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2008 February Q1 Issue |
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Incentive News and Trends brought to
you by Hallmark Insights
800.765.4438
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Hallmark Insights will be closed on the following dates:
Memorial Day Holiday – Monday, May 26
Upcoming Tradeshow attendance
Representatives from Hallmark Insights will be in attendance at the following trade shows and conferences:
Health Media
Hallmark Insights is proud to be a sponsor and a presenter at this year's... (Learn more)
BlueCross BlueShield – Distinctively Blue conference
Visit Hallmark Insights at Booth 313 during the Distinctively Blue conference... (Learn more)
Recognition Professionals International
This year, Hallmark Insights will be a sponsor for RPI's Employee Recognition tradeshow... (Learn more)
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Hallmark Insights a monthly contributor to Brilliant Results magazine
Beginning in January, Hallmark Insights began a year-long appearance in Brilliant Results magazine. Each month, an article from Mary English, Vice President of Marketing, will appear in the magazine's "Gift Card/ Incentive Focus" section. Articles will be centered on the gift card and incentive industry and how gift cards can be used as incentives in various areas.
Our current article, appearing the February issue of Brilliant Results, is included below. The January article – and all subsequent articles – can be found on the Hallmark Insights web site.
Incentive benefits in today's workplace
It's no secret that today's workplace is a diverse environment. More so than ever before, a company's workforce can include employees not just from different cultures and backgrounds, but also from different generations. Baby Boomers, Gen X'ers and now Gen Y, or "Millennial" employees, often all work together under the same roof – and they all view recognition and incentives differently.
For Human Resource (HR) departments, finding an employee incentive benefit program that meets the needs of such a diverse employee population can be a tricky endeavor. No longer can an incentive program be "one size fits all." A successful incentive program needs to be as flexible and diverse as your workforce.
Whether your HR incentive program is designed to increase areas such as overall employee performance, wellness, retention, morale and loyalty, or reduce areas like employee turnover, there are key components to keep in mind when designing and building your program.
One important factor to consider is that not every employee wants the same reward. The incentive preference for an employee who has worked at an organization for 30 years is likely to be very different from a young employee who just graduated college. Keeping these preferences in mind will help when deciding the format type for your rewards.
Quite often, "cash" is the first option companies turn to when they think incentives. After all, it's quick, it's easy and who doesn't like cash? Well, incentive recipients, for one. Studies, such as the 2005 Incentive Study conducted by the Incentive Federation, have shown three out of four employees prefer a program using gift cards rather than cash. It also discovered cash is the least lasting type of award for 84% of employees because it's easily viewed as regular compensation and is quickly forgotten. In fact, the two most common replies employees give on their use of a cash reward are "Bills" and "Don't remember."
The use of cash as an incentive reward has lost popularity for a number of other reasons:
- No "trophy" value making it difficult to "show off" or generate a lasting impact
- Cash rewards can create false expectations. Employees can begin to feel entitled and the reward loses its motivating impact.
- Recipients often feel they should spend cash award on personal necessities, not "treats."
Conversely, tangible rewards, such as reward certificates and gift cards, have risen in popularity as the preferred choice of reward in an employee incentive program. In addition to the perceived high value, the reasonable costs and ease of ordering and distributing, gift cards are becoming the common incentive choice for a number of other reasons:
- Multiple options – A diverse work force requires diverse reward options. Presenting an employee with a reward certificate that allows them to go online and select a gift card at a merchant of their choosing provides a real value for the employee – with the added bonus of being able to choose a gift card that best meets their personal needs and interests.
- Higher trophy value – Employees are much more likely to redeem a gift card for items they consider a "treat" rather than on personal necessities. Being able to show off that new HDTV, a new suit for work, a digital camera or other tangible item reinforces the reward and the feeling of pride and accomplishment in the employee.
- Save it or spend it – A reward certificate or gift card incentive program allows recipients the choice to redeem their reward immediately or save and combine multiple rewards to purchase a more expensive item at a later date. This flexibility allows a company to meet the unique needs and redemption choices of each employee.
Tangible rewards also have grown in popularity due in part to the ability to track Return on Investment (ROI) and gauge the overall effectiveness of the program. The International Society of Performance Improvement found in 2002 that these incentive programs improved performance in individuals 25% while teams showed a 45% improvement. Their study also discovered that 92% of workers achieved their goals because of incentives.
The Forum for People Performance Management and Measurement also found that using non-cash, tangible rewards for incentive benefit programs are viewed by employees as more effective and see higher ROI. Their study discovered 48% of employees felt tangible rewards were better or superior in increasing retention and loyalty as compared to cash, 55% selected tangible rewards as better or superior to cash in improving teamwork, and 60% chose tangible rewards over cash in the area of reinforcing organizational values.
