VOUCHER SCHEMES
Incentive vouchers growing in popularity
Non-cash incentives which reward staff with retail, travel and leisure vouchers are no longer confined to sales staff. Organisations are using vouchers to reward and incentivise a much wider cross-section of the workforce, according to Employee Benefits magazine.
What are vouchers?
Vouchers are usually spent on high street brands such as Argos, Marks & Spencer and Next, as well as restaurants, hotels and adventure activities. As Employee Benefits explains: Vouchers are redeemable certificates that allow the recipient to buy goods or services up to the value of the voucher.
One emerging trend is to embrace new technology to create online voucher programmes, although many experts doubt that they will replace traditional systems.
Attractions
From the business standpoint, one of the main attractions of using vouchers in reward and motivation programmes is that they are a visible sign of appreciation and perceived as more personal than a cash bonus, says Employee Benefits.
Companies will highlight customer empathy, innovation or effective teamworking, which line managers can reward with vouchers.
What you will find in this three-page article on vouchers:
an outline of the business benefits
details of the costs involved
a brief summary of the tax and legal position.
Want to know more?
Title: Incentive vouchers , by Patrick McCurry, Employee Benefits, May 2001.
Availability: Contact Employee Benefits subscriptions department in London, tel: 020 7970 4000 or email employee-benefits@centaur.co.uk.
To read the full article online visit the magazine’ s web site at www.employeebenefits.co.uk. Click on the Knowledge bank and type Vouchers into the search box.