Promotion Vault is an easy way to increase customer retention by rewarding your customers with e-gift cards to the brand of their choice, but what about rewarding employees?
Promotion Vault’s model is a more profitable alternative to the business’ use of discounts and giving away free. This model replaces the deleterious effects of free and discounts by offering high-value gift cards to its customers. Why is this beneficial? Discounts and free devalues your business while reward incentives restore it.
Hiring and training employees is a long process and finding those employees is only half the battle, but keeping them is the other. Employee recognition being over a 46 billion dollar market is a clear indicator of its importance. “The top 20% of companies with a rich recognition culture have 31% less voluntary turnover.” Promotion Vault’s platform provides a seamless way to send your employees rewards at scale for any reason a business sees fit. A year with the company? A job well done? Anniversaries? Birthdays? Years of Service? The options are endless!
It’s truly amazing how far a thank you or recognition of any kind can go. “59% of employees would prefer companies with a rich recognition culture than jobs with higher salaries that don’t give any recognition.” In some cases, it strengthens relationships between employees and those higher up in the organization. “Almost 90% of employees who were given recognition by their boss in the past month stated that they trusted that boss more.” Looking at the big picture, an atmosphere of trust among coworkers ensures better work activity.
Utilize Promotion Vault not only as a tool to incentivize your customers, but to show your employees you value them. Statistics show that displaying gratitude through rewards is beneficial to their work activity, increasing engagement, and decreasing turnover.
For more details, schedule a conversation with Promotion Vault.