When employee recognition programs use cash awards, often the value and context get lost, it merges with their salary and becomes quickly and easily forgotten.
Reward Gateway always aim higher to create great experiences for the employee and to help employers to develop and cement their company culture and values for the long term benefit of them and their employees.
When developing our reward and recognition solution, SmartAwards™, we decided that our awards would aim high; to make every recognition moment special for the employee. This means the focus would be on the experience of receiving the award, as well as the value of the award itself.
SmartAwards™ allows employees to redeem their awards using a huge selection of top retailers. They can choose which retailers they want to redeem their award with and turn it into a tangible reward, that they can treasure. This creates a much more personal award and one that attaches an experience to it. When the employee spends their award in their chosen retailer, they will associate the experience with their employer, creating positive feeling and motivation.
For example, an employee might choose to spend her award in Debenhams and purchases a new handbag that she's had her eye on. When she proudly walks into work on Monday with her new bag and receives compliments, imagine the positive reinforcement for her and those around her when she says "I bought this with my award!".
For Irish clients, we offer employee recipients the capability to withdraw to their bank account. This is because we currently have a limited number of retailers they can redeem their award with.
Can awards be withdrawn via the employee's SmartSpending™ Cashback account?
SmartAwards™ and Cashback in SmartSpending™ are managed separately both from a financial reporting point of view and conceptually for the employee.
Much like the aforementioned problem of cash awards, if an employee receives their award in the form of Cashback and then withdraws this to their bank account, this is a missed opportunity to drive engagement. The benefit of an employee going through the motions of selecting a retailer with which to spend their award provides an opportunity to show them more of their benefits, to engage them with the platform and therefore with the employer brand.