CHICAGO--(BUSINESS WIRE)--The unemployment rate in the U.S. is the lowest in 50 years at just 3.6 percent. And while Americans are working, Gallup reports that 70 percent of employees are disengaged and unmotivated at work. To reverse this trend, employers are looking for methods to reduce employee disengagement, which can lead to poor productivity and retention.
A new study from Swift Prepaid Solutions shows that developing rewards and recognitions programs around prepaid incentives can help employers retain, satisfy and engage their current workforce while also incentivizing employees to have a hand in growing the company through referrals.
In fact, the study found 19 percent of salaried employees and 29 percent of hourly employees intend to leave their job in the next year but the majority would stay an additional year for three $50 prepaid cards rewarded over a one-year period.
Other key findings include:
- Only 24 percent of surveyed employees are satisfied with the investment their organization makes in incentives and rewards.
- 68 percent would prefer a $750 prepaid card over a four-day all-inclusive vacation package, and 72 percent would use the prepaid card on everyday or emergency expenses versus unique experiences or gifts for others.
- 78 percent would use three or fewer sick days in exchange for a $75 prepaid card.
- 92 percent would participate in a wellness program for a $25 prepaid card.
- 88 percent would refer a job candidate for a $100 prepaid card.
“We’ve identified a huge opportunity for employers to invest a little in rewards and recognitions programs to drive incremental increases in employee satisfaction, retention and engagement,” said Rodney Mason, Swift’s Chief Revenue Officer. “A minimal investment using prepaid incentives can, in turn, save the company thousands and even millions of dollars per year with the added benefit of improved company culture.”
View the full study here www.swiftprepaid.com/employeestudy.
About Swift Prepaid Solutions
Swift is leading the payments movement to greater value through high-impact brand connections at the intersection of the payment. Swift optimizes fast corporate-funded payments to businesses, their employees, customers, contractors, participants and channel partners through digital and physical card payments in 160+ countries, 17 languages and 10 currencies. www.swiftprepaid.com Swift is owned by Syncapay, a holding company. www.syncapay.com