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The science behind using
Incentive Prepaid Cards
for Employee Recognition
Accelerating Performance:
Objectives
• To present research on how prepaid cards have become the
award of choice for corporations for employee reward and
recognition programs.
• To understand why prepaid card rewards are more
preferred and more effective than equivalent cash rewards.
• To correlate prepaid card use and popularity with
motivational psychology.
• To share data on where open-loop prepaid card recipients
spend their reward dollars.
• To present prepaid card award best practices to maximize
effectiveness.
2
• Any non-cash reward given to an employee for recognition
of achievement.
• It does not include payroll, commissions, bonuses or any
other type of cash compensation.
• Does include travel, merchandise, recognition symbols
(pins, plaques) and gift cards.
Defining Employee Reward and Recognition Programs
3
Source: 2012 Research by First Data
Employee Non-Cash Awards by Percentage of Spend
4
5
Why Prepaid Cards?
6
Rated Most Effective
7
Recipients' Favorite Non-Cash Award
• Most businesses (73%) use a single type of card, but some use multiple types. Of those
who use multiple types, the most common combination is open loop and closed loop.
• When firms are using multiple cards, they generally are splitting their budgets 50/50
between open and closed-loop cards.
8
Types of Prepaid Cards Used*
9
Recipients Prefer Open Loop Cards
Recipient preference given a choice between
a $50 open loop card and $50 in cash
Even though open loop cards are near-cash equivalents,
recipients prefer the open loop card over cash nearly 5 to 1.
10
Better Than Cash!
Why: could be
explained in the
behavior and
psychology of
recipients
Possible reasons…
• Recipients classify cards as discretionary or “fun” spending vs. cash
they receive as rewards.
• Recipients more likely to add the value of award to monthly budget
vs. incorporating value, as with cash.
• Recipients make more memorable purchases with prepaid cards
than cash (Schweyer, 2012).
• Recipients associate the award with the corporate sponsor.
11
Why Better Than Cash?
Click to edit the outline
text format
− Second Outline
Level
Third Outline
Level
−Fourth Outline
Level
Fifth
Outline
Level12
Are Prepaid Cards Memorable to the Recipient?
13
Motivational Award Theory
*Based on historical aggregate spend data of over 1 million open
loop cards given as corporate employee awards
60% of open loop card spend is for non-essential items
Maslow's Pyramid Core Values Employee Needs
Percentage of
Spend Merchant Category
Self Realization
(achieving full potential)
Self-Fulfillment Needs 38%
hobbies, books,
specialty clothes,
shoes, electronics
Personal Esteem
(prestige and feeling of
accomplishment)
Social Acceptance
(relationship and friends)
Psychological Needs 22%
restaurants, real
estate, drug stores,
pharmaciesSafety Needs
(security and safety)
Psychological Needs
(food, water, warmth)
Basic Needs 40% grocery, gas, fast food
14
Spend Pattern Data*
• Personalize the card with recipient’s name
• Print personal note on the card and on the carrier
(if applicable)
• Customize the card with corporation’s branding
and/or program’s branding
• Combine award issuance with recognition event
• Consider “gifting” packaging
15
Best Practices for Open Loop
Prepaid Card Awards
• Prepaid cards are the favorite award choice for employee recognition, as measured
both by program planners and recipients.
• Open loop prepaid cards are the most popular type of prepaid card.
• Recipients prefer open loop prepaid cards 5 to 1 over cash even though its a cash
equivalent.
• Reasons include:
– Guilt free, memorable spending as compared to cash
– Association with giver/company/sponsor
– Fulfills all levels of Maslow’s hierarchy of needs
• Data confirms that 60% of open loop card spend is for non-essential items
• Open loop prepaid cards provide cash equivalency with non-cash award advantages
16
Conclusions
• 2010 & 2011 Consumer Insights into the U.S. Gift Card Market, First Data; GiftCardRescue.com poll of 6,000 users –
January to October, 2010; Incentive Mag 2011 Gift Card IQ Study
• Huff, C. 2006. So Plastic Gift Cards Are Most Popular Incentive. Retrieved from http://www.workforce.com/articles/so-
plastic-gift-cards-are-most-popular-incentive
• Incentive Gift Card Council and Incentive Research Foundation. 2012. Research Shows Recipients Prefer the Control and
Personalization Gift Cards Provide vs. Cash. Retrieved from
http://c.ymcdn.com/sites/www.usegiftcards.org/resource/resmgr/Docs/ResearchShowsRecipientsPrefe.pdf
• Lipman, V. 2013. 3 Substantive Ways Companies Can Invest In Employee Engagement. Retrieved from
http://www.forbes.com/sites/victorlipman/2013/11/07/3-substantive-ways-companies-can-invest-in-employee-
engagement/
• 2005 Premium and Incentives Report, Promo Magazine
• Schweyer, A. 2012. An In-Depth Look at Prepaid Cards in Incentive, Rewards & Recognition Programs. Retrieved from
http://theirf.org/Prepaid-Gift-Cards-in-Incentive-Reward-and-Recognition.6087263.html#8.
