by Steve Mallaby, CEO at adumo Payouts
The end of the year is nearly upon us, and for most companies, it is a time to recognise and reward the top employees, customers and partners that contributed to their success during the year.
Recognition is a powerful motivational tool and morale booster. When employees feel their efforts are valued and recognised, they are more likely to feel engaged in their work and motivated to perform at their best.
The more companies invest in rewarding and recognising employees for positive behaviour, contributions to the company's success, compliance with workplace regulations - which is especially important in sectors such as mining and manufacturing - and going above and beyond, the more likely that employees continue to make positive contributions.
Going beyond recognition
But effective rewards go beyond just recognition: they foster motivation, build loyalty, drive productivity, boost retention and help strengthen relationships between companies and the people that drive their success. In fact, studies have shown that more than two-thirds of employees would work harder if they were recognised for their efforts.
Companies seeking to recognise their partners or suppliers for their contribution during the year also benefit from healthier relationships, improved collaboration, and stronger partnerships. And rewarding customers that have stuck with the company through thick and thin can build greater affinity for the company and ensure the customer is retained.
Seeking the perfect reward mechanism
As companies prepare to high-five their best performers, it is worth considering the best way to reward them. People increasingly expect personalisation and freedom of choice. By giving people the choice of how and where they want to spend their reward, companies can drive greater satisfaction.
Preloaded incentive payment cards have emerged as valuable tools for companies seeking a rewards mechanism that can meet the demands for personalisation and customer experience. A preloaded incentive payment card such as adumo Payouts' Mastercard-backed Premium Imali Card allows recipients to spend their rewards at any place that accepts card payments, providing the ultimate in choice and convenience.
In some cases traditional salary bonuses may be subject to garnishee orders, meaning the employee won't receive the full value of the reward. By providing a preloaded incentive card, companies can ensure their rewards programme delivers the optimal experience.
Focus on flexibility, personalisation
To maximise the value of any rewards or recognition programme, companies must abandon the one-size-fits-all approach of old in favour of greater personalisation and flexibility.
When employees (and partners and customers) receive rewards that are tailored to their needs and align with their interests, it demonstrates a genuine understanding and appreciation of their contribution to the company and their role in its success.
Giving recipients the freedom to choose the reward they want and to spend it in the way that brings the greatest value to their lives significantly enhances the impact of the rewards programme. Companies could conduct employee surveys to better understand whether a cash reward, a travel voucher, wellness package or gift card to their favourite store would resonate best with individual employees.
However, this may prove a difficult process in some work environments, especially where companies have large workforces or where employees are spread over multiple territories. Using a prepaid reloadable incentive card circumvents these challenges and gives employees the flexibility to choose precisely how and where they spend their reward.
Combining personalisation and flexibility can boost the impact of rewards programmes and ensure they deliver on the employee satisfaction, retention and brand-building benefits. Effective rewards are essential drivers for attracting, retaining and motivating employees while building loyalty with customers and partners. By leveraging the power of adumo prepaid reloadable cards, companies can more easily unlock the benefits offered by rewards programmes.
For more information on adumo Payouts visit www.adumo.com/payouts
About adumo Payouts
Physical and digital prepaid, secure payout solutions for South African businesses.
Trusted by over 500 corporates and backed by Mastercard, our transactional card products empower you to recognise and reward positive workplace behaviours.