Prepaid Gift Cards Help Improve Employee Engagement
By Naomi Anderson, VP, Prepaid, Envisant
September 19, 2023
Employee engagement is declining. It fell from 36% in 2020 to 32% in 2022, with employees younger than 35 showing the greatest engagement drop (Gallup). This is a trend businesses, including credit unions, need to address if they want to retain and attract employees. While prepaid cards have been a long-time fundamental payment solution for members, businesses are increasingly finding them to be a valuable means of enhancing their employees’ work experience.
Gift cards are a great way to reward employees for a job well done and show them how much your credit union values their contributions. Gift cards for food or commodities, cash bonuses and a paid dinner with family were listed among the top forms of preferred recognition in a survey by the Incentive Research Foundation (IRF).
Open loop gift cards, virtual or plastic, can cover these preferences, giving employees the freedom to choose their individual or family experiences. Convenient to spend online or in person, prepaid gift cards are safer to share and use than cash, don’t put employees’ bank account information at risk, and don’t incur interest on purchases. This makes them a solid option for sharing the monetary rewards employees prefer.
Monetary rewards like gift cards help employees address financial needs and feel better compensated for their efforts. The same IRF survey showed preferences for monetary rewards in general have risen since the pandemic as people face greater financial challenges, and this preference is highest among women. Gift cards can help credit unions address employee needs and cater to a more diverse workplace. These prepaid cards can be combined with other non-monetary forms of recognition to create a climate of employee appreciation and increase job satisfaction. An employee survey can help you create the best mix of rewards for your team.
Happy, engaged employees are where great member service starts. Gift cards are a convenient, impactful way to address employee needs and an integral part of a wider strategy to motivate your team and enhance job satisfaction.
Connect with Envisant if you’d like to learn more about offering a prepaid program that supports employee engagement and helps your credit union better serve its members.
ENVISANT’s® comprehensive service creates a seamless solution to payment processing. Their prepaid cards are an easy, turnkey solution to offer members: Minimal or no upfront investment, convenient online ordering and mobile loading, a low per card cost and free marketing tools.
ENVISANT is a subsidiary of the Illinois Credit Union System.