Prepaid card programs are becoming one of the more desired incentive rewards among corporate HR execs, according to a survey from incentive marketing firm Young America.
Nearly half (46%) of HR executives use prepaid cards for their incentive/reward programs, compared to 33% who reward with cash and 47% who use checks, according to the survey of 355 executives in HR, sales or marketing departments at U.S.-based companies with motivational or incentive programs in place.
“Employers who want to retain their best employees admit they have fewer resources to do so, and many are turning to structured incentive programs. … we are seeing an uptick in activity from corporate HR departments that are looking to centralize their current incentives program, create a new program or increase or replace their existing one,” said Joe Custer, president of Young America.
The survey also found that many holiday gift programs were cut last year, making way for more year-round incentive programs. Forty-three percent of employers said they would use a new prepaid card program for additional employee recognition programs and 48% would add prepaid cards in place of other types of employee rewards.
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