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Workplace changes of the past several years are now becoming permanent in 2023.
Rising costs, a looming recession, and a chaotic labor market are just some factors already influencing HR incentive trends in 2023.
HR professionals realize that they must do more with less, yet employee stress is at an all-time high, and engagement is approaching all-time lows.
Here are some trends that have emerged in late 2022 and are sure to be part of savvy organizations’ strategies in the coming year.
Gift cards · Prepaid cards · Direct payments · Merchandise · Charity · Swag
Learn how organizations like yours are using incentives to drive engagement in 2023
With smaller incentives, employers can offer rewards more frequently to help to keep employees motivated and engaged.
Smaller incentives can be tailored to individual employees’ needs and preferences, which increases their perceived value.
Smaller incentives are less expensive and permanent as compared to salary increases or other perks that may demotivate if they can’t be sustained long-term.
With smaller incentives, it is easier to track and evaluate their effectiveness, which can help employers to adjust their incentives as needed.
Personalized recognition can also help to build stronger relationships between employees and their peers and management.
Psychologists have long known that while bigger rewards can indeed motivate action, smaller rewards can be more effective at generating deeper, lasting change by inspiring larger shifts in favorable attitudes and positive emotions.
The more employees conclude that their actions were driven by external rewards, the less likely they are to change their internal mindset. If the reward is bigger, they are more likely to conclude it was for the benefit of the reward itself. But if the reward is smaller, it’s more likely tied to enjoying the action.
Nearly 60% of employees reported that they are stressed at their jobs every day, according to a 2023 Gartner HR practice report in the Harvard Business Review.
The threat of recession and potential workforce reductions create further uncertainty for employees, ultimately resulting in less engaged, uncertain, and unsatisfied employees. Disengaged workers have a negative effect on productivity, company image, and morale.
With over 85,000+ National, International, and Local gift card options, Merchandise, and Payments you curate a dazzling selection of stress-focused choices for even the most diverse audiences.
Zeel, Elements Massage, or local spas offer gift cards that can be used for a relaxing massage, facial, or other spa treatments.
Use a local gift or Visa gift cards for yoga, Pilates, or fitness classes.
Amazon, Target, or local bookstore gift cards that can be used to purchase books, clothing, or other items to help relieve stress.
Brands such as Groupon, LivingSocial, or Airbnb offer gift cards for experiences such as wine tastings, cooking classes, hot air balloon rides, and other stress-reducing activities.
Brands such as REI, Columbia or local parks offer gift cards for outdoor activities such as camping, hiking, or kayaking.
Brands such as Sephora, Ulta, or local salons offer gift cards for beauty treatments, haircuts, or makeup services.
Employee engagement efforts accelerated in the second half of 2022, with continued growth in 2023 as managers and HR professionals struggle to improve employee commitment and involvement.
Almost any activity can help drive employee communication, interaction, and engagement:
A highly engaged employee is more likely to be productive, motivated, and dedicated to their job.
Gift & Merchandise cards can be offered as a reward for outstanding performance, meeting goals, or as part of an employee recognition program.
Provide pre-paid Visa gift cards to managers or individual employees to gather at their favorite spot for an informal after-work get-together over food or drinks.
Provide Coffee or Lunch to new employees as a welcome gift to help them get started on the right foot and feel valued.
Offer a choice of gift cards or merchandise during special occasions such as holidays, birthdays, or anniversaries to show employees they are appreciated.
Trivia, speed networking, team building exercises, volunteer opportunities.
Use gift cards as a thank you for employees who complete engagement surveys, providing valuable feedback on how to improve the workplace.
Offer gift cards as incentives for employees who participate in wellness activities, promoting a healthy work-life balance. Golf, bowling, hikes, etc.
Employee retention is critical to the success of your company, and hiring is costly.
The great resignation is still top of mind.
When employees feel valued, they perform better.
Employees who know they’re contributing positively to the organization feel more valued.
Employees who see the results of their contributions and are acknowledged for them will work harder.
Thousands of HR professionals use TruCentive to recognize employees around the world. Whether it’s a symbol of appreciation for the entire organization, enabling managers, or focusing on specific individuals, we make it easy and cost-effective.
Here’s what to expect this year:
Unclaimed rewards returned, always. Build a complete project in the campaign builder with your logo, your recipients, and your incentive selections, then send. Related reading: employee engagement trends.
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