Recently, the Prizeout team addressed the topic that HR teams are facing increasing challenges as the world of work continues to change rapidly. As we discussed in that article, gift cards can be a great flexible tool that can support the new and continuously shifting needs of HR teams. Unfortunately, for as flexible as gift cards are, many rewards platforms are built with limited uses in mind and leave employers feeling stuck. Because there had been little driving need for innovative rewards platforms until recently, the rewards landscape has remained mostly stagnant. A company is left to use either a very intricate (and likely expensive) reward system, or someone from the HR team is tasked with going to a big box store to buy a variety of gift cards or ordering digital gift cards one by one. This system was simply not designed to sustain rapid organizational and cultural change.
Identifying a tool that can be used for a range of purposes is the first step. The second step is for HR teams to identify a platform and a partner that can help them meet their current and future needs. So, what questions should HR teams ask when choosing a rewards platform?
- Does it offer a variety of rewards for personalized selection?
The workforce is as diverse as every individual who clocks in, shows up, or gets the job done. A rewards platform, therefore, must offer opportunities as diverse as your organization’s workforce. As companies navigate many of the causes which have led to the great resignation, one contributing factor is that throughout the last 18 months, employees spent time trying new things, finding interests, and developing passions beyond work. Further, they’ve realized how important these interests are — how they improve the overall quality of life and what they’re willing to do to maintain diversified interests and passions.
This means that employers have an opportunity to choose — continue operating as though they are truly the employee’s primary focus, or create opportunities to show they understand the employee is a multi-faceted individual. Choosing a rewards platform that offers a wide range of brands and rewards types is an easy way companies can address this cultural shift. Gift cards are no longer just cash equivalents to big box stores; local stores, educational platforms, and experiential companies all offer gift cards, and a well-developed rewards platform will have a variety of offerings that can support diverse employee interests and lets HR teams easily manage the selection available.
2. Is it cost-effective?
For many small businesses, the most cost-effective way of acquiring gift cards for employee rewards is to simply purchase however many gift cards are necessary at a big box store or call the brand directly. Most small businesses are under the impression that they don’t qualify for bulk or B2B type of discounts because their quantities are so small. Moreover, many companies avoid selecting a rewards platform because of the extra cost incurred, such as a monthly subscription or annual line-item to be added to the budget. In the current climate, budget concerns aren’t restricted to small businesses — HR teams large and small are faced with reduced budgets and even potentially needing to do more for the company with less.
While many platforms and rewards tools may require some form of financial commitment, there are other options. At Prizeout, we were created as a withdrawal platform that operates on an ad-tech model. Our foray into rewards came out of a surprise market fit: we were able to use our existing platform to support employers in their various employee engagement and incentive initiatives. Because of the way our business model is setup, we don’t cost a thing to the employers that we work with. This model works well for companies that want to offer their employees a wide variety of rewards while also keeping budget in mind.
3. Can it adjust with the company’s shifting needs?
While it is uncommon that employers see the recent and rapid changes in employee expectations and overall work culture that we’re seeing today, undoubtedly many of these changes are here to stay. In our earlier article, we did a deep dive into how gift cards are the perfect tool to help support initiatives such as employee referrals, recruitment, and retention programs and be used as engagement tools for both in-office, remote, and hybrid employees. Identifying a tool is a great start, but finding a platform that can rapidly adapt is critical to ensuring a program is as successful as possible — the right platform can allow HR teams to work smarter, not harder, in this increasingly challenging climate. Aside from current trends, utilizing a tool such as a rewards platform means the program and initiatives can grow as the company grows. Gift cards can be a fantastic, evergreen one-size-fits-all solution. At Prizeout, we’ve seen partners of all sizes utilize our platform to execute a custom solution for their organization.
The rapid shift in employee expectations, compounded with the overall lack of innovation seen throughout many rewards platforms, may leave HR teams stuck or overwhelmed. However, using the right tools, with the right platform, employers can develop strategies and initiatives that make sense for their organization and are easy to execute.
To find out more about what Prizeout’s rewards platform can do for your company, reach out to us at email@example.com.