February 23, 2024

Employee incentive programs are an effective way to motivate and reward employees for their hard work and dedication. These programs can take many forms, from bonuses and promotions to recognition and time off. When implemented properly, employee motivation programs can improve employee morale, job satisfaction, and productivity. Companies that offer these programs often see a decrease in employee turnover and an increase in overall success. Businesses must carefully design and communicate their incentive programs to ensure they are fair, achievable and aligned with the company’s goals and values.

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Data for today’s episode courtesy of a report from Javelin Strategy & Research: US Commercial Prepaid Card Market Forecast

Top Reasons for Employee Recognition

  • 62% reported it was for achievement/recognition
  • 38% said it was to compensate
  • 31% reported for health and wellness goals
  • 7% reported doing it for other

About the report

Javelin Strategy & Research continues its annual market trends series with a focus on the business prepaid market. Javelin generally expects a positive environment for commercial closed-loop cards, with steady growth on the non-government side and stronger growth in government closed-loop programs. Additionally, budgetary and inflationary pressures should favor incentive programs, and these factors, combined with the return of in-store shopping, should help with store points and returns.

Open-loop commercial products will see some short-term stagnation before recovering. The main reason for the short-term problem will be the end of the Economic Impact Payment (EIP), which is an important part of the federal response to the COVID-19 pandemic. However, the long-term outlook for open-loop will grow strongly as businesses re-use open-loop products for fee, event, and incentive programs.