Recall how great it felt to be rewarded for the great work you have been doing for the company. Recognition helps to boost the morale of your employees. It also motivates them to carry on the good work that they have been doing.
COVID-19 has changed the way many work and live. With the future uncertain, the morale of employees has been affected. As a result, many companies are exploring ways to motivate their employees so that they perform at their best. One viable solution is to provide financial incentives.
Did you know that Singapore was only ranked 11th out of 17 other nations, with regards to employee engagement? Our score was only 47%. In contrast, other Asian nations India (79%), Thailand (72%) and Hong Kong (63%) take up the top three spots respectively in the same Qualtrics report.
Many of us often forget that we, as humans, need to feel understood, valued and appreciated for what we do. It is a common, human need that every single one of us desires.
Digital gift vouchers have grown in popularity worldwide. According to statistics, the global value of the gift cards market is expected to hit a value of 510 billion U.S. dollars by 2025.
It is true that in this day and age, “just having satisfied customers isn’t good enough anymore. If you really want a booming business, you have to create raving fans” (Ken Blanchard).
Many companies are able to retain their employees for many years because of the efforts they put into expressing appreciation and gratitude to their employees.
Customer retention may not be at the heart of many businesses in Singapore; it is often the case that business owners think that customers are just out to get the cheapest deals, without paying much attention to loyalty or sticking to a particular company for their needs.
Many are increasingly cognisant of the fact that monetary rewards or cold-hard cash are no longer good answers for expressing care and appreciation. Whether it is to make your employees feel valued or to reward clients, forget monetary rewards, and incentivize them gift vouchers in Singapore instead!
Manual labor can be such an undervalued form of work, and yet, it is hardly an easy task. Employers need to make the extra effort to recognize what they do and their value to the company so that they do not feel underappreciated.
