Employee incentive programs are an effective way to motivate and reward employees for their hard work and dedication. These programs can come in many forms, from bonuses and promotions to recognition and time off. When implemented properly, employee incentive programs can lead to increased employee morale, job satisfaction, and productivity. Companies that offer these programs often see a decrease in employee turnover and an increase in overall success. It’s important for businesses to carefully design and communicate their incentive programs to ensure they are fair, achievable and align with the company’s goals and values.
Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Javelin Strategy & Research’s Report: U.S. Commercial Prepaid Card Market Forecast
Top Reasons for Receiving Employee Recognition
- 62% report it was for Achievement/Recognition
- 38% report it was for Compensation
- 31% report is was for Health and Wellness Goals
- 7% report it was for Other
Javelin Strategy & Research continues its annual series on market trends with a focus on the commercial prepaid market. Javelin generally expects a positive environment for commercial closed-loop cards with steady growth in non-governmental aspects and more robust growth in government closed-loop programs. In addition, budgetary and inflationary pressure should benefit Incentive programs, while those factors, plus a return to in-store shopping, will help store credits and returns.
Open-loop commercial products will see some stagnation in the short term before recovering. The leading cause of the short-term issues will be the end of the Economic Impact Payments (EIP), a vital element of the federal response to the COVID-19 pandemic. However, the long-term outlook will grow strongly in open-loop with the return to corporate use of open-loop products for expense, event, and incentive programs.