Holiday rewards programs thank employees for the year’s contributions and motivate them to continue to work hard. They’re a tangible way to demonstrate appreciation and recognition, which maximizes engagement and potential. This year especially, companies in essential industries will want to reward employees who held up the community during the shutdown – or companies that have really leaned on employees to figure out how to pivot their strategy and offerings to better serve customers pandemic.
“During difficult times, employees need to feel appreciated more than ever, and incentive programs can help lift the mood. Incentive programs change behavior, leading to greater perseverance at work,” according to Promotional Products Association International (PPAI).
Annual company employee gifting is a $46 billion market. According to the Advertising Specialty Institute (ASI)’s corporate gift-giving reports, approximately 42% of companies planned on spending money on annual gifts for employees in 2018. They spend an average of $79 per employee, with 23% reporting they’ll spend more than $100 each.
Gifts with company branding are preferred by 26% of employees. Two of the most common rewards are merchandise with the company logo (given by 76% of companies) and electronics (67% of companies). The most popular gifts overall include gift cards, apparel, food/beverages, drinkware and desk accessories. Here’s the full breakdown:
- Gift cards – 44%
- Apparel – 39%
- Food/beverages – 25%
- Drinkware – 18%
- Desk accessories – 18%
- Calendars – 16%
- Writing instruments – 14%
- Electronics – 12%
- Bags/luggage – 12%
- Sporting goods – 12%
- Jewelry/watches – 6%
Take the Scenic (Experiential) Route This Year
Mix up your store selection by going beyond products. Experiences give your employees something to look forward to that they will remember. Study results declare that 72% of millennials prefer experiences over things, although this phenomenon certainly isn’t limited to that age group. Experiences result in longer-lasting happiness than material possessions because physical items lose their novelty overtime. However, experiences strengthen passions and relationships because you can share them with family and friends. Instead of uploading a product image, showcase a snowy mountain or beach scene. Consider granting gift cards or money towards:
- Vacation packages – it’s almost time for ski season! Or how about a sandy beach as the weather turns cold?
- Airline tickets – your client’s employees can choose where to go!
- Ski gear – okay, this is a product, but it leads to an experience!
Of course, travel is a little trickier these days due to the pandemic. Some people are not comfortable yet, and that’s more than okay. According to a study by MMGY Global, 64% of people do want to travel for leisure within the next 6 months to break out of the cabin fever or make up for lost vacation time. We recommend offering something for both travel and non-travel preferences. Any of your client’s employees will enjoy an item from one of these hot categories while spending more time at home this season: comfortable apparel, home essentials and kids’ toys.
Or better yet, your client can deliver simpler, yet unique and fun experiences directly to employees’ homes, such as a “party in a box.” Celebratory packages with champagne or cocktail glasses, gourmet chocolate or snacks, party blowers and games are the perfect way to transform the canceled holiday office party into a virtual bash.
What Type of Store Best Serves Your Client’s Program?
Aside from helping your client select the products and/or experiences they want to offer their clients, zeroing in on the payment method your store operates on is very important.
The method of payment will ultimately drive the type of store you need to set up for your client. Let’s explore all the possibilities:
Shoppers gain access to a store and pay with a code – Launch a Redemption Site. For help on how to set one up and upload redemption codes, see our support articles and videos.
Shoppers use points to pay for products while actual prices remain hidden. If they don’t have enough points, they can make up the difference – Start a Bright Sites Point Store.
When users login, they can see their own account balances and spending allowances in the store that they can use towards a store purchase – Opt for an Advanced Company Store to unlock this feature.
Employees can apply gift certificates towards item purchases, very similar to the Account Balance feature – Enlist an Advanced Company Store.
Make coupons available, and choose what they’re worth – Tackle an Advanced Company Store.
Discounts are a great way to clear out existing inventory or give employees a deal! – Initiate an Advanced Company Store.
You may want a Redemption Site if your client aims to launch quickly, easily and cost-effectively. A Company Store is the solution if your client wants to create a highly branded and personalized experience for employees. The customizable and robust features can take a holiday program in an unlimited amount of directions.
Especially with holiday programs, it helps to zoom in more granularly to the payment methods. If your client is looking to incorporate specific options, it becomes apparent what store they need to launch. The more advanced your store is, the more possibilities you unlock for your client and their employees.