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Long gone are the days of introducing a new employee rewards program for your business, sitting back, and watching your employees become happier and engagement skyrocketing. Today, businesses need to utilise technology and reporting to effectively manage and get the most out of their company rewards programs.

A recent study by EY uncovered that 65% of employers and business leaders were satisfied with the rewards program they were currently using throughout their business. However, the study also uncovered that nearly half of their employees were dissatisfied with the same program. Monitoring your staff engagement and satisfaction with your rewards programs is curial to ensure that the program is effective and cost efficient.

The disadvantages of standard rewards programs

The issue of many offline reward programs lies in their inability to achieve what your business has set out to do – reward employees with the rewards they choose and will therefore use. More so, this data becomes hard to track and measure without the aid of a fully online platform. Standard reward programs also often lack efficiency. Employees want to be rewarded immediately and waiting until the end of the year to receive a reward often makes the reward lack meaning. There is no incentive to achieve goals.

This means that many businesses are putting money into a program that is demotivating their staff. By not maximising employee engagement with your program, it can convey a lack of empathy and detachment. DCR Strategies indicate that 39% of staff feel unmotivated in their workplace, with 77% claiming they would work harder if they were rewarded in the right way.

The Solution? MicroGifts Digital Rewards

The MicroGifts PaaS (‘Product as a Service’) platform is fully scalable allowing you to create multiple programs & products that reflect your business values. MicroGifts also allows you to create one or multiple users enabling peer to peer recognition and instant feedback to your staff. The online platform provides full visibility of program balances & team budgets, with the underlining protection of user spending control limits and corporate grade reporting.

MicroGifts are DIY and accessed from a Mobile App or Laptop, so can be sent simply & quickly and as frequently as you would like. Once you are set up you will be ready to send any number of MicroGifts ranging from $5 to $1,000 – instantly!