Every employee performance incentive has to offer some kind of reward to the incentive winners. What makes a great reward depends on the profile of your employees and what is most likely to excite them. And of course the other big consideration is budget.
Getting the rewards right can really help make the incentive a success by engaging your employees. Getting the rewards wrong, regardless of budget, can end up just wasting money.
The most commons types of incentive performance rewards include-
1. Gift Cards
Gift cards are by far the most popular reward type on performance incentive programmes. This is because they are relatively easy to order and store and they offer choice to the recipients. Multi-store gift cards such as One4All and the Allgo Mastercard Gift Card are the most sought after because of the broad redemption options they offer.
Increasingly digital gift cards that can be emailed to recipients and spent either instore or online are becoming more prevalent.
2. Products
The carriage clock of yore may no longer be in vogue as an acceptable incentive reward. However, many incentives offers desirable products as rewards especially the latest tech such as Smart Watches, Tablets, Smart Speakers Video Cams, Bluetooth Earphones etc.
Less popular but worth considering are top home tech brands such as Dyson. Watches and jewellery have become more difficult to offer as rewards with the plethora of brands making choice a very personal thing.
Depending on the profile of the employees, having specific highly-desirable products as rewards can offer a visual and physical aspect to the programme - allowing the actual rewards to be displayed for everyone to see.
3. Experiences
These can add a lot of fun if the experience is well matched to the employees. For example Music Festivals and Sporting Events offers fantastic opportunities to excite employees that are clearly into those experiences.
Allgo offers a catalogue of events prizes which includes VIP trips to events such as Electric Picnic, Reading Music Festival, Sziget Music Festival (Hungary), UEFA Champions League Final, Rugby World Cup 2019, Tour de France, Formula 1, to name but a few. Of course, not all experiences have to be expensive – dinner for two, spa treats and even cinema tickets offer experiences that can be highly effective on incentive programmes.
4. Travel Rewards
Travel Rewards never go out of fashion. From airline vouchers to all-inclusive European City break in Paris, Rome, or Berlin, many incentive programmes offer some element of travel rewards.
Travel rewards can also be spiced up with location-specific activities such as taking a helicopter ride over Manhattan New York, Hot Air Ballooning over the dessert in Turkey, Trekking in Atlas Mountains in Morocco, Camel Ride in the Sahara Desert.
Allgo has also developed a “High Life” collection where you can stay in some of the highest hotel rooms in the world like Shangri-La Hotel At The Shard, London, The Marriott Marquis in Dubai, Park Hyatt in Tokyo, Faralda NDSM Crane Hotel in Amsterdam. Or unusual places to stay such as the Frying Pan Tower (“The world’s scariest B&B”) in North Carolina.
Themed Breaks are also very popular such as Halloween Weekend in Bram Stoker’s Dublin or Christmas Markets in Vienna or Prague.
5. In-house Rewards
Many companies like the idea of incorporating rewards from their own company into their programmes. This could be own-products (though often these are already available to employees at a discount, which reduces their perceived value). Other in-house rewards that work well include time-off, free lunch in the canteen, invite only breakfast with the CEO, or VIP invites to company-sponsored events.
6. Points Based Rewards
Points-based programmes are perfect for incentive programmes that award “little & often”, allowing employees to build their points balance, and then choose their own reward from a catalogue that might include retail, digital, technology, travel, leisure, merchandise and experiences.
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The Definitive Guide toPerformance IncentivesThis expert guide gives lots of practical tips and insights into running employee incentive and reward programmes.
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