“May no gift be too small to give, nor too simple to receive, which is wrapped in thoughtfulness, and tied with love.” – L.O. Baird
In physical or digital form, gift cards continue to rise in popularity, especially in business. By comparison, social bonding events don’t get as much attention nowadays save for the requisite office parties and occasional team-building exercises.
People are different and gift cards have proven to be an effective way to celebrate that uniqueness. The 5 reasons listed below highlight this and why they’re becoming more popular than social bonding events.
Offer more flexibility
Gift cards offer the gift of choice. They give the recipient the option to choose what they’d like as opposed to social bonding events such as office parties or team games, which are typically structured in a particular way.
A platform like Gifted.co allows for the setting up of a flexible gifting program where gift cards from various brands and retailers are selected according to what the recipient prefers. That way, it’s easier to give everyone something they love rather than a shared experience that some may not enjoy.
Ideal for any budget
Purchasing a gift card is typically more affordable than arranging a social event. For the former, expenses such as food, venue, and entertainment are eliminated, giving gift cards a better edge budget-wise.
Most companies are happy to lower expenses wherever possible and the affordability of gift cards makes this possible, hence their popularity in many reward programs. Gift cards make it easier to reward everyone on a low budget, while social events may limit participants to avoid digging too deep into the company’s pockets.
Bridge the generation gap
In a multigenerational workforce, the difference in ages — along with unique personalities — makes it challenging to find a gift or experience that will universally appeal to everyone. That creates a dilemma, especially, when it comes to social events where millennials may enjoy different activities as compared to older employees.
However, gift cards eliminate this problem as they can easily be personalized according to the recipient. Even if the gift card is for a particular store or service, it still offers the recipient the flexibility of choosing the specific item they prefer.
In most cases, gift cards are given as a token of appreciation or in celebration of achievement on a personal level, whereas social events are a group thing. People tend to remember a gift they personally received better than a group experience.
As a result, gift cards are more popular with recipients because they appear more thoughtful and personal in comparison.
More likely to improve work performance
Although an argument can be made in favor of social bonding events regarding improved work performance, gift cards have proven effective in increasing employee productivity.
Employees respond better to rewards like gift cards, which act as an incentive to put their best foot forward at work.
“Show me the incentive and I will show you the outcome.” – Charlie Munger