17
References

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The Science Behind Incentive Cards for Employee Recognition

  • 1. The science behind using Incentive Prepaid Cards for Employee Recognition Accelerating Performance:
  • 2. Objectives • To present research on how prepaid cards have become the award of choice for corporations for employee reward and recognition programs. • To understand why prepaid card rewards are more preferred and more effective than equivalent cash rewards. • To correlate prepaid card use and popularity with motivational psychology. • To share data on where open-loop prepaid card recipients spend their reward dollars. • To present prepaid card award best practices to maximize effectiveness. 2
  • 3. • Any non-cash reward given to an employee for recognition of achievement. • It does not include payroll, commissions, bonuses or any other type of cash compensation. • Does include travel, merchandise, recognition symbols (pins, plaques) and gift cards. Defining Employee Reward and Recognition Programs 3
  • 4. Source: 2012 Research by First Data Employee Non-Cash Awards by Percentage of Spend 4
  • 8. • Most businesses (73%) use a single type of card, but some use multiple types. Of those who use multiple types, the most common combination is open loop and closed loop. • When firms are using multiple cards, they generally are splitting their budgets 50/50 between open and closed-loop cards. 8 Types of Prepaid Cards Used*
  • 9. 9 Recipients Prefer Open Loop Cards Recipient preference given a choice between a $50 open loop card and $50 in cash
  • 10. Even though open loop cards are near-cash equivalents, recipients prefer the open loop card over cash nearly 5 to 1. 10 Better Than Cash! Why: could be explained in the behavior and psychology of recipients
  • 11. Possible reasons… • Recipients classify cards as discretionary or “fun” spending vs. cash they receive as rewards. • Recipients more likely to add the value of award to monthly budget vs. incorporating value, as with cash. • Recipients make more memorable purchases with prepaid cards than cash (Schweyer, 2012). • Recipients associate the award with the corporate sponsor. 11 Why Better Than Cash?
  • 12. Click to edit the outline text format − Second Outline Level Third Outline Level −Fourth Outline Level Fifth Outline Level12 Are Prepaid Cards Memorable to the Recipient?
  • 14. *Based on historical aggregate spend data of over 1 million open loop cards given as corporate employee awards 60% of open loop card spend is for non-essential items Maslow's Pyramid Core Values Employee Needs Percentage of Spend Merchant Category Self Realization (achieving full potential) Self-Fulfillment Needs 38% hobbies, books, specialty clothes, shoes, electronics Personal Esteem (prestige and feeling of accomplishment) Social Acceptance (relationship and friends) Psychological Needs 22% restaurants, real estate, drug stores, pharmaciesSafety Needs (security and safety) Psychological Needs (food, water, warmth) Basic Needs 40% grocery, gas, fast food 14 Spend Pattern Data*
  • 15. • Personalize the card with recipient’s name • Print personal note on the card and on the carrier (if applicable) • Customize the card with corporation’s branding and/or program’s branding • Combine award issuance with recognition event • Consider “gifting” packaging 15 Best Practices for Open Loop Prepaid Card Awards
  • 16. • Prepaid cards are the favorite award choice for employee recognition, as measured both by program planners and recipients. • Open loop prepaid cards are the most popular type of prepaid card. • Recipients prefer open loop prepaid cards 5 to 1 over cash even though its a cash equivalent. • Reasons include: – Guilt free, memorable spending as compared to cash – Association with giver/company/sponsor – Fulfills all levels of Maslow’s hierarchy of needs • Data confirms that 60% of open loop card spend is for non-essential items • Open loop prepaid cards provide cash equivalency with non-cash award advantages 16 Conclusions
  • 17. • 2010 & 2011 Consumer Insights into the U.S. Gift Card Market, First Data; GiftCardRescue.com poll of 6,000 users – January to October, 2010; Incentive Mag 2011 Gift Card IQ Study • Huff, C. 2006. So Plastic Gift Cards Are Most Popular Incentive. Retrieved from http://www.workforce.com/articles/so- plastic-gift-cards-are-most-popular-incentive • Incentive Gift Card Council and Incentive Research Foundation. 2012. Research Shows Recipients Prefer the Control and Personalization Gift Cards Provide vs. Cash. Retrieved from http://c.ymcdn.com/sites/www.usegiftcards.org/resource/resmgr/Docs/ResearchShowsRecipientsPrefe.pdf • Lipman, V. 2013. 3 Substantive Ways Companies Can Invest In Employee Engagement. Retrieved from http://www.forbes.com/sites/victorlipman/2013/11/07/3-substantive-ways-companies-can-invest-in-employee- engagement/ • 2005 Premium and Incentives Report, Promo Magazine • Schweyer, A. 2012. An In-Depth Look at Prepaid Cards in Incentive, Rewards & Recognition Programs. Retrieved from http://theirf.org/Prepaid-Gift-Cards-in-Incentive-Reward-and-Recognition.6087263.html#8. 17 References