prepaid Technologies, Recognize, Society for Human Resource Management, Target, TisBest Philanthropy, Visa, Walmart, WorkStride.
Highlights of this research report include:
- Employee Incentives and Rewards Landscape
- Recognizing Employees Remotely
- Types of Gift Cards Employees are Looking For
- Employees Want Options in Their Gift Cards
- Increasing Demand for Workplace Gift Cards and Monetary Recognition Programs
- App Integrations
- Fintech Developments