These figures make it apparent that employees want tangible rewards such as gift cards as part of a benefits incentive program. The key then, as you create and implement a program, is to build it with a reward that creates a "real" value within the employee. Because all employees are different, offering an employee incentive benefit program using gift cards can play a large role in meeting the recognition needs of your company for each worker – whether they are a Baby Boomer or a Millennial.
Article reprinted with permission from Brilliant Magazine (February 2008)
New subject matter specific e-newsletters
Healthy Results will be dedicated to Health & Wellness incentive solutions and information. We'll keep you up-to-date on the latest happenings and trends in the Health & Wellness incentive industry and keep you informed on how your Health & Wellness incentive programs can engage your customers and employees.
Rewarding Results will focus on Employee Recognition. We'll cover what employees are looking for in a workplace recognition program, what other companies are doing to improve their incentive programs and suggestions that you can implement in your organization that can generate excitement and motivation in your staff.
If you would like to subscribe to Healthy Results, please click here.
To subscribe to Rewarding Results, click here.
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Health & Wellness incentive programs continue to rise
Incentive-based Health & Wellness programs continue to grow in popularity as more and more of today's workforce – and their employers – focus on employee health. Rising health care costs and the costs of employee absenteeism make a successful Health & Wellness incentive program a key component in a company's bottom-line health.
Just how important a Health & Wellness incentive can be and the ROI it can provide an organization is detailed in the white paper, "Just What the Doctor Ordered for Bottom-Line Health." This paper can be found our web site by clicking here.
You can find additional white papers on a variety of subjects here.
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Product Spotlight: Everyday Cards
 In late 2007, Hallmark Insights launched our holiday-themed Valued Expressions™ Cards.
We are now proud to introduce our Everyday Cards to this new product line. These new Everyday Cards feature eight cards focusing on five themes – Thank You, Happy Birthday, Welcome, Congratulations and Happy Anniversary.
Everyday Cards are a memorable way to say thanks to employees for their hard work, or to send to your best customers a special message – all with the personal connection of an authentic Hallmark greeting card, plus their choice of gift cards from more than 350 merchants.
Recipients of Everyday Cards can choose gift cards online from any of more than 350 popular merchants, including retail stores, catalogs, restaurants and travel and entertainment providers. The redemption process is simple, and there's something to please every taste! Cards can be customized with the recipient's name, your personal message and your name or corporate logo.
You can learn more about Valued Expressions Everyday Cards by visiting our Web page or contacting a Hallmark Insights Account Executive at 800-765-4438.
New Merchant Partners
Hallmark Insights continues to add new merchant partners to our redemption options. Some of our most recent additions include:
9:24
Sports 9:24 Sports is an officially licensed online merchandiser for CLC Collegiate and NASCAR team gear. Merchandise includes apparel, accessories, collectibles and memorabilia. Denominations are $5 to $500 and available as a gift card on all lists.
 AllPosters.com
AllPosters.com is the place to go when you are looking for posters. They have a selection of more than 300,000 posters and offer custom framing and mounting. Gift cards are redeemable through their online site or by calling their toll-free number.
Art.com
 Art.com has been helping customers decorate their walls since 1995. They feature a selection of more than 400,000 images – from art reproductions and decorative prints to tapestries and canvas art. Services include custom framing, mounting and canvas transfers. Gift cards are redeemable online or through their toll-free number.
Callaway Golf
Whether you're looking to drive the ball or drop a putt, you can find everything you need at Callaway Golf. Visit Callawaygolf.com to view just some of their outstanding equipment, as well as Ben Hogan, Odyssey and Top Flite merchandise. Gift cards are redeemable online or through their toll-free number.
 Sally Beauty Supply
Sally Beauty Supply is one of the largest retailers and distributors of professional beauty supplies. They provide solutions for every beauty need with more than 5,000 products for hair, nail and skin care. Gift cards are available in denominations from $5 to $100 and are redeemable in over 2,200 stores across the U.S.
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Representatives from Hallmark Insights will be in attendance at the following trade shows and conferences:
Health Media
Hallmark Insights is proud to be a sponsor and a presenter at this year's Health Media conference Tuesday, Apr. 8, and Wednesday, Apr. 9, in Palm Springs, CA. This is a great opportunity to meet with our team and discover how we can help you in your Health & Wellness incentive programs.
BlueCross BlueShield – Distinctively Blue conference
Visit Hallmark Insights at Booth 313 during the Distinctively Blue conference, Wednesday, Apr. 9, through Friday, Apr. 11, in Denver, CO. Our employees will be on hand to answer all your questions regarding Health & Wellness incentive solutions.
Recognition Professionals International
This year, Hallmark Insights will be a sponsor for RPI's Employee Recognition tradeshow being held in Newport Beach, CA from Sunday, Apr. 27 through Tuesday, Apr. 29. Visit with our team to learn how Hallmark Insights can provide meaningful, memorable and measurable results for your employee recognition program.
Visit with Hallmark Insights at any of these shows. We look forward to speaking with you about your incentive solution needs.
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© 2008 Hallmark Insights. All rights reserved.
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