The Benefits of an Employee Incentive Programs Using Prepaid Debit Cards

The Benefits of an Employee Incentive Programs Using Prepaid Debit Cards

Is a prepaid debit card worth a bird-in-the-hand? Would your employees prefer a frozen turkey for Thanksgiving? Is any incentive just as good as another?
Why bother?

Shop for incentives only when you know what you want to do:

    provide a “warm hug” to the under-appreciated
    encourage referrals or leads
    promote teamwork
    recognize quality and productivity
A warm hug?

Sizable companies have formal incentive programs to reward sales, safety, or operations. But, the occasional incentive is meant to reward and respect employees at odd, perhaps, unexpected moments. While the system may appear casual, it should meet some criteria, or it is a waste of money.

Set some clear criteria for performance and communicate them well. Reward the teams and workers who meet the goals with a prepaid debit card in amounts of $10 – $10,000. When you present the cards in person in front of other employees on the floor, in the office, or in group meetings, you give a hug. The hug is personal and warm, recognition as much as reward.
Leads and referrals?

Encourage employees to refer job candidates or customers. Or, use it in lieu of a new account rebate or sales promotion. Use a prepaid debit card customized with the company logo and/or slogan. The card is absolutely secure and replaceable if lost or stolen.
Teams or Individuals?

Honor individuals and teams. When the individual stands out, let him or her know it. If the team meets its goals, reward them all. Just be sure that the rules are carefully, clearly, and collectively drawn. As you build and implement the program, solicit employee input for their views on how it should or could work.

Today or tomorrow?

Prepaid debit cards make excellent holiday or seasonal presents. But, if left to that, they can become expected and, then, taken for granted. You can maximize the effect with an unexpected appearance where a senior manager’s handshake is valued almost as much as the debit card.
Favorites or fair?

The debit card should not be awarded to anyone who has not met the criteria – unless it is an across the company gift. It might not surprise anyone if the supervisors and managers receive larger amounts, but it will self-destruct if the award amount and the recipients appear to be random or favored employees.
Useful and convenient?

Prepaid debit cards can be used in the same way and in the same places as MasterCard and Visa. The employees do not need bank accounts or credit card accounts. The employees can buy the turkey of ham, or they can spend it on entertainment, dinner out, groceries, charitable gifts, or on anything they want – in stores or online.
Training and behavior?

Employers use the prepaid debit card idea to reward employees who complete training increments. It is a carrot rather than a stick to bring all employees to the same margin of training. But, the card can also reward changed behavior. Companies use the prepaid debit card to reward safety records, community volunteerism, ride-sharing, smoking cessation, and/or wellness programs.

The big picture!

It is the nature of human behavior to perform better when there is a visible tangential goal. Such goals are metrics that workers visualize outcomes. Easy to administer and multi-purpose incentive programs help communicate a sense of corporate purpose.