According to the survey, 64% of employees said a prepaid card of $50 or less would meet their expectations of an end-of-year reward, with 55% expecting $25.
Most employees do not expect their employers to give end-of-year rewards or holiday gifts this year, yet an even bigger majority indicates that even a little reward would be greatly appreciated. In fact, 81% say that end-of-year rewards are a nice thing to do for employees, but should not be expected.
Key findings of the research include:
• Eighty-four percent of employees reported that an end-of-year reward of a prepaid card valued at $100 or less would meet their expectations. Fifty-five percent of employees said it would take just a $25 prepaid card to meet their expectations.
• Sixty-nine percent of employees do not expect their employers to give end-of-year rewards or holiday gifts this year, with the main reasons being lower company profits, missed quotas, lack of appreciation for employees, or the fact that their company does not normally give out holiday rewards.
• Eighty-one percent of employees said a reward would make them feel either appreciated, motivated to work harder, or more loyal to the company. Seventy-nine percent of employees said that receiving an end-of-year reward would mean that they had done a great job and worked hard or that their employer appreciates and/or values them.
• When asked what type of holiday gift they would like to receive, prepaid gift cards backed by Visa or MasterCard came out on top with 57%, over gift cards, company-branded merchandise, or cash. An overwhelming 85% of survey respondents said they would feel grateful if they received a prepaid card as a holiday reward this year. When asked about their favorite features of prepaid cards, the majority pointed to the fact that prepaid cards can be spent almost anywhere and at multiple retailers.
“Employees are not expecting rewards this year, but if they received one it would clearly foster positive attitudes and behavior that could help many companies compete in this tough economy,” said Juli Spottiswood, President & CEO of Parago, in a press release. “Whether it is for the holidays or as an end-of-year incentive, our research shows that employee rewards are dearly appreciated, no matter the value